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Marcus by Goldman Sachs (Member FDIC) is an online-only bank with a high-yield savings account and CD.
Marcus by Goldman Sachs; Alyssa Powell/ Insider
The bottom line: Marcus has a good Marcus by Goldman Sachs High Yield Online Savings Account and solid Marcus by Goldman Sachs High-Yield CD, but because there’s no checking account, you’ll have to transfer money to an external account to access your savings.
Pros and cons
ProsCons
Earn competitive interest rates
Variety of CD terms
No-penalty CD terms
Low minimum opening deposits on savings and CDs
Can’t open a checking accountHave to transfer money to an external bank account to utilize savingsBanking app doesn’t have a mobile check deposit feature
Marcus by Goldman Sachs High Yield Online Savings Account
Marcus High Yield Savings pays a much higher interest rate than what you’ll find at a brick-and-mortar bank, and one of the highest rates out there right now. Marcus doesn’t require an opening deposit or minimum account balance, and there are no monthly service fees. This makes Marcus a good option if you’re looking for a low-cost savings account or don’t have much money to start saving.
Accessing your savings can be tricky, though. Marcus doesn’t have a checking account, so you can’t simply transfer money from savings to checking and spend the money immediately. You’ll have to transfer funds to an external bank account, which could take a couple business days.
Marcus by Goldman Sachs High-Yield CD
Marcus offers two types of CDs: regular term CDs and no-penalty CDs.
Marcus High-Yield CD terms range from six months to six years, and the bank pays competitive rates. Marcus requires a Marcus by Goldman Sachs High-Yield CD initial deposit, and although this is lower than many competitors’ required opening deposits, you can still find banks that don’t ask for any money upfront.
Marcus by Goldman Sachs No-Penalty CD
Marcus also offers no-penalty CDs, which are CDs that don’t charge a fee when you withdraw money before your term ends.
Few banks offer no-penalty CDs, and Marcus is one of the top places to open one. Most banks only have one term length option for no-penalty CDs, but Marcus has three term lengths: 7-month, 11-month, and 13-month.
Rates are high, and the Marcus by Goldman Sachs No-Penalty CD minimum deposit is lower than what most banks require.
How Marcus works
Marcus by Goldman Sachs is an online-only institution, so there are no physical branch locations. Its website is easy to navigate, and its mobile app has received 4.9 out of 5 stars in the Apple store, and 4.4 out of 5 stars in the Google Play store.
Although its app is beloved, you should know it doesn’t include a digital check deposit feature. This means you’ll either have to set up direct deposits or transfer money from external bank accounts into your Marcus account.
If you have questions, you can call or chat online with a live customer representative Monday through Friday, 8:00 a.m. to 10:00 p.m. ET, and Saturday and Sunday from 9:00 a.m. to 7:00 p.m. ET. Marcus’ phone hours are fairly standard for online banks, but many competitors have 24/7 online chat if you have questions.
Marcus doesn’t offer a checking or money market account, and it doesn’t provide a debit card for its savings account or CDs. To access your savings, you’ll have to transfer funds to an external bank account, which could take a few business days.
Marcus accounts are FDIC insured for up to $250,000, or $500,000 if you have a joint account.
Marcus trustworthiness and BBB rating
The Better Business Bureau gives Marcus by Goldman Sachs an A+ rating. A strong BBB score indicates a company responds effectively to customer complaints, is transparent about company practices, and is honest in its advertising.
Marcus hasn’t had any public scandals. Between the good BBB grade and clear history, you may decide you’re comfortable banking with this company.
How Marcus compares
We’ve compared Marcus to two other online banks that pay competitive rates: Ally and Synchrony.
Marcus High Yield Savings
Ally
Synchrony Bank
Savings Annual Percentage Yield (APY)
0.60% APY*
Savings APY
0.60% APY
Savings APY
0.75% APY
CD APY
0.45% to 0.90% APY
CD APY
0.20% to 1.00% APY
CD APY
0.25% APY to 0.90% APY
Minimum deposits
$500 for CDs
Minimum deposits
$0
Minimum deposits
$2,000 for CDs
Goldman Sachs Marcus by Goldman Sachs High Yield Online Savings AccountAlly Ally High Yield Savings AccountSynchrony Bank Synchrony High-Yield Savings Account
*As of September 26, 2022
You might prefer Ally if you want quick access to your savings. Ally has a checking account, so you can just transfer money between Ally accounts and spend money immediately.
Meanwhile, Marcus and Synchrony don’t have checking accounts. Synchrony sends you a debit card with your savings account, though, which makes it easier to access your savings quickly.
You also might prefer Marcus for no-penalty CDs. Marcus has 7-month, 11-month, and 13, month terms.
Frequently asked questions (FAQ)
Is Marcus by Goldman Sachs FDIC insured?
Yes, Marcus is FDIC insured. You can deposit up to $250,000 in an individual bank account and that money will be secure.
How do I transfer money to Marcus?
You’ll need to link a bank account from another financial institution to transfer money to a Marcus savings account or CD.