Marcus by Goldman Sachs Bank Review: Savings and CDs

Marcus offers competitive savings rates but lacks some conveniences other banks have, including a checking account.
Spencer TierneyOct 20, 2021

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Overall bank rating

Marcus by Goldman Sachs

at Marcus by Goldman Sachs, Member FDIC

  • Savings

  • CD rates

  • Banking experience

5.0

NerdWallet rating 

The bottom line:

If you’re simply looking to increase your savings, this bank is a good choice. But it doesn’t offer checking accounts and lacks other features that most other online banks have, including mobile check deposit and a free ATM network.

 

Best for: Customers who want to earn competitive savings rates, don’t mind banking online and have another bank account for checking.

Pros

  • Same-day transfers up to $100,000.
  • Savings and CD rates are competitive.

Cons

  • No checking account or ATM network.
  • Cash deposits aren’t accepted.

Full review

Marcus by Goldman Sachs Online Savings Account

at Marcus by Goldman Sachs, Member FDIC

5.0

NerdWallet rating 

at Marcus by Goldman Sachs, Member FDIC

APY

0.50%

With $0 minimum balance

Marcus’ savings rate is 0.50%, which is much higher than the national average APY of 0.06%. There's no minimum deposit to open the account, and there are no monthly fees, but it’s not a great option if you want to move your money around. The bank has fewer options than others for withdrawing money — you can’t make a cash withdrawal from an ATM, for example. But you can transfer money to an external bank account, wire transfer it or request a check. Marcus offers same-day transfers up to $100,000. To deposit money into the account, you can set up direct deposits or transfers, send a check by mail or send a domestic wire transfer.

» Weigh your options with NerdWallet’s best high-yield savings accounts.

Marcus by Goldman Sachs High-Yield CD

Marcus by Goldman Sachs High-Yield CD

5.0

NerdWallet rating 
1-year APY

0.55%

3-year APY

0.65%

5-year APY

0.80%

Minimum Deposit

$500

Marcus’ CD rates are among the best on the market, and it has more term lengths than some of its competitors — you can deposit your money for up to six years. There's a $500 minimum deposit, and the bank's CD guarantee lets you receive the highest rate offered within 10 days of opening your CD.

Just be sure to withdraw your money once it matures because Marcus’ CDs automatically renew after a 10-day grace period, once the term expires. Or, if you want flexibility in withdrawing early without it costing you, Marcus has three no-penalty CDs. (See more details.)

» Find more high yields on our list of best CD rates for the month.

Banking experience

4.5

NerdWallet rating 

As an online bank, Marcus by Goldman Sachs doesn’t have a branch network, so your options for accessing your accounts are online, by mobile app and over the phone. For questions, there’s a comprehensive FAQs section on the bank’s website, live chat for logged-in customers and a customer support phone line with extended hours every day of the week.

The Marcus mobile apps for iOS and Android are highly rated and allow users to check balances and make transfers. But to deposit checks, you have to mail them.

Marcus by Goldman Sachs Online Savings Account

at Marcus by Goldman Sachs, Member FDIC

5.0

NerdWallet rating 

at Marcus by Goldman Sachs, Member FDIC

APY

0.50%

With $0 minimum balance

Marcus’ savings rate is 0.50%, which is much higher than the national average APY of 0.06%. There's no minimum deposit to open the account, and there are no monthly fees, but it’s not a great option if you want to move your money around. The bank has fewer options than others for withdrawing money — you can’t make a cash withdrawal from an ATM, for example. But you can transfer money to an external bank account, wire transfer it or request a check. Marcus offers same-day transfers up to $100,000. To deposit money into the account, you can set up direct deposits or transfers, send a check by mail or send a domestic wire transfer.

» Weigh your options with NerdWallet’s best high-yield savings accounts.

How does Marcus by Goldman Sachs compare?

NerdWallet rating 
NerdWallet rating 
NerdWallet rating 
APY

0.50%

With $0 minimum balance

APY

0.40%

With $0 minimum balance

APY

0.40%

With $1 minimum balance

Bonus

N/A

Bonus

$200

Requirements to qualify

Bonus

N/A

RATING METHODOLOGY

NerdWallet’s overall ratings for banks and credit unions are weighted averages of several categories: checking, savings, certificates of deposit or credit union share certificates, banking experience and overdraft fees. Factors we consider, depending on the category, include rates and fees, ATM and branch access, account features and limits, user-facing technology, customer service and innovation. The stars represent ratings from poor (one star) to excellent (five stars). Ratings are rounded to the nearest half-star.

Frequently asked questions