Marcus by Goldman Sachs Bank Review: Savings and CDs

Marcus offers competitive savings rates but lacks some conveniences other banks have, including a checking account.

Spencer Tierney is a consumer banking writer at NerdWallet. He has covered personal finance since 2013, with a focus on certificates of deposit and other banking-related topics. His work has been featured by The Washington Post, USA Today, The Associated Press and the Los Angeles Times, among others. He is based in Oakland, California.

Yuliya Goldshteyn
Assigning Editor | Banking

Yuliya Goldshteyn is a former banking editor at NerdWallet. She previously worked as an editor, a writer and a research analyst in industries ranging from health care to market research. She earned a bachelor's degree in history from the University of California, Berkeley and a master's degree in social sciences from the University of Chicago, with a focus on Soviet cultural history. She is based in Portland, Oregon.

Many, or all, of the products featured on this page are from our advertising partners who compensate us when you take certain actions on our website or click to take an action on their website. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money.

• Certificates of deposit

Overall institution rating

NerdWallet's ratings are determined by our editorial team. The scoring formulas take into account multiple data points for each financial product and service.

If you’re simply looking to increase your savings, this online bank by the Wall Street giant Goldman Sachs can be a good choice. Rates are competitive and there are no monthly fees, plus savings accounts have same-day online transfers of relatively high amounts. But the bank doesn’t offer checking accounts and lacks other features that most other online banks have, such as mobile check deposit and a free ATM network.

Best for: Customers who want to earn competitive savings rates, don’t mind banking online and have another bank account for checking.

Full review

Marcus by Goldman Sachs

Certificates of deposit

/5 NerdWallet rating

NerdWallet's ratings are determined by our editorial team. The scoring formulas take into account multiple data points for each financial product and service.

4.70% APY (annual percentage yield) as of 08/30/2024

4.15% APY (annual percentage yield) as of 08/30/2024

4.00% APY (annual percentage yield) as of 08/30/2024

High rates, low minimum. Some of Marcus’ CD rates are among the best on the market, and it has more term lengths than some of its competitors: You can deposit your money for up to six years. There's a $500 minimum deposit, and the bank's CD guarantee lets you receive the highest rate offered within 10 days of opening your CD.

» COMPARE: See our list of best CD rates

No-penalty CDs. Just be sure to withdraw your money once it matures because Marcus’ CDs automatically renew after a 10-day grace period, once the term expires. Or, if you want flexibility in withdrawing early without it costing you, Marcus has three no-penalty CDs. (See the best no-penalty CDs .)

Bump-up CD. Marcus’ third type of CD, what it calls a “Rate Bump CD,” lets you raise the rate once during the CD term, as long as the bank has raised rates on its new Rate Bump CDs since you opened your account.

» Learn more details about Marcus CD rates

Savings

/5 NerdWallet rating

NerdWallet's ratings are determined by our editorial team. The scoring formulas take into account multiple data points for each financial product and service.

4.40% APY (annual percentage yield) with $0 minimum balance to earn stated APY. Accounts must have a positive balance to remain open. APY valid as of 4/3/2024.

Marcus’ savings rate is 4.40% , which is much higher than the national average APY of 0.46% . There's no minimum deposit to open the account, and there are no monthly fees, but the bank has fewer options than others for withdrawing money — you can’t make a cash withdrawal from an ATM, for example. But you can transfer money to an external bank account, wire transfer it or request a check. Marcus offers same-day online transfers up to $125,000 but the external account must be a personal account owned by the Marcus account holder. For same-day transfers of larger amounts, you’ll need to go through a Marcus agent. To deposit money into the account, you can set up direct deposits or transfers, send a check by mail or send a domestic wire transfer.

» Weigh your options with NerdWallet’s best high-yield savings accounts.

Customer experience

NerdWallet's ratings are determined by our editorial team. The scoring formulas take into account multiple data points for each financial product and service.

As an online bank, Marcus by Goldman Sachs doesn’t have a branch network, so your options for accessing your accounts are online, by mobile app and over the phone. For questions, there’s a comprehensive FAQs section on the bank’s website, live chat for logged-in customers and a customer support phone line available 24/7.

The Marcus mobile apps for iOS and Android are highly rated and allow users to check balances and make transfers. But to deposit checks, you have to mail them.

How does Goldman Sachs Bank USA compare?

NerdWallet's ratings are determined by our editorial team. The scoring formulas take into account multiple data points for each financial product and service.

NerdWallet's ratings are determined by our editorial team. The scoring formulas take into account multiple data points for each financial product and service.

SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 4.50% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either Direct Deposit or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi members with direct deposit are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 8/27/2024. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.

With $0 min. balance for APY

With $5,000 min. balance for APY

Earn up to $300 with direct deposit. Terms apply.

at SoFi Bank, N.A.

Methodology

NerdWallet’s overall ratings for banks and credit unions are weighted averages of several categories: checking, savings, certificates of deposit or credit union share certificates, banking experience and overdraft fees. Factors we consider, depending on the category, include rates and fees, ATM and branch access, account features and limits, user-facing technology, customer service and innovation. The stars represent ratings from poor (one star) to excellent (five stars). Ratings are rounded to the nearest half-star.

Best Accounts

More from NerdWallet

Frequently asked questions

Yes, Marcus is a legitimate set of banking products and services offered by Goldman Sachs. These services include savings accounts, certificates of deposit and personal loans.

Marcus by Goldman Sachs accounts are insured by the FDIC, and its apps have high ratings from both Apple and Google users.

The savings rate for Marcus’ savings account is 4.40% APY.

To withdraw money from the Marcus Online Savings Account, customers can transfer to an external bank account, wire transfer their funds or request a check.

No, Marcus is an online-only bank and does not have physical branches.

There is no minimum deposit requirement to open a Marcus Online Savings Account. However, if you don’t fund your account within 60 days of account opening, Marcus may close your account.

About the author

Spencer Tierney is a writer and NerdWallet's authority on certificates of deposit. His work has been featured by USA Today and the Los Angeles Times.Read more

Download the app

Disclaimer: NerdWallet strives to keep its information accurate and up to date. This information may be different than what you see when you visit a financial institution, service provider or specific product’s site. All financial products, shopping products and services are presented without warranty. When evaluating offers, please review the financial institution’s Terms and Conditions. Pre-qualified offers are not binding. If you find discrepancies with your credit score or information from your credit report, please contact TransUnion® directly.

NerdUp by NerdWallet credit card: NerdWallet is not a bank. Bank services provided by Evolve Bank & Trust, member FDIC. The NerdUp by NerdWallet Credit Card is issued by Evolve Bank & Trust pursuant to a license from MasterCard International Inc.

Impact on your credit may vary, as credit scores are independently determined by credit bureaus based on a number of factors including the financial decisions you make with other financial services organizations.

NerdWallet Compare, Inc. NMLS ID# 1617539

California: California Finance Lender loans arranged pursuant to Department of Financial Protection and Innovation Finance Lenders License #60DBO-74812

Insurance Services offered through NerdWallet Insurance Services, Inc. (CA resident license no.OK92033) Insurance Licenses

NerdWallet™ | 55 Hawthorne St. - 10th Floor, San Francisco, CA 94105