Editorial Review

Marcus by Goldman Sachs Bank Review: Savings and CDs

Marcus offers great savings rates, but lacks some conveniences other banks have, including a checking account.

Spencer TierneyApril 24, 2020

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Overall bank rating

Marcus by Goldman Sachs

at Marcus by Goldman Sachs,

Member FDIC

  • Savings

    Savings

  • CD rates

    CD rates

  • Banking experience

    Banking experience

4.0

NerdWallet rating 

The bottom line: You don’t need to be on Wall Street to get good returns on your savings at Marcus by Goldman Sachs, but there are no checking accounts and other features that most other online banks have, including a mobile check deposit and a free ATM network. If you’re simply looking to increase your savings, this bank is a good choice.

Pros

  • Savings and CD rates are significantly higher than average.

Cons

  • No checking account or ATM network.

  • You need an external account for transferring money.

Full review

Marcus by Goldman Sachs Online Savings Account

at Marcus by Goldman Sachs,

Member FDIC

at Marcus by Goldman Sachs,

Member FDIC

APY

1.05%

With $0 minimum balance

Marcus’ savings rate is 1.05%, 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 best if you don’t want to move your money around much. The bank has fewer options than others for withdrawing money. To deposit, however, you can set up direct deposits or transfers.

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

Marcus by Goldman Sachs CD

at Marcus by Goldman Sachs,

Member FDIC

5.0

NerdWallet rating 

at Marcus by Goldman Sachs,

Member FDIC

APY

1.10%

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.

Just be sure to withdraw your money once it matures, because 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

3.5

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, and live chat for logged-in customers and a customer support phone line with extended hours every day of the week.

Marcus also offers a highly rated mobile app for iOS and Android 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

at Marcus by Goldman Sachs,

Member FDIC

APY

1.05%

With $0 minimum balance

Marcus’ savings rate is 1.05%, 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 best if you don’t want to move your money around much. The bank has fewer options than others for withdrawing money. To deposit, however, you can set up direct deposits or transfers.

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

How does Marcus by Goldman Sachs compare?

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.