Marcus by Goldman Sachs is an online savings account that offers pretty high savings rates.
Having an account with Goldman Sachs no longer requires you to wear a monocle and carry a walking stick.
The Marcus online savings account by Goldman Sachs is a high-yield savings account that will benefit everyday people.
Because of it's high yield and low fees, Marcus by Goldman Sachs is consistently in our top savings accounts.
Is this the right savings account for you? Here’s what you need to know about the account.
Quick Summary
- High yield savings account and other banking products
- No minimum, highly competitive rates
- Other great products like high-yield CDs
Marcus Savings Account | |
|---|---|
Product Name | Marcus Online Saving |
Min Deposit | $1 |
Monthly Fees | $0 |
APY | |
Promotions | None |
What Is Marcus By Goldman Sachs?
While Goldman Sachs has been around since 1869, the Marcus brand didn't launch until 2016. Marcus was intended to combine Goldman Sachs expertise with new digital technologies to better serve the average consumer.
Goldman Sachs says that Marcus is intended to "help people achieve financial well-being." To that end, it uses easy-to-understand language and its pricing is transparent and competitive.
What Does It Offer?
Marcus by Goldman Sachs' product list includes high-yield savings accounts and CDs, low-cost robo-advisor portfolios, and personal loans. For this review, we'll focus on Marcus' savings accounts. Here's a closer look at what they offer.
High-Yield Savings
Right now, the online-only Marcus account offers a 4.40% APY with no minimum deposit requirements. This puts the account on par with other online powerhouses like Ally Bank.
A savings account is great, but it won’t do you any good without money in it. In my opinion, setting up an automatic savings deposit is the single best way to start a savings habit. The Marcus account allows you to set up automatic transfers, so you can save cash without having to rely on memory or willpower.
Generous Transfer Limits
Unlike some other savings accounts, the Marcus account currently has no limits on the number of withdrawals you can make per month. It also allows up to $125,000 transfers per month online (with same-day transfers up to $100,000) and unlimited transfers when you call.
It's not often that many of us need to move anywhere near that much money in a single transfer. However, it's good to have the flexibility if you need it -- like, for example, if you're about to buy a house.
No Mobile Check Deposits
One drawback to this account is that it doesn’t allow mobile check deposits. You can mail a check into Goldman Sachs for deposit, but that seems unnecessarily clunky. It's far better to deposit the money to your checking account, and then initiate an online transfer to your savings account.
CDs
Goldman Sachs is known as a wealth management firm. But their online presence means that the bank is now offering savings options that extend beyond the Marcus account.
With $500 you can open a high-yield CD, ranging from six months to six years, with an APY of 0.55%. It’s important to note that you must keep your money in the CD for the specified period of time, or you’ll face a penalty. Penalties are 90 days of interest on a CD with a term less than 12 months, 270 days of interest on CDs ranging from one year to five years, and 365 days of interest on CDs with maturities longer than five years.
If you want more flexibility, Marcus also offers no-penalty 7-month CDs. The APY is slightly lower at 0.45%, but you won't pay any penalties for early withdrawals. These no-penalty CDs also have a minimum deposit of $500.
You can find the best CD rates here and see how Marcus compares.
These are extremely steep penalties, so you’ll want to be sure not to withdraw money early.
Marcus Insights (Formerly Clarity Money)
Marcus acquired Clarity Money and integrated it into their banking app. Now called Marcus Insights, it provides free budgeting tools and expense tracking to help you manage your money better.
How Does Marcus Compare?
Marcus is consistently high in our list of the best online savings accounts. Here's how it compares to some of the most popular options out there right now:
Header | |  |  |
|---|---|---|---|
Rating | |||
APY | 4.40% | 4.65% | 4.25% |
Online Deposits | |||
FDIC Insured | |||
Cell |
How Do I Open An Account?
It only takes a few minutes and three steps to open a savings account or CD with Marcus by Goldman Sachs. Begin by visiting its website here and clicking "Open an account."
Next, you'll need to provide your basic personal information including your name, mailing address, birth date, and Social Security Number. Finally, you'll link to an existing account at another bank to make your initial funds transfer.
Are There Any Fees?
While the high yield is important, the Marcus account has an even more important feature: no fees. You won't pay a monthly maintenance fee, a transfer fee, or any other fee to use this account.
About the only cost that you could incur or using a Marcus savings product would be an early withdrawal penalty for closing your high-yield savings CD before it reaches maturity. But even then, your "cost" will only be forfeited interest. It’s great to see that even traditionally high-fee banks like Goldman Sachs are keeping savings account fees out of the picture.
Is It Safe And Secure?
The Marcus account is FDIC-insured up to $250,000. That means you won’t lose a dime of your money no matter what happens in the finance markets. (In general, FDIC insurance is a standard practice, but it’s always good to double-check.)
How Do I Contact Marcus?
You can get in touch with someone from the Marcus customer support team by calling 1-855-730-7283. Operating hours are 8 AM - 10 PM (ET) Monday through Friday and 9 AM - 7 PM (ET) on Saturday.
Marcus by Goldman Sachs currently has an "Average" rating on Trustpilot of 3.6/5 from nearly 150 customer reviews. The bank is also accredited and has an A+ rating with the Better Business Bureau (BBB).
Why Should You Trust Us?
The College Investor has been actively tracking the best savings account rates since 2018, with a daily updated list that monitors roughly 50 banks and credit unions that have a history of great rates. But we also are always scouting out other banks that may compete on this list.
That's what led us to Marcus, and that's why we've been reviewing and updating them for years.
Unlike other well-known companies who create "best savings account rate lists", we strive to put out rates in order highest to lowest so that you can know you're actually getting the best rate. And if you don't make the cut, too bad. You can find the full list of our bank review here.
Who Is This For And Is It Worth It?
If you’re a real estate or stock market investor, then a 4.40% yield on a savings account may not seem very exciting. However, the prospect of having cash on hand offers incredible peace of mind. Plus, cash on hand can help you take advantage of great opportunities.
If you don’t have a savings account that’s separate from your checking account, consider opening the Marcus account today. It offers everything you need in a savings account, especially the ability to set up automatic savings transfers. The high yield is simply the cherry on top.
Marcus by Goldman Sachs FAQ
Here are some common questions we see all the time about Marcus.
Is Marcus FDIC Insured?
Yes, Marcus is FDIC insured - they are technically called Goldman Sachs Bank. Their FDIC certificate number is 33124.
How does Marcus by Goldman Sachs compare to other banks?
Marcus is a solid choice compared to other banks. They typically have above average interest on their savings accounts.
Does Marcus offer a checking account?
No, Marcus currently only offers deposits - savings and certificates of deposit.
Does Marcus allow mobile check deposits?
No, Marcus does not have mobile check deposits.
Marcus Savings Features
Account Types |
|
Minimum Deposit |
|
APY |
|
Maintenance Fees | $0 |
Debit Card Access | No |
Branches | None (online-only bank) |
Mobile Check Deposits | No |
Cash Deposits | No |
Checkbook Support | Yes |
ATM Availability | None |
Customer Service Number | 1-800-655-BANK (2265) |
Customer Service Hours | 8 AM-11 PM (EST) |
Mobile App Availability | iOS and Android |
Bill Pay | Yes |
FDIC Certificate | |
Promotions | None |
Marcus by Goldman Sachs Review
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Interest Rates
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Rates and Fees
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Products and Services
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Overall
Summary
Marcus by Goldman Sachs offers high-interest savings accounts that are some of the best we’ve seen. They also offer certificates of deposit.
Pros
- Typically has some of the highest interest rates on savings accounts
- Competitive certificates of deposit
Cons
- Online-only, with limited options for deposits
Robert Farrington is America’s Millennial Money Expert® and America’s Student Loan Debt Expert™, and the founder of The College Investor, a personal finance site dedicated to helping millennials escape student loan debt to start investing and building wealth for the future. You can learn more about him on the About Page or on his personal site RobertFarrington.com.
He regularly writes about investing, student loan debt, and general personal finance topics geared toward anyone wanting to earn more, get out of debt, and start building wealth for the future.
He has been quoted in major publications, including the New York Times, Wall Street Journal, Washington Post, ABC, NBC, Today, and more. He is also a regular contributor to Forbes.
Editor: Clint Proctor Reviewed by: Richelle Hawley
