Marcus by Goldman Sachs Review

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Updated on Friday, April 2, 2021

Marcus by Goldman Sachs

Marcus by Goldman Sachs is the online-only branch of the famed Goldman Sachs bank. It is a simple, streamlined bank with only two categories of accounts: savings accounts and CDs.

With that said, Marcus by Goldman Sachs isn’t likely to be your bank for day-to-day transactions, but rather one where you can sock away your savings in a separate spot and potentially earn an even higher return than at your normal bank. And for this purpose, it does its job well: Account APYs are much higher than the national average, with few fees and low (or no) minimum deposit requirements.

Marcus by Goldman Sachs savings accounts 3 out of 5

High Yield Online Savings Account
  • APY:0.50%
  • Minimum balance: $0
  • Monthly fee: $0

The savings account offered by Marcus by Goldman Sachs is a particularly good choice if you’re looking to keep your savings separate from your normal everyday banking. You might want to do this if, for example, you’ve reached the limit of Federal Deposit Insurance Corporation (FDIC) or National Credit Union Administration (NCUA) coverage at your current bank (typically up to $250,000), or if you simply want to put the cookie jar a bit further out of reach so you don’t dip your hand in too early.

This account is especially well-suited for that goal because it also offers a solid rate, so you’ll have more money when you’re ready to come back to it. Even better, there are no monthly fees and no minimum balance requirement.


on Marcus By Goldman Sachs’s secure website

Member FDIC

For more options, check out some of the other best savings account choices.

Marcus by Goldman Sachs checking accounts 0 out of 5

Marcus by Goldman Sachs does not offer a checking account.

If you are interested in opening a checking account, here are some of our picks for the best checking accounts.

Marcus by Goldman Sachs CDs 3.5 out of 5

TermAPYMinimum Deposit to Open & Earn APY
1 year0.55%$500
3 years 0.75%$500
5 years1.00%$500

The CDs offered by Marcus by Goldman Sachs are about as hassle-free as they come. You can set your account up within a few minutes, and the minimum deposit required — $500 — is relatively low compared to many other banks. The bank also offers a wide range of term lengths, from six months up to six years.

You’ll also get a 10-day rate guarantee so that if CD rates rise shortly after you open your account, you will automatically get bumped up to the new rate. Marcus by Goldman Sachs also has a no-penalty CD that lets you withdraw your money early without any fees, although it’s only offered in one-term length (7-month CD).

If you don’t have the no-penalty CD and withdraw your money before your CD reaches maturity, however, you will face an early withdrawal penalty. This penalty ranges from 90 to 365 days of simple interest on the principal, depending on your term length (longer terms have stiffer penalties).

You will have a 10-day grace period before your CD renews to withdraw all or some of your funds or to renew your CD with the same term or a different one.


on Marcus By Goldman Sachs’s secure website

Member FDIC

For more options aside from Marcus by Goldman Sachs, check out our top picks for CDs here.

Customer experience at Marcus by Goldman Sachs

In terms of customer support, Marcus by Goldman Sachs offers U.S.-based phone support (for everyone) and live chat support (for those logged into their account) seven days a week.

Since these are online-only accounts, Marcus by Goldman Sachs offers robust platforms for digitally managing your account. Aside from accessing your online account on your computer, there’s also a mobile app available that can help you grow your savings, such as by showing your progress toward your goals. You can also see “Marcus Insights” if you link your other accounts, which can show things like how much you spend each month compared to your savings and income, and more.