Banking » Reviews » Marcus by Goldman Sachs Review (2023): High Deposit Rates But No Checking
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Marcus by Goldman Sachs Review (2023): High Deposit Rates But No Checking

Marcus offers a variety of high yield savings accounts and investment options together with some loan products. Here's how it works.
Author: Lorraine Smithills
Lorraine Smithills

Writer, Contributor

Experience

Lorraine is a freelance finance writer with years of experience in the banking sector and after a successful career in one of the largest retail and commercial financial services providers. She has a passion for helping people with less financial confidence to get control of their money through budgeting, saving, and responsible credit practices.

Review & Fact Check: Baruch Mann (Silvermann)

Baruch Mann (Silvermann)

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Experience

Baruch Mann (Silvermann) is a financial expert and founder of The Smart Investor. Above all, he is passionate about teaching people how to manage their money and helping millions on their journey to a better financial future.
Author: Lorraine Smithills
Lorraine Smithills

Writer, Contributor

Experience

Lorraine is a freelance finance writer with years of experience in the banking sector and after a successful career in one of the largest retail and commercial financial services providers. She has a passion for helping people with less financial confidence to get control of their money through budgeting, saving, and responsible credit practices.

Review & Fact Check: Baruch Mann (Silvermann)

Baruch Mann (Silvermann)

Financial Expert, The Smart Investor CEO

Experience

Baruch Mann (Silvermann) is a financial expert and founder of The Smart Investor. Above all, he is passionate about teaching people how to manage their money and helping millions on their journey to a better financial future.

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Marcus Review

Marcu by Goldman Sachs

Marcus LOGO
Marcus LOGO

Marcu by Goldman Sachs

Fees

$0

Minimum Deposit

$0

Current Promotion

None

APY Savings

3.30%

Marcus is a part of the Goldman Sachs Group, offering a variety of high yield savings accounts and investment options together with some loan products. Since it is a Goldman Sachs company, Marcus does have a variety of products tailored towards the investment minded. This means that it isn’t a replacement for your standard high street or online bank. The lack of a checking account is the first thing that comes to mind.

However, if you’re looking for a secondary bank that allows you to manage all your investments under one roof, Marcus could be a good fit. The company has a decent reputation and good usability.

Marcus can be a good choice if:

  • You're looking for savings products with high rates

  • You don’t need a checking account

  • You may require access to more extensive lending products

  • Higher Savings Rates
  • No Monthly Fees
  • Penalty-free CDs
  • Low or No Minimum Deposits
  • Personal loans with no fees
  • Exclusively Online
  • No checking accounts
  • No mobile check deposits
  • No ATM access
  • No Promotions

Does Marcus offer a free checking account? 

No, Marcus does not currently offer to check accounts despite providing loans, CDs, and savings accounts.

Does Marcus offer the best savings rate?

Marcus offers great rates on both savings accounts and CDs, but there are some strong competitors. For example, the APY on Ally savings account is 3.30%,  as of January 2023. Also, SoFi bank offers 3.75% APY on your balance on their checking and savings account.

Does Marcus work for Joint accounts? 

Marcus savings accounts can be opened with two account holders. As a result, both parties can claim co-ownership of the account and use independent judgment when making decisions. Therefore, Marcus won't contact the other party to confirm an action if one account holder notifies the bank of it.

It is not feasible to change a solitary account into a joint account, so you must register a new joint account.

Can you close Marcus bank account over the phone/online? 

By phoning the bank's customer service number or sending an email to the bank, you can close your Marcus account. The Marcus team will walk you through the closure process over the phone, making it the most straightforward approach.

Banking Services
Credit Options
Savings Accounts
Mortgage
Checking Accounts
Government Mortgage
CDs
Credit Cards
Money Market Account
Debit Card
Investing Capabilities
Personal Loans

Marcus Savings Account

APY Savings

3.40%

Minimum Deposit

$0

Promotion

$40 – $3,500 Minimum deposit of $10,000 – $1,000,000+ needed. Expired on 01/09/2023

Fees

$0

Marcus Savings Account

APY Savings

3.30%

Minimum Deposit

$0

Promotion

None

Fees

$0

Marcus has just one online savings account, but it is a high yield account that has some nice features that make it a viable option for many savers. These include:

  • High Interest Rate: You can earn 3.30% APY on your savings, which is four times the national average savings rate. This is definitely one of the highest rates in the market, but there are banks that offer similar rates. For example, Capital One savings account offers 3.30% APY as of January 2023.
  • Limited Fees: There are no fees to open your Marcus savings account and no account maintenance fees, service fees or transaction fees to transfer funds to or from your Marcus account. However, if you link your third party bank to your Marcus account, you may incur fees from that bank when you transfer funds.
  • No Account Minimums: There is no minimum deposit for Marcus savings and you don’t need to worry about maintaining a minimum balance. However, there is a maximum limit of $1 million per account and $3 million per account owner.
  • Same Day Transfers: Marcus facilitates same day transfers to other banks for up to $100,000 each.
  • Savings Calculator: While this isn’t exclusive for online savings account holders, the savings calculator is a handy tool that can help you to see what you can earn if you decide to store your emergency savings or save for a financial goal with this account.

Marcus CDs

APY Range

3.50% – 4.40%

Minimum Deposit

$500

Terms

6 months – 6 years

Fees

$0

Marcus CDs

APY Range

3.50% – 4.40%

Minimum Deposit

$500

Terms

6 months – 6 years

Fees

$0

Marcus has two CD products. Although the terms and rates vary between these two products, Marcus offers auto renewal on all its CDs. Unless you withdraw the balance within 10 days of maturity, the CD will automatically renew for another term.

High Yield CDs

This type of CD has more flexible term options. The minimum deposit is just $500 and you can choose a term from six months to 72 months. You have 30 days from opening the account to fully fund your CD. There is also a 10 day CD rate guarantee. If you open a high yield CD and if the rate goes up within the first ten days after you make your initial deposit, you’ll automatically qualify for the highest rate.

If you need to access the funds in your High Yield CD before the maturity date, it is possible, but you will incur an early withdrawal penalty. This is 90 days of interest if the term is 12 months or less and 180 days of interest for terms up to five years.

CD Term
APY
Early Withdrawal Penalty
6 Months
3.75%
90 days interest
9 Months
3.80%
90 days interest
12 Months
4.30%
180 days interest
13 Months – No Penalty
3.50%
/
18 Months
4.40%
180 days interest
24 Months
4.35%
180 days interest
36 Months
4.00%
180 days interest
48 Months
4.00%
180 days interest
60 Months
3.80%
180 days interest
72 Months
3.70%
270 days interest

Marcus No Penalty CDs don’t offer the same rates as the High Yield CDs, but you can withdraw all of your funds before maturity without an interest penalty.

The only stipulations are that the CD needs to have been fully funded for a minimum of seven days and you must withdraw the entire balance, as partial withdrawals are not permitted.

Marcus Benefits & Drawbacks

Pros
Cons
Higher Rates
Online Only
No Fee Loans
No Mobile Check Deposit
No Penalty CD
No Promotions
No Checking Account

Both the savings accounts and CDs offer rates that are higher than average. Additionally, you can use the online calculator to check the potential yield over time compared with the national average rates.

Marcus offers unsecured loans for up to $40,000 with no prepayment fees or sign up fees.

Marcus offers Penalty-free CDs which is great, especially in times when the interest rate is going higher.

Marcus is an online only bank, so there are no physical branches you can visit if you want to speak to a member of staff in person.

Although Marcus has iOS and Android apps, these do not facilitate check deposits. You can only deposit a check by sending it in the mail. A better way to fund your account is to link your checking account and make direct deposits or send a wire transfer.

Unlike other banks, Marcus doesn't offer promotions for new accounts. For example, Chase offers $200 bonus for new Chase Total Checking accounts.

Since Marcus does not have any checking account options, you will not be able to use Marcus as your day to day bank. You will need to connect your Marcus accounts to a third party bank to make deposits and withdrawals.

Customer Experience

Since Marcus is an online bank with no branches, you can only access the customer service team by phone, online or via the app. The Marcus app is highly functional offering a great user experience. These apps have solid review ratings and allow you to not only manage your accounts but access the support team.

The website has a comprehensive FAQ section with easy to understand, yet detailed answers to frequently asked questions. There is also live chat when you’re logged on to the Marcus website. The phone lines are also open seven days a week.

Marcus
App Rating (iOS)
4.9
App Rating (Android)
3.9
BBB Rating (A-F)
A+
Contact Options
phone/mail
Availability
24/7

Personal Loans and Credit Cards

Marcus offers unsecured loans for debt consolidation, home improvements or other purposes. These are no fee personal loans for  $3,500 – $40,000 with a term of 36-72 months . The rates range from 6.99% – 24.99% , depending on your circumstances, the loan amount and term. However, you can reduce your APR by 0.25% if you sign up for auto pay. All personal loans are subject to credit approval.

In recent years, loans were the only additional product Marcus offered, but the bank has recently launched a selection of credit card options. There are three credit cards currently which offer rewards that you can redeem for eligible GM vehicles.

  • GM Rewards: This is a great card if you enjoy GM vehicles and unlimited rewards. You’ll get a 10,000 point bonus if you spend $1,000 in the first three months and the card has no annual fee. The reward structure for this card is tiered with 7 points per dollar at GM and 4 points per dollar on other purchases. There is also a 0% APR introductory rate for purchases for the first nine months.
  • GM Extended Family: This card allows you to use your employee and supplier discounts. This card has no annual fee and has a 0% APR intro rate for nine months on purchases. You’ll earn 1% rewards on all purchases and there is a $100 bonus when you spend $1,000 in the first three months.
  • GM Business: As the name suggests, this card is open to business users who want to work towards a new GM vehicle. There is no annual fee and a 0% intro rate for 9 months. You’ll earn up to 5% rewards on your purchases and there is a $250 welcome bonus if you spend $2,500 in the first three months.

How to Apply for a Marcus Bank Account?

As an online bank, Marcus makes it simple and straightforward to open a new account online. When you visit the website, you’ll see a detailed breakdown of each type of account and a prominent “Open an Account” button.

marcus application process

When you click the button, you’ll be directed to an online form. You’ll need to provide your name, address, and contact details. The account opening form also provides the option to link your bank account to fund your new savings account, but this can also be done at a later stage, providing you fund your account within 10 days.

marcus application process step 1

You can also complete the account opening process on the app. When you download the app to your iOS or Android device, you can follow the instructions to set up your account. You'll also need to provide your occupation, yearly income and social security number.

marcus application process step 2

Bottom Line

If you’re interested in getting into investing, Marcus could be a good option. The high yield savings account is a good place to leave your funds while you’re exploring your investment possibilities. You can start with a Marcus CD, with the No Penalty CDs being particularly attractive if you’re not sure if you want to fully tie up your funds.

Although the lack of a checking account will mean that you need to keep an account open with your existing bank, Marcus does have some very attractive products and features that will appeal to anyone looking to get a good rate on their cash.

FAQs

Marcus is a banking arm of the Goldman Sachs Group, offering CDs, savings, loans and credit cards. However, it does not have a checking account option at this time.

Yes, the recent federal federal law changes mean that there are no limits on how many withdrawals you can make from your Marcus account each month. You can withdraw funds via CH transfer, ACH transfer or wire transfer.

Yes, Marcus is an online only bank with no physical branches and no ATM network.

Yes, Marcus is FDIC insured, which means that your funds up to $250,000 are protected by the federal government in the event of a bank failure.

Currently, Marcus does not offer a debit or ATM card for its online savings account. If you want to access your account balance, you will need to initiate a wire transfer or send an ACH transfer to your account held with another bank.

Satisfied customers are very happy with the rates and lack of fees compared to many online and traditional savings accounts. You don’t have to worry about savings account minimums or maintenance fees, you can just enjoy the higher than average rate.

The main negative reviews appear to be issues relating to credit cards. A number of credit card accounts have been transferred to Marcus and some of these users are experiencing problems.

Alternative Banks

Quontic bank logo
discover logo
Chase_logo
APY Savings The annual percentage yield (APY) is a percentage that represents the amount of money or interest earned on your savings account over the course of a year. The APY factored in compound interest. A savings calculator can help you quickly determine how much you'll earn with a given APY.
3.20%
3.30%
0.01% – 0.05%
Checking Account Fee The monthly fee on checking account
$0
$0
$12 Can be waived if you maintain a $1,000 minimum daily balance, making direct deposits or Associated SnapDeposits of $500 or more per statement cycle, or holding $2,500 in combined deposit accounts with the same statement cycle date or having a Health Savings Account or investment account
Checking Minimum Deposit
$100
$0
$0
Mobile App Rating
4.5/5 on iOS, 3.4/5 on Android
4.9/5 on iOS, 4.7/5 on Android
4.8/5 on iOS, 4.3/5 on Android
BBB Rating
A+
A+
B-

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Marcus, on the other hand, made Goldman Sachs banking more accessible to the general public when it debuted in 2016. Our in-depth Marcus review can help you decide if this online bank is right for you. Goldman Sachs is one of the world's largest investment banks, with offices in every major financial center and a client list that includes other banks as well as the state of New Jersey. With Marcus, however, you could be next on the list.

Axos online bank, which provides checking, savings, CDs, investing, and other services, has a lot to offer. A variety of checking account options allow customers to earn interest or cash back. The APY on Axos Bank's Rewards Checking account isn't the highest among online banks, but it's sufficient to justify opening an account as part of a larger online banking strategy, and there are almost no fees.

Read Full Comparison: Axos vs Marcus: Which Online Bank is Better?

CIT Bank provides a variety of savings account options. If you link your checking account and make qualifying deposits, you can earn a higher rate on the two-tiered Savings Connect. The other savings option is the Savings Builder, which offers 0.399 percent if you keep a balance of $25k or more, or make at least $100 in monthly deposits. There is a six-transaction limit per statement cycle, but there are no account maintenance fees.

Marcus provides an impressive 0.50 percent without the CIT hoops. There is no required minimum deposit or balance. You can also make same-day transfers to and from the account of up to $100,000.

Read Full Comparison: CIT Bank vs Marcus: Compare Banking Options

Marcus distinguishes itself through its investment options. With a variety of IRA options, you can experiment with different account types and portfolios. Marcus may appeal to you if you want the convenience of having your funds in a high yield savings account or if you are new to investing. 

Synchrony focuses on accounts that help you save money. So there are high yield savings accounts, CDs, and money market accounts. You can also gain access to IRAs. Synchrony does, however, offer a variety of credit cards.

Read Full Comparison:: Marcus vs Synchrony Bank: Where to Save Your Money?

Marcus' banking product offering is more specialized. Marcus' product line reflects its investment pedigree as part of the Goldman Sachs Group. CDs, high-yield savings, investment options, and a variety of loans are available.

Ally has a banking product line that competes with traditional, high-street banks. A checking account, savings account, CDs, mortgages, auto loans, personal loans, retirement products, and investments are among the numerous products available.

Read Full Comparison: Ally vs Marcus: Which Online Bank Is Better?

Marcus is a subsidiary of Goldman Sachs, which is reflected in its banking products. Marcus provides high-yielding savings and CDs, as well as investment options and a variety of loans. This does not, however, include a checking account.

SoFi's banking products are more akin to those of traditional banks. While there are no checking or savings accounts available, rather a hybrid account, you can access loans, mortgages, and investment products. SoFi also offers insurance. CDs and traditional savings accounts, on the other hand, are not available in the SoFi catalog.

Read Full Comparison: Marcus vs SoFi Money: Which Banking Service Is Better?

Marcus, a Goldman Sachs Bank division, provides online savings accounts, CDs, and personal loans. Marcus has no physical locations, so you can only access your accounts through the Marcus website, mobile app, or phone-based customer service.

In addition to assisting you in avoiding typical bank fees, Chime includes useful new features such as early direct deposits and automatic saving. While Chime does not provide credit cards or loans, its savings options and competitive interest rates make it an excellent choice, especially for younger people.

Read Full Comparison: Chime vs Marcus: Which Online Bank Wins?

Lorraine Smithills

Lorraine Smithills

Lorraine is a freelance finance writer with years of experience in the banking sector and after a successful career in one of the largest retail and commercial financial services providers. She has a passion for helping people with less financial confidence to get control of their money through budgeting, saving, and responsible credit practices.
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