Marcus by Goldman Sachs Review – High Rates on Savings and CDs

Marcus by Goldman Sachs is an Internet-only bank that offers some of the highest interest rates on Savings Accounts and CDs.
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If you’re looking strictly for a savings account or certificates of deposit, Marcus by Goldman Sachs might be a good fit for you. This online-only bank offers a fee-free way to save money, and it pays excellent interest rates on its products.

However, you won’t find any checking or money market accounts with Marcus. There’s also no ATM network associated with the bank. So if you need frequent and immediate access to your money, you should look elsewhere.

But if you’re serious about building up an emergency fund, Marcus by Goldman Sachs might be a great option – as their interest rates are consistently among the highest in the nation.

In this Marcus by Goldman Sachs review, we’ll dive in and take a close look at the bank’s options to help you decide if they’re a good choice for your money.

Marcus by Goldman Sachs Review

Product Name: Marcus by Goldman Sachs
Product Description: Marcus by Goldman Sachs is an online-only bank offering savings accounts and certificates of deposit (CDs). Although you won't find a checking account offered, you can benefit from some of the highest interest rates on the market, especially when it comes to CDs.
Products & Services
Interest Rates
Fees & Charges
Website / App
Customer Service



When it comes to Products & Services, the biggest criticism of Marcus by Goldman Sachs is that there’s no checking account (nor is there a money market). However, for the savings accounts and CDs that Marcus does offer, the Interest Rates are among the highest in the nation. Another plus is that there are no maintenance or transaction Fees & Charges associated with a Marcus account. On the Website/App front, we’re still waiting for an Android app. And although Customer Service is available via phone seven days a week, support is not 24/7, as with some other online banks.

Marcus by Goldman Sachs Features

Marcus by Goldman SachsFeatures
Banking Account TypesSavings, CDs
Other Account TypesPersonal Loans
Minimum Required Deposit to Open Account$0 for Savings; $500 for CDs
Number of BranchesInternet Only
ATM Network Size0
ATM ReimbursementsN/A
Remote DepositNo
App AvailabilityAndroid, iOS, Mobile Optimized Website
Bill PayNo
Person to Person Money TransfersNo
Money TransfersACH, Wire Transfers
Customer Service TypesPhone, Email
Customer Service HoursM-F: 8 a.m.-10 pm.; Sat.-Sun.: 9 a.m.-7 p.m. ET
Member FDICFDIC Certificate #33124
Routing Number / ABA Number#124085260
Current PromotionsNo current promotions
See more Bank Promotions

Additional Features

  • Free Wire Transfers. Because there are no bank branches or ATMs, you must use a wire transfer to another account to access your money. Luckily, Marcus doesn’t charge a fee to do so (although note that your other bank might).
  • New iOS Mobile App. Until recently, Marcus by Goldman Sachs didn’t have a mobile app. That was a major drawback for this bank. However, the company has recently rolled out apps for both iOS and Android.
  • 10-Day CD Rate Guarantee. If you open a Marcus CD and the rate for that specific term increases during the first 10 days of opening, you’ll automatically receive the higher rate.

What Is Marcus by Goldman Sachs?

As you can probably tell from its full name, Marcus is the online retail savings bank owned by Goldman Sachs USA. The company was founded in 1869 as an investment bank and has made its headquarters in New York City for more than 150 years.

In 2016, the company launched Marcus by Goldman Sachs, named after its founder, Marcus Goldman.

Marcus by Goldman Sachs offers a menu of consumer banking services limited to savings accounts, CDs, and personal loans. In this review, we’ll focus on savings accounts and CDs.

How to Get Started with Marcus by Goldman Sachs

Opening a new savings account with Marcus by Goldman Sachs is simple and straightforward. You’ll need to supply the following information:

  • Your full name
  • Your Social Security number or tax ID number
  • Your date of birth
  • Your physical address, plus a mailing address, if different
  • Your email and phone contact information
  • Your employment information
  • Information for the bank accounts you want to link to your Marcus account

Funding Your Marcus by Goldman Sachs Account. You can deposit money in your Marcus account by completing an ACH transfer or a wire transfer, or by mailing in a check. Note that you can link up to four external bank accounts to your Marcus account.

For the first 30 days after opening a Marcus by Goldman Sachs account, the bulk of your deposit will be held for up to six business days. The bank will make the first $200 of the deposit available on the next business day after your deposit.

Marcus by Goldman Sachs Account Options

Marcus by Goldman Sachs Savings Account

Marcus by Goldman Sachs pays more than 20 times the average APY on its savings accounts. Its rates are comparable with some of our other favorite high-yield savings accounts.

Unlike some other savings accounts, Marcus by Goldman Sachs doesn’t require a minimum deposit to open an account or to achieve its high APY. You can get the same great rate with only $1 in the bank.

The downside is that it can be inconvenient to access your money. To do so, you’ll need to complete a wire transfer. Luckily, Marcus doesn’t charge a fee for transactions, although your other bank might do so.

Marcus by Goldman Sachs CDs

Marcus also offers several options for certificates of deposit. Its rates are among the highest available. Current terms range from six months to six years.

To open a Marcus CD, you’ll need to deposit the minimum of $500, which is relatively low. Other banks can require as much as $2,500 to get started with a certificate of deposit.

Marcus by Goldman Sachs offers a 10-Day CD Rate Guarantee. With this offer, if you open a new CD and deposit the minimum of $500 and the rate for that specific term increases within 10 days of opening, you’ll automatically receive the higher rate.

Marcus by Goldman Sachs Pros & Cons


  • Great Interest Rates. Both Marcus savings accounts and CDs offer interest rates much higher than the average.
  • No Transaction Fees. Although accessing your money isn’t particularly convenient with these accounts, at least Marcus doesn’t charge any fees for doing so.
  • Low or No Minimums. Marcus’ savings accounts don’t require a minimum deposit, and CDs require only $500.


  • Hard to Access Your Money. You’ll need to transfer money to an external bank account to access it.
  • No ATM Access. Some savings accounts now give customers an ATM card to easily make transactions. Not with this account.
  • Fee Features. You won’t find helpful features like goal-setting calculators with a Marcus account. It’s pretty bare bones.
  • No Checking Account. If you like to keep all of your money in one spot, you won’t be able to do so.


Marcus by Goldman Sachs is a great option if you want to sock your money away and let it accrue interest. You won’t have the convenience of easy access to your cash, but at least you know that it’s earning some of the highest rates around.

If you need easier access to your funds, there are many other online banks that offer free checking accounts.

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