Marcus by Goldman Sachs Bank Review 2022

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Good for CD types and access

Goldman Sachs Bank USA Review

Goldman Sachs Bank USA

Editor’s note: (4.2/5)

Good for CD types and access

Goldman Sachs Bank USA Review

Editor’s note: (4.2/5)


Marcus by Goldman Sachs is a great online banking option for anyone looking for a great savings account, multiple types of CDs, reliable customer service, and an easy-to-use online site and mobile app. Marcus’ account options are somewhat limited, however: there are no money market accounts or checking accounts offered.

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  • Same Day Transfers up to $100,000 for High Yield Savings Accounts
  • 10 Day CD Rate Guarantee
  • Very high APYs on deposits
  • Investment and loan offers in addition to savings

The inconvenients

  • No money market or current account
  • Minimum balance of $500 for CDs
  • Credit card options are limited to GM co-branded cards

Additional Details

  • Online banking only; access your account through a mobile app or online
  • After you open a CD and make a $500 deposit, you are guaranteed the highest rate offered between the day you open and the next 10 days
  • CD options include high-yield, penalty-free, and prime-rate CDs
  • Marcus Invest robo-advisor investment tool for longer term savings and investment goals
  • Home equity loans and debt consolidation loans available
  • Opt for fixed rate installment loans with select retailers using Marcus Pay
  • Unlimited same-day withdrawals and transfers (under $100,000) for savings accounts
  • No ATM access
  • Marcus deposit accounts are FDIC insured

Editorial independence

We analyze and review banks without the influence of partnerships or advertising relationships. For more information on our scoring methodology, click here.

Marcus by Goldman Sachs Full Review

Marcus doesn’t have the widest range of account types, but he still scores solidly in our analysis of account options for the variety of accounts he offers. In addition to a high-yield savings account, Marcus offers CDs with extended terms and traditional no-penalty, rising, and high-yield CD options.

Savings accounts

Marcus offers a high yield savings account with competitive interest rates. It does not charge monthly maintenance fees or minimum deposit requirement.

You can make same-day transfers of up to $100,000 to and from other banks. The ability to transfer such a large amount can come in handy if you need to transfer money you’ve saved for a down payment or a costly emergency. Unlike some other banks, Marcus doesn’t limit you to just six monthly withdrawals.

Transfers are available to and from your savings account via an ACH transfer to or from another bank, postal check, or direct deposit. You can also use a bank transfer; Marcus does not charge fees for transfers, but you may incur fees from the bank you are transferring money to or from. Marcus also lets you schedule regular, automatic transfers and track your earned interest using the Marcus app.

Unlike some other high yield savings accounts and many money market accounts, Marcus does not allow access to ATMs or offer a debit card if you need to withdraw money from your account.

Certificates of deposit

Marcus has traditional, penalty-free and premium CDs, all of which have competitive interest rates. You can choose terms ranging from six months to six years. However, there is a minimum deposit of $500 for each.

Marcus also has a 10-day CD rate guarantee; if your CD rate increases within the first 10 days of opening your CD and depositing, you will receive the highest rate offered during that 10 day period.

Marcus’ no-penalty and no-penalty CD options may also be attractive as rates rise. If you choose a mark-up (or rate-up) CD, you can request a one-time rate increase at any time during the term of your CD. Currently, Marcus offers a 20 month term for premium rate CDs. If you withdraw before the CD matures, you will still pay a penalty.

For more withdrawal flexibility, a penalty-free CD may be a better option. You can choose from seven, 11 or 13 penalty-free CDs, with a minimum deposit of $500 each and the ability to withdraw your money seven days after opening your account.

When a CD you open with Marcus expires, you have a 10-day grace period to withdraw your funds or transfer them to a new CD with a different duration. After that, your CD automatically renews for another term.

Others products

Marcus offers a few additional products in addition to its online bank accounts.

Marcus Invest is the bank’s robo-advisor tool. You can use it to automate your investment portfolio based on your goals, for both individual investment accounts and retirement accounts. Depending on your portfolio and the funds in which you invest, the fees may vary.

Marcus also offers home improvement loans ranging from $3,500 to $40,000 without the need for collateral or a home appraisal, and debt consolidation loans up to $40,000.

Finally, Marcus has a few co-branded credit cards with General Motors. The My GM Rewards Card™, for example, offers 7X on purchases at GM and unlimited 4X points on all purchases with no annual fee. If you don’t own a GM car (including Chevrolet, Buick, GMC, or Cadillac) or plan to purchase one, this card may not be as valuable as other more flexible rewards cards.

Client experience

We rank Marcus highly in the customer experience and communication categories, thanks to the multiple avenues he provides for customers seeking assistance.

If you need help with your account, you can contact Marcus via an online chat tool after login, on his customer service-focused Twitter account, by mail, or you can contact the 24-hour contact center. and 7 days a week by telephone.

Marcus also has an online help center with FAQs to answer questions about each of its banking products. However, he does not have an easily accessible phone number.

Marcus’ app is highly rated on the App Store and Google Play, with ratings of 4.8 and 4.3 stars, respectively. Based on app reviews, most customers like the simplicity of the banking design and navigation, although some reviews mention experiences of app crashes and technical issues.


Marcus mentioned on its website strong accessibility efforts for UK-based customers, including the ability to speak to a representative using a sign language interpreter, Braille, etc.

However, Marcus only has limited accessibility support information on its US website, with fewer initiatives than the other banks we rate and review. Marcus’ US options include telephone numbers for reasonable accommodation requests and feedback through an American with Disabilities Act (ADA) coordinator.

We’ve reached out to Marcus for more information about site accessibility, but haven’t received a response as of press time. We will provide an update if available.

Is Marcus from Goldman Sachs right for you?

Whether you’re looking to start an emergency fund or take advantage of rising CD rates, there are plenty of options to choose from at Marcus. And for investors who want to automate their investment strategy, you can manage your portfolio using Marcus Invest.

One of the ways Marcus stands out is how it streamlines online banking processes, like scheduling automatic transfers and offering same-day transfers when you want to withdraw your money. Plus, the High Yield Savings Account has one of the best interest rates today compared to its competitors.

Given the rising rate environment we find ourselves in, Marcus’ 10-Day Rate Guarantee is another unique feature that can be useful in keeping up with rapidly rising rates – although you should always keep in mind. bear in mind the likelihood that rates could rise within days or weeks before deciding to lock in a CD today.

Keep in mind, however, the fees you may be liable for for different Marcus products – the High Yield Savings Account has no fees, but you will pay a penalty for withdrawing a CD early (at exception of the CD without penalty). And Marcus CDs require a minimum deposit of $500. Marcus Invest also has fees including a 0.25% management fee and other fees depending on your portfolio.

Another potential downside to Marcus is the lack of access to ATMs. If you’re saving for an emergency fund or other short-term goal, you probably won’t need regular access to your savings through an ATM, but no access to an ATM will prevent you from getting your money back. money immediately when you need it. . Marcus is also an online bank, so if you prefer in-person banking, you might want to consider other options.

Goldman Sachs Marcus FAQ

Does Marcus charge ATM fees?

You cannot access your Marcus accounts via ATM. However, you can transfer money to another account with ATM access and withdraw through an ATM that way (fees will depend on the other account you are using).

How much does Marcus charge for transfers?

Marcus does not charge for wire transfers or bank transfers. If you’re making an outgoing bank transfer with Marcus or transferring money to Marcus from another account, the bank you’re transferring to may still charge a fee.

Does Marcus offer debit cards?

No, Marcus does not offer debit cards.

How many transactions can I make per month with my Marcus account?

You can make unlimited withdrawals and transfers to and from your Marcus account.


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