Marcus by Goldman Sachs Bank Review 2022: Hit Refresh on Your Finances

Written by Jordan BlansitUpdated: 30th Dec 2021
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Sometimes it pays to put your money in a bank with a sterling reputation and high-interest rates for its savings accounts.

If you want to store your money in a secure bank and watch it grow over time, you might be interested in signing up for a Marcus by Goldman Sachs account.

Let’s break down everything you need to know about this bank so you can decide if it’s right for you.

Marcus by Goldman Sachs Overview

Minimum Deposit:$0
High Yield Savings APY:0.50%
CD Term Lengths:6 Months to 6 Years
Products Offered:CDs and High Yield Savings Accounts
Year Founded:1869

What is Marcus by Goldman Sachs?

Marcus by Goldman Sachs is a direct online banking institution that offers a handful of account options and financial products.

It’s noteworthy in part due to the high-interest rates across all of its products and its relatively low fees and account balance requirements.

Essentially, you can store your money for practically nothing and get an excellent return via interest rates over time.

These are just a few reasons why millions of Americans turn to Marcus for their banking needs.

What Does Marcus by Goldman Sachs Offer?

Marcus’ primary offerings are a pair of savings account options: a regular online savings account and the option to transition to a CD or certificate of deposit.

A CD is a specialized type of savings account that allows you to store your money for a set period of time.

You cannot withdraw your money from a CD until an agreed-upon date. In exchange, your savings in the CD benefit from higher-than-average interest rates.

Marcus by Goldman Sachs Online Savings Account

  • Account Minimum: $0
  • APY: 0.50%

Marcus’ online savings account is a simple financial tool that charges no extra fees and has a relatively high APY or annual percentage yield.

Note that Marcus requires no minimum deposit, either. It does require $1 to open the account, but after that, you can leave your balance at $0 with no penalty.

>> More: Best High Yield Savings Accounts

Marcus by Goldman Sachs No-Penalty CD

  • APY: 0.45% for 7-month term, 0.35% for 11-month term, 0.25% for 13-month term
  • Minimum deposit: $500
  • Term: 7-11 months

Marcus offers two types of CDs. The No-Penalty CD is perfect if you like to keep your options open, as it doesn’t come with the usual limitation of preventing you from withdrawing your funds from the CD if you need fast cash in a pinch.

There are no early withdrawal penalties for doing this. But the CD rates are lower than the interest rates for the other CD offered (see below).

Marcus High-Yield CD Rates

6 Months:0.15%
9 Months:0.25%
12 Months:0.55%
18 Months:0.55%
2 Years:0.55%
3 Years:0.55%
4 Years:0.55%
5 Years:0.60%
6 Years:0.60%

This is the other CD option offered by Marcus by Goldman Sachs. It has the same $500 account minimum to open, but you’ll enjoy significantly higher interest rates if you agree to longer terms.

You can use this to significantly grow a lump sum for several years before the withdrawal.

This account does charge an early withdrawal penalty if you try to withdraw the funds before maturity. Penalties are between 90 days and 365 days’ worth of interest, depending on your initial term length.

Additional Financial Products Offered by Marcus

  • Investment Account(s): Marcus does not offer any investment accounts at this time, unfortunately.
  • Personal Loans: Marcus also offers some personal loans to help you pay for high-priced items or cover medical bills when necessary. MarcusPay loans allow you to make big purchases on the go in the form of taking out an instant loan, paying back Marcus over time.

Marcus by Goldman Sachs Bank Review: Fees, Customer Support, & Experience

Banking Experience

Marcus by Goldman Sachs is a limited financial institution overall since it only provides a few account options or products.

Still, these products usually feature great interest rates relative to other banks, and your banking experience is likely to be high-quality.

Employees are knowledgeable and supportive, and you can download a dedicated mobile app, which includes money tracking and financial planning tools for your convenience.

The biggest downside is that you must electronically transfer funds into your accounts or use your employer’s automatic deposit feature – a big flaw since Marcus doesn’t have any in-person branches or ATMs to visit.

Customer Support

Marcus’ customer service is pretty great compared to other financial institutions. It offers customer service by phone Monday through Friday from 8 AM to 10 PM with reduced weekend hours.

But you’ll also benefit from a dedicated savings account, personal loan, and MarcusPay customer service lines.

This way, you can be connected to someone who can help you with your specific issue quickly instead of having to be routed through multiple customer service reps.

Marcus By Goldman Sachs Fees

Marcus has very few fees scattered throughout its offerings. Its regular High-Interest CD account option does charge you a fee if you make an early withdrawal.

But otherwise, this is a great banking institution since it charges no fees for starting or maintaining an account or for taking out a personal loan.

Marcus Bank Pros and Cons


  • The mobile app is easy to use and comes with extra tools/educational resources
  • Good customer service and dedicated phone lines
  • Savings accounts and CDs have good interest rates
  • Personal loan terms are good if you have high credit


  • No ATMs or physical locations to visit
  • No business loans – generally limited account types

How Does Marcus by Goldman Sachs Compare to Other Banks?

#1. Marcus by Goldman Sachs vs. Chime Bank

Chime Bankis one of the fastest growing online banks in America, rightfully so. Partnering with The Bankcorp and Stride Bank, members FDIC, Chime Bank offers a no-fee banking experience.

Currently, it offers checking accounts, savings accounts, and a revolutionary Chime credit card that helps you build credit over time.

>> More: Chime Bank Review

#2. Marcus by Goldman Sachs vs. CIT Bank

CIT Bank is another online only bank that offers competitive rates, savings accounts, and various checking accounts. However, CIT bank has no physical locations, but the low fees and competitive rates make up for this drawback.

>> More:CIT Bank Review

#3. Axos Bank vs. Marcus by Goldman Sachs

Axos Bank is an online bank that offers various rewards checking accounts, loans, money market accounts, and savings accounts.

Following the broader financial industry, Axos Bank has rock bottom low fees and great mobile experience.

>> More: Axos bank Review

Marcus by Goldman Sachs FAQs

Is Marcus by Goldman Sachs Legitimate?

Yes. It’s one of the most well-known banking institutions in the industry and has been in operation for well over 150 years!

Is Marcus by Goldman Sachs FDIC Insured?

Yes. All of your deposits up to $250,000 are insured in case of theft or insider fraud.

Is Marcus Safe?

Absolutely. As a primarily online institution, Marcus’ website and mobile app use top-tier digital security, including SSL certification, to provide encryption for its staff and customers.

Bottom Line: Marcus by Goldman Sachs Bank Review

All in all, Marcus by Goldman Sachs is a fantastic place to keep your money if you want your savings to grow over time or if you want to target a particular savings amount through a flexible or high-interest CD.

However, you may want to look elsewhere if you want a more personalized banking experience or if you need access to other account types or loans, such as checking accounts and business loans.

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Jordan Blansit
Jordan Blansit

Jordan Blansit is a Senior Writer, Researcher, & Product Analyst for SimpleMoneyLyfe with an inexplicable predilection for mortgages, investing, and personal finance. When she’s not click-clacketing from the comfort of her living room, you can find her in the California Redwoods or Oregon Siskiyous. Jordan’s areas of expertise are mortgages, personal loans, credit cards, and investing.