Marcus by Goldman Sachs Review
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Marcus by Goldman Sachs offers savings accounts and CDs at high interest rates. But don't expect accounts with a lot of bells and whistles. Read on for the pros and cons.
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Marcus (previously GS Bank) is the online bank offered by the investment giant, Goldman Sachs. It offers savings products with very competitive rates and no minimum deposit and no services fees.
But there are no branches, no checking, and no ATM network. All banking is done online or over the phone.
Read on to see if it's right for you.
Services Offered
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Marcus by Goldman Sachs offers savings account and certificates of deposit. Here's a quick overview:
- Online Savings Account
Earn competitive interest rates with as little as just $1 deposit. This is like a typical savings account, except that there are no physical branches or an ATM network. - High-Yield, No-Penalty, and Rate Bump CDs
CDs have $500 minimum opening deposit. You lock in a rate, so you know exactly how much interest you will earn. You can earn a higher APY if you can commit to tying up your money for longer.
Marcus Online Savings Account
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The online savings account offers a very high rate, though you'll have to sacrifice some conveniences. Here are some details:
- Minimum of $1 to earn the stated APY
- No minimum opening deposit requirement
- No monthly service fees
- No transaction or transfer fees
- Unlimited withdrawals and transfers
- Daily compounding interest
- FDIC insured
There is no mobile check deposit feature or ATM card. You'll need to transfer money in and out of an external account. So there may be some delay when transferring funds.
Compare Savings Account Promotion
CIT Bank Platinum Savings - $300 Bonus
- Qualify for a $300 cash bonus with a minimum deposit of $50,000
- This limited time offer to qualify for a $225 cash bonus with a minimum deposit of $25,000 or a $300 bonus with a minimum deposit of $50,000 is available to New and Existing Customers who meet the Platinum Savings promotion criteria. The Promotion begins on September 23, 2025 and can end at any time without notice.
UFB Portfolio Savings - Earn up to 3.26% APY
- Earn up to 3.26% APY.*
- No monthly maintenance fees.
- No minimum deposit required to open an account.
- Access your funds 24/7 with easy-to-use digital banking tools.
- Enjoy peace of mind with FDIC insurance up to the maximum allowance limit – Certificate #35546.
High-Yield Savings Premier - 3.80% APY
- No account fees
- Option to open individual or joint account
- FDIC insured up to $250,000 per depositor
- Only $500 minimum opening deposit
Certificate of Deposits
Marcus by Goldman Sachs offers three types of CDs:
- High-Yield CDs (Terms of 6 months to 6 years):
The minimum to open is $500. But you have 30 days to fully fund your CD. You can continue to add funds into it for 30 days after account opening.Your rate is locked in for the entire term. If you can commit to not touching your money for a year, the 12-month CD offers one of the best rates on the market. Longer terms offer higher APYs.
High-yield CDs come with a 10-day rate guarantee. If the rate on your selected CD goes up within the first 10 days, you'll automatically get the higher rate.
What is the penalty for early withdrawals from Marcus CDs?
It depends on the term of your CD. Here's how it breaks down:[3]- Less than or equal to 1 year: 90 days of interest on the principal
- More than 1 year to 5 years: 180 days of interest on the principal
- More than 5 years: 270 days of interest on the principal
- Less than or equal to 1 year: 90 days of interest on the principal
- No Penalty CD (Terms of 7 to 13 months):
This CD gives you the flexibility to withdraw your full balance with no penalty (starting from 7 days after account funding). This is good if you suddenly need your money. The minimum to open is $500 (you cannot add more funds).The rate on this CD is actually a little bit better than the online savings rate. And the ability to withdraw gives you some peace of mind that your money isn't tied up.
- Rate Bump CD (one fixed term of 20 months):
This CD has the option to change to a higher rate with no change fee and no penalty. You can have multiple Rate Bump requests and the rate increase will take effect the same day (if request is received before 6PM ET).The minimum to open is $500. When your Rate Bump CD has an increased rate, you can add more funds for 10 calendar days, starting from the day the Rate Bump request is submitted.
Your CDs have a 10-day grace period after maturity. Once your CD matures, you have 10 days to either withdraw the funds, renew the CD, or close it and open a new CD with a different term.
You can also have your CD's interest disbursed to an external account. You just have to call customer service to arrange it.
This way you can get higher interest rates on longer-term CDs without tying up all of your money for a long time. Read more about CD laddering from Marcus.
Why We Like Marcus by Goldman Sachs
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- High interest rates
Interest rates are competitive with other online savings and CDs, and as much as 25x more than traditional brick-and-mortar banks. - Low opening deposits
There is no opening deposit for the Online Savings Account, and only $500 for CDs. - No fees
There are no monthly service fees, no transaction fees, and no transfer fees. - FDIC insured
If the bank goes out of business or runs out of money, the FDIC will reimburse you up to $250,000. - Extended customer service hours
You can reach representatives via phone and web chat 24 hours a day / 7 days a week. - Interest calculators
Marcus provides calculators to estimate the amount of interest you'll earn. This could be the motivating factor you need to start putting money away. - Up to 6 beneficiaries
You can name up to 6 pay-on-death beneficiaries per account.
Downsides
In exchange for high rates, Marcus does away with a lot of features.
- No mobile deposits
If you want to make a deposit, you'll have to do so the old-fashioned way - via the mail. You can also deposit the money into an external account and then make a transfer online. Either way, it's extra steps. - No checking accounts
If you like to keep all of your accounts in one place, this could be a downside. - No ATM card or ATM network
There is no way to get fast access to your funds. - No physical branches
All business must be done online or over the phone.
- Chase coupon for National Bank
- CIT Bank promo code (bank review)
How It Compares
- Ally: Ally offers a larger variety of accounts than Goldman Sachs, including a checking account. Their savings, checking, and CD accounts have no monthly fees and no minimum opening deposit. Ally also has a network of fee-free ATMs for you to access your funds.
Ally is often a customer's favorite for their superior service and user-friendly interface and mobile app. Their customer service is available 24/7.
- Capital One: Capital One 360 offers checking, online savings, and CDs. The rates are lower than what Marcus by Goldman Sachs offers, but could be a good choice if you want all your banking in one place. We like Capital One 360's options for teen checking and kids savings.
There are no monthly service fees and no overdraft fees.
Bottom Line
Marcus by Goldman Sachs isn't meant to replace all your banking needs. It's good as a bare-bones savings account with high rates. You can park your money there and have it grow securely.
Your best returns will be achieved with longer deposits and higher balances. When you combine that with the limited fees, it can be a winning combination for you.
Just understand that there are no convenience features, like mobile deposits and ATM network.
References
- ^ Marcus. How much money can I deposit?, Retrieved 4/2/2024
- ^ Marcus. What are ACH and wire transfer limits?, Retrieved 4/2/2024
- ^ Marcus. What fees or penalties are associated with my CD?, Retrieved 4/3/2024
CIT Bank Platinum Savings - $300 Bonus
- Qualify for a $300 cash bonus with a minimum deposit of $50,000
- This limited time offer to qualify for a $225 cash bonus with a minimum deposit of $25,000 or a $300 bonus with a minimum deposit of $50,000 is available to New and Existing Customers who meet the Platinum Savings promotion criteria. The Promotion begins on September 23, 2025 and can end at any time without notice.
Bank of America Advantage Banking - Up to $500 Cash Offer
- The cash offer up to $500 is an online only offer and must be opened through the Bank of America promotional page.
- The offer is for new checking customers only.
- Offer expires 1/31/2026.
- To qualify, open a new eligible Bank of America Advantage Banking account through the promotional page and set up and receive Qualifying Direct Deposits* into that new eligible account within 90 days of account opening. Your cash bonus amount will be based on the total amount of your Qualifying Direct Deposits received in the first 90 days.
Cash Bonus Total Qualifying Direct Deposits $100 $2,000 $300 $5,000 $500 $10,000+ - If all requirements are met 90 days after account opening, Bank of America will attempt to deposit your bonus into your new eligible account within 60 days.
- Bank of America Advantage SafeBalance Banking® for Family Banking accounts are not eligible for this offer.
- Additional terms and conditions apply. See offer page for more details.
- *A Qualifying Direct Deposit is a direct deposit of regular monthly income – such as your salary, pension or Social Security benefits, which are made by your employer or other payer – using account and routing numbers that you provide to them.
- Bank of America, N.A. Member FDIC.
Chase Total Checking® - $400 Bonus
- New Chase checking customers can receive $400 when you open a Chase Total Checking® account and make direct deposits totaling $1,000 or more within 90 days of coupon enrollment.
- Unlock more offers with Chase. Get up to $500 per calendar year by referring friends and family. Plus, get cash back from top brands with Chase Offers when you use your debit card.
- Chase Total Checking® has a $15 monthly service fee, you can easily avoid the fee with direct deposits totaling $500 or more, or a minimum average daily balance each statement period.
- Chase Overdraft Assist℠ – no overdraft fees if you're overdrawn by $50 or less at the end of the business day or if you're overdrawn by more than $50 and bring your account balance to overdrawn by $50 or less at the end of the next business day*
- Chase Mobile® app makes banking simple. Manage accounts, pay bills, send money to friends with Zelle® and deposit checks on the go with Chase Quick Deposit℠.
- Chase has the largest branch network in the U.S. with thousands of ATMs and branches. Use the Chase locator tool to find a branch or ATM near you.
- Chase helps keep your money protected with features like Zero Liability Protection, fraud monitoring and card lock.
- Chase Total Checking includes FDIC insurance up to the maximum amount allowed by law.
Wells Fargo Everyday Checking Account - $325 Bonus
- Get a $325 new checking customer bonus when you open an Everyday Checking account and receive $1,000 or more in qualifying direct deposits.
- Wells Fargo Bank, N.A.
Member FDIC
U.S. Bank Business Essentials - $400 Bonus
Promo code Q1AFL26 MUST be used when opening a U.S. Bank Business Essentials® or Platinum Business Checking account. Limit of one bonus per business. A $100 minimum deposit is required to open one of the referenced accounts.
To earn a business checking bonus, open a qualifying U.S. Bank business checking account between 1/15/2026 and 3/31/2026. Make the required deposit(s) in new money within 30 days of account opening, maintain the same required daily balance through the 60th day, and complete 6 qualifying transactions based on posted date within 60 days of account opening.
Business Essentials: $400 bonus with $5,000 new money deposits, daily balance, and 6 qualifying transactions.
Qualifying transactions include debit card purchases, ACH and wire credits or debits, Zelle credits or debits, U.S. Bank Mobile Check Deposit, electronic or paper checks, Bill Pay (excluding payments made by credit card), and payment received via U.S. Bank Payment Solutions. Other transactions, such as person-to-person payments, credit card transfers, or transfers between U.S. Bank accounts, are not eligible.
New money is defined as funds from outside U.S. Bank and cannot be transferred from another U.S. Bank product or a U.S. Bank Affiliate. For accounts opened on non-business days, weekends or federal holidays, the open date is considered the next business day. Account fees may reduce the required daily balance during the qualifying period.
Bonus will be deposited into your new eligible U.S. Bank business checking account within 30 days after the month-end in which all offer requirements are met, provided the account remains open with a positive available balance.
Offer may not be combined with other business checking bonus offers. Existing businesses with a business checking account or had one closed within the past 12 months, do not qualify.
All regular account-opening procedures apply. For full checking account pricing, terms and policies, refer to your Business Pricing Information, Business Essentials Pricing Information, and YDAA disclosure. These documents are available at any U.S. Bank branch or by calling 800.872.2657.
Bonus will be reported as interest earned on IRS Form 1099-INT and recipient is responsible for any applicable taxes. Current U.S. Bank employees are not eligible. U.S. Bank reserves the right to withdraw this offer at any time without notice.
Member FDIC
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