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Compare Marcus Bank products
Editor’s Rating
Editor’s Rating
Editor’s Rating
Pros and cons
Marcus by Goldman Sachs High Yield Online Savings Account
Marcus by Goldman Sachs High Yield Online Savings Account
Annual Percentage Yield (APY)
2.50% (as of 10/27/2022)
Minimum Deposit Amount
$0
Marcus by Goldman Sachs High Yield Online Savings Account
Annual Percentage Yield (APY)
2.50% (as of 10/27/2022)
Minimum Deposit Amount
$0
On Goldman Sachs’s website
Details
Annual Percentage Yield (APY)
2.50% (as of 10/27/2022)
Minimum Deposit Amount
$0
Pros & Cons
Highlights
Additional Reading
Marcus High Yield Savings pays a much higher interest rate than what you’ll find at a brick-and-mortar bank. Marcus also doesn’t require an opening deposit or minimum account balance, and there are no monthly service fees.
Accessing your savings can be tricky, though. Marcus doesn’t have a checking account, so you can’t simply transfer money from savings to checking and spend the money immediately. You’ll have to transfer funds to an external bank account, which could take a couple business days.
Marcus by Goldman Sachs High-Yield CD
Marcus offers two types of CDs: regular term CDs and no-penalty CDs.
Marcus by Goldman Sachs High-Yield CD
Annual Percentage Yield (APY)
3.00% to 3.90%
Minimum Deposit Amount
$500
Marcus by Goldman Sachs High-Yield CD
Annual Percentage Yield (APY)
3.00% to 3.90%
Minimum Deposit Amount
$500
On Marcus by Goldman Sachs’s website
Details
Annual Percentage Yield (APY)
3.00% to 3.90%
Minimum Deposit Amount
$500
Pros & Cons
Highlights
Additional Reading
Marcus High-Yield CD terms range from six months to six years, and the bank pays competitive rates. Marcus requires a $500 initial deposit, and although this is lower than many competitors’ required opening deposits, you can still find banks that don’t ask for any money upfront.
Marcus by Goldman Sachs No-Penalty CD
Marcus by Goldman Sachs No-Penalty CD
Annual Percentage Yield (APY)
0.35% to 2.55%
Minimum Deposit Amount
$500
Marcus by Goldman Sachs No-Penalty CD
Annual Percentage Yield (APY)
0.35% to 2.55%
Minimum Deposit Amount
$500
On Marcus by Goldman Sachs’s website
Details
Annual Percentage Yield (APY)
0.35% to 2.55%
Minimum Deposit Amount
$500
Pros & Cons
Highlights
Additional Reading
Marcus also offers no-penalty CDs, which are CDs that don’t charge a fee when you withdraw money before your term ends.
Few banks offer no-penalty CDs, and Marcus is one of the top places to open one. Most banks only have one term length option for no-penalty CDs, but Marcus has three term lengths: 7-month, 11-month, and 13-month.
Rates are high, and the $500 minimum deposit is lower than what most banks require.
How Marcus works
Marcus by Goldman Sachs is an online-only institution, so there are no physical branch locations. Its website is easy to navigate, and its mobile app has received 4.8 out of 5 stars in the Apple store, and 4.4 out of 5 stars in the Google Play store.
Although its app is beloved, you should know it doesn’t include a digital check deposit feature. This means you’ll either have to set up direct deposits or transfer money from external bank accounts into your Marcus account.
If you have questions, you can call or chat online with a live customer representative Monday through Friday, 8 a.m. to 10 p.m. ET, and Saturday and Sunday from 9 a.m. to 7 p.m. ET. Marcus’ phone hours are fairly standard for online banks, but many competitors have 24/7 online chat if you have questions.
Marcus doesn’t offer a checking or money market account, and it doesn’t provide a debit card for its savings account or CDs. To access your savings, you’ll have to transfer funds to an external bank account, which could take a few business days.
Marcus accounts are FDIC insured for up to $250,000, or $500,000 if you have a joint account.
Marcus trustworthiness and BBB rating
The Better Business Bureau gives Marcus by Goldman Sachs an A+ rating. A strong BBB score indicates a company responds effectively to customer complaints, is transparent about company practices, and is honest in its advertising.
Marcus hasn’t had any public scandals. Between the good BBB grade and clear history, you may decide you’re comfortable banking with this company.
Marcus vs. Ally
You might prefer Ally if you want quick access to your savings. Ally has a checking account, so you can just transfer money between Ally accounts and spend money immediately.
You might prefer Marcus for no-penalty CDs. Marcus has 7-month, 11-month, and 13, month terms. Meanwhile, Ally only has one no-penalty CD option.
Marcus vs. Synchrony
Marcus and Synchrony don’t have checking accounts. Synchrony sends you a debit card with your savings account, though, which makes it easier to access your savings quickly.
If you’d like to open a CD, you’ll also probably prefer Synchrony over Marcus. Synchrony pays slightly higher interest rates on CDs right now, and has a lower minimum opening deposit requirement.
Frequently asked questions (FAQ)
Yes, Marcus is FDIC insured. You can deposit up to $250,000 in an individual bank account and that money will be secure.
You’ll need to link a bank account from another financial institution to transfer money to a Marcus savings account or CD.
