Marcus by Goldman Sachs Review

How does your bank stack up?

  • Financial Rates: 5.0 Star Icon
  • Customer Service: 3.0 Star Icon
  • Website Experience: 5.0 Star Icon
  • Bank Fees: 5.0 Star Icon


  • No required balance or account fees
  • High account interest rates
  • Variety of terms lengths of CDs
  • Personal loans available


  • Only savings account and CDs offered
  • Must link accounts to another bank
  • No ATM or debit card offered
  • Opening balance for CDs is $500

What You Need to Know

There is no required amount to open the account or to keep in the account. Marcus does not have monthly maintenance fees. You start earning interest on anything over $1 in the high yield savings account.

Marcus offers very competitive interest rates on their savings account and CD accounts. The interest rates are competitive with other online-only accounts. They are much higher than your typical bank rates.

Many different term lengths of CDs are available. Marcus offers nine different CD term lengths from six months to six years. The longer the term, the higher interest rate you earn. All the CD interest rates are very competitive with other online-only banks.

The personal loans offered through Marcus do not have fees. The loans are a fixed-rate interest loan. You can borrow up to $40,000. These loans can be to consolidate debt or for home improvement projects. The loans range in length from 36 to 72 months.

Marcus only offers deposit accounts of CDs and a high yield savings account. Checking accounts, money market accounts, and business accounts are not offered.

Since Marcus does not offer checking accounts, you cannot transfer money between Marcus checking and savings accounts. The easiest way to deposit money into your Marcus savings account is to link to an external bank account. You can also send a wire or check. Marcus does not charge a fee to send or receive a wire transfer, but the external bank might.

Marcus does not offer an ATM or debit card for the high yield savings account. To access your money, you must transfer the money back into your external bank account. You can also request a wire transfer.

To open any CD with Marcus, $500 is required. That amount opens the CD and is the amount needed to start earning interest. The interest rates vary depending on the term length of the CD. The longer the CD term, the higher the interest rates.

Cool Things

Financial Calculators

The Marcus website offers financial calculators. These help you better understand and visualize your savings goals. There is a personal loan calculator. There is also a high yield savings account and CD calculator. These calculators show how much interest you could earn.

Financial Articles

These different articles help you learn more about financial topics. Some topics include managing your debt, credit scores, and how to build your savings. You can find these articles on the Marcus website.


In 2016 Marcus by Goldman Sachs was announced. This online bank is an answer to customer's needs. Goldman Sachs listened to thousands of people talk about their troubles with debt. From that experience, they introduced a loan to help these customers better manage their debt.

To help pay off debt quicker, they also designed savings products that benefit the customer. They offer short term and long term savings goals. Marcus interest rates are competitive with other online-only accounts. This helps the customer earn more money off their own invested money.

Marcus savings accounts and personal loans do not have any fees.

Awards and Recognition

  • "Top Savings Account" by NerdWallet in 2018
  • "Best Personal Loans for Good Credit and Debt Consolidation" by NerdWallet in 2018
  • Ranked fifth in "12 Coolest Banking Brands" by Bank Innovation in 2017

Giving Back

Goldman Sachs Gives has donated more than $1 billion in grants. This money has helped more than 5,700 nonprofits in 80 countries all over the world. One charity helped address the Syrian refugee crisis as well as the refugee crisis in Europe.

More than 700 employees participated in a waffle ball tournament. Over $150,000 was raised for DREAM, a nonprofit in New York. This organization offers support to inner-city youth. It gives them the chance to play, learn, and grow.

Goldman Sachs Gives donated $250,000 to support MTV's Staying Alive Foundation. This nonprofit increases awareness and education to help prevent HIV among young people. In 2015, a senior leader in Goldman Sachs traveled to Africa to see the charity work first hand.

Frequently Asked Questions

Is this bank FDIC insured?

Yes. Marcus is FDIC insured. The FDIC is an agency of the United States government that protects funds deposited in banks, up to $250,000 per customer, per bank. The money deposited in FDIC insured banks means money is backed by the full faith and credit of the United States government.

How do I access my money?

By transferring the money back into your linked external bank account. You can also request a wire transfer. No ATM or debit cards are offered at this time.

Does this bank offer mobile banking?

You can access your accounts online from any laptop or mobile device.

Is this bank free?

Yes. There are no monthly maintenance fees for any Marcus accounts or loans. You start earning interest with $1 in the high yield savings account.

Is this a good bank?

The interest rates are very competitive with other online-only bank accounts. There are no monthly fees for the savings account or CDs. Checking accounts are not offered.

Is this bank secure online?

Yes. Marcus online uses firewalls and encrypts your information. Logins require unique passwords. Their networks are always monitored.

Does this bank offer competitive interest rates?

Yes. Marcus interest rates are very competitive with other online-only accounts. Their rates are much higher than typical bank rates.

Can I use this bank for my business accounts?

No. Only personal deposit accounts are available. Those accounts include a high yield savings account and CDs. You cannot use these accounts for your business.

How is the online bank different from the online banking my bank offers?

The interest rates are much higher than your typical bank. There are no branches, so everything you need to do with your accounts is done online.

Do their checking accounts pay interest?

Marcus does not offer any checking account. They only offer a high yield savings account, CDs, and personal loans.

How do I reach customer service?

By phone or mail. Customer service does have set hours.

Does this bank offer bill pay?

No. Only a high yield savings account and CDs are available. No checking accounts are offered.

Can I deposit cash?

No. You can transfer money between a Marcus account and an external bank account. You can send a wire transfer or send a check. You cannot deposit cash into Marcus accounts.

How long do transfers take?

A transfer initiated on a nonbusiness day is processed the next open business day. Other transfers are immediate.

Can I sign up for direct deposit to this account?

Yes. Money can be directly deposited into your Marcus savings account from payroll or other payments. You can also schedule regular deposits from your external bank account.

Bank Information

Marcus by Goldman Sachs
111 South Main Street
Salt Lake City, UT 84101

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Sponsored Offers

Advertiser Disclosure
Featured Offers
American Express
Savings (Rate as of 5/21/2024)
APY 4.25%
Rate 4.16%
For APY $1
Monthly Fee $0.00
Min to Avoid Fee $0
Checkbook No
Member FDIC
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