Marcus By Goldman Sachs Review 2024

Account Type	APY	Minimum deposit requirement
Marcus by Goldman Sachs High-Yield Online Savings Account	4.40%	$0
Marcus by Goldman Sachs High-Yield Certificates of Deposit	3.90% to 4.90%	$500
Marcus No-Penalty CD	4.70% on a 7-month term	$500
Marcus by Goldman Sachs Rate Bump CD	4.40% on a 20-month term	$500

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Savings

Account Features	Details
APY	4.40%
Minimum opening deposit	$0
Monthly fee	$0

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The Marcus by Goldman Sachs High-Yield Online Savings Account is one of the best high-yield savings accounts you’ll find. It’s currently paying 4.40% APY on all balances, and Marcus doesn’t charge any one-time fees to open a savings account or any ongoing account maintenance fees, service fees or transfer fees.

It doesn’t even charge a fee for outgoing wire transfers, which the vast majority of banks do. However, the external bank account you link to your Marcus account may charge fees to transfer funds to or from your Marcus account, depending on the bank’s policies.

Unlike other high-yield online savings accounts, Marcus has no minimum deposit or minimum balance requirements. However, it does have a maximum limit of $1 million per account, not to exceed $3 million per account owner.

A Marcus Online Savings Account can be an ideal place to store your emergency savings fund or save up for a specific goal, like a new car, vacation or home improvement project. And with competitive rates on consumer deposit products, your savings stand to grow substantially.

The bank doesn’t offer mobile check deposit, so if you receive money via check that you’d like to deposit, you’ll either have to transfer it in from your checking account or deposit your check by mail.

To calculate your potential earnings, use the Forbes Advisor savings calculator.

CDs

APY	Terms	Minimum deposit
3.90% to 4.90%	6 months to 6 years	$500

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Marcus offers three options for certificates of deposit (CDs), depending on how long you want to commit your money. Marcus by Goldman Sachs High-Yield Certificates of Deposit are available for a minimum deposit of $500 and offer a fixed rate of interest depending on the term you choose. CD terms range from six months to six years.

You may be reluctant to lock in a long-term CD for fear of the rate rising right after your money is committed. To help you navigate this situation, Marcus offers a special 10-day CD Rate Guarantee.

Here’s how it works: Open a Marcus CD and deposit a minimum of $500 within the first 10 days, and if Marcus increases the rate for your CD term during those 10 days, you’ll automatically receive the new APY, even if it’s higher than the rate that was available when you opened your account. This can help you benefit from rising interest rates and avoid buyer’s remorse.

Like most CDs, Marcus high-yield CDs have a fee for early withdrawals. When you sign up for one of these CDs, you are agreeing to leave your money deposited in the CD for the entire term. If you pull any of your money out before the term is up, you’ll be charged an early withdrawal penalty equal to a certain number of days’ worth of interest.

The exact amount of the early withdrawal fee depends on the term of your CD. If you have a CD with a term of 12 months or fewer, the early withdrawal penalty would be 90 days of simple interest on the principal amount of your CD at the APY of your CD. For longer-term CDs, the number of days increases.

Here are Marcus’ high-yield CD rates:

CD Term	APY
6 Months	4.80%
9 Months	4.90%
12 Months	4.90%
14 Months	5.00%
18 Months	4.60%
2 Years	4.20%
3 Years	4.15%
4 Years	4.05%
5 Years	4.00%
6 Years	3.90%

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Marcus No-Penalty CD. If you want to avoid the risk of early withdrawal penalties while still earning a high APY, the Marcus No-Penalty CD is a good option. No-Penalty CDs require an opening deposit of at least $500 and are available with these terms and rates:

• Seven months, with an APY of 4.70%
• 11 months, with an APY of 4.70%
• 13 months, with an APY of 4.70%

With a No-Penalty CD, you have the flexibility to withdraw your money as soon as seven days after funding without sacrificing any of the interest you’ve earned.

You could use a Marcus No-Penalty CD to hold your emergency savings, save up for a specific future goal (e.g., a new car, a down payment on a house, a family vacation, etc.), or any other savings goal that would benefit from a higher APY and more flexible access to your money.

Finally, Marcus offers a Rate Bump CD that allows you to raise your interest rate once during your CD term if rates increase. This CD offers 4.40% APY on a 20-month term.

Checking

Marcus does not yet offer any checking account options, although it is beta testing a checking account among employees.

Marcus is an online bank without any bank branches or an ATM network. However, you can connect your Marcus account to your existing bank account and access mobile banking within the Marcus mobile app.

The app is available for both iOS and Android devices. It lets you:

• Check your account balances
• Review transactions
• Transfer money to or from your other bank accounts
• Set up recurring deposits
• Manage your progress toward your financial goals

The Marcus mobile app recently added a new tool called Marcus Insights. It lets you connect external accounts to the app to track your spending by category, see your monthly cash flow and analyze your saving and investing trends. It can give you a bird’s-eye view of your entire financial picture—all on one screen.

One drawback of the Marcus mobile app is that you can’t use it to deposit checks. If you want to deposit a check into your Marcus savings account, you need to endorse the check, and then mail it to Goldman Sachs Bank USA at an address in Illinois.

Marcus Insights lets you connect and collect data from your non-Marcus accounts to get a top-down view of your finances all in one place. If you have a Marcus savings account, a checking account with another bank and a retirement investment account at a third institution, you can use Marcus Insights to view balances, data and trends from all those accounts.

Marcus Insights helps you compile, analyze and view the data and trends of your spending, saving and investing. Marcus Insights is available for iOS, Android and desktop.

Marcus by Goldman Sachs offers another potential upside to consumers: no fees. While you might see account minimums on certain products like CDs, you won’t find account maintenance fees. Plus, sending and receiving wire transfers are both fee-free.

Account Features	Marcus by Goldman Sachs	Amex Savings	Chime	Ally Bank
Savings account APY	4.40%	4.25%	2.00%	4.20%
Savings account minimum deposit	$0	$0	$0	$0
Savings account monthly fee	$0	$0	$0	$0
CD APY	3.90% to 4.90%	3.00% to 4.50%	N/A	3.00% to 4.50%
CD terms	6 months to 6 years	11 months to 60 months	N/A	3 months to 5 years
CD minimum opening deposit	$500	$0	N/A	$0

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Marcus vs. Amex Savings

Both Marcus and the American Express® High Yield Savings Account currently offer similar rates on their savings accounts—higher than ten times the national average savings account interest rate, according to the FDIC. Like Marcus, Amex Savings doesn’t charge monthly fees or require customers to provide an opening deposit or maintain a minimum balance.

Accessing the money sent to your Amex savings from external accounts usually takes one to five business days. With Marcus, you can typically receive the funds within one business day (for amounts up to $100,000). So if you value speed, Marcus by Goldman Sachs is the way to go.

However, if you plan to park a large sum of money in your savings account, consider opting for the Amex savings account—which has a maximum balance limit of $5 million. The limit on Marcus savings accounts is $1 million, which may not be high enough for everyone.

Chime® vs. Marcus

The 2.00%^{[ ]} APY on the Chime® Savings Account is lower than the 4.40% APY on all balances, up to maximum balance limits APY that a Marcus by Goldman Sachs savings account earns. However, it’s still substantially higher than the national average, according to the FDIC. Like Marcus, Chime doesn’t charge monthly fees or require a minimum opening deposit. However, Chime doesn’t offer CDs.

One factor that sets Chime apart from Marcus is its two automatic savings features. The Save When I Get Paid^{[ ]} feature automatically saves a percentage of your paycheck when you receive a direct deposit greater than $500. And the Round Ups^{[ ]} feature automatically rounds up each transaction to the nearest dollar and transfers the spare change to your Chime savings account. So if you prefer to put your savings on autopilot, Chime might be a better fit.

Ally vs. Marcus

Ally Bank and Marcus are fairly similar. They’re both online banks that offer high-yield savings accounts with competitive rates and no fees. You can’t go wrong with either option if you want to watch your nest egg grow.

Where they differ is their product variety. Compared to the limited accounts available from Marcus, Ally offers a full suite of services, including checking accounts, IRAs, CDs, auto loans, money market accounts and investments in stocks or ETFs. With Ally, you can manage all your finances on one platform, which can be convenient.

Neither Ally nor Marcus provide personal loans directly to customers, but Ally works with healthcare, auto and home improvement service providers to furnish financing options for qualifying applicants.

Marcus by Goldman Sachs is right for you if you:

• Want to open a savings account, CD or both
• Prioritize earning high yields and avoiding fees
• Are comfortable banking fully online
• Don’t need a checking account

If you’re wary about opening an account with an online bank, know that accounts held with Marcus by Goldman Sachs are FDIC-insured for up to $250,000 per depositor. This makes Marcus as safe as brick-and-mortar banks like Chase or Wells Fargo.