Marcus By Goldman Sachs Review: CD Variety With Standout Support
Written by
Kellan Jansen
Edited by
Melanie Grafil
Commitment to Our Readers
GOBankingRates' editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services - our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines and our products and services review methodology.
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GOBankingRates Score
Marcus by Goldman Sachs Bank
-
Savings Accounts
4.0
-
CD Accounts
4.8
-
Investing Products
4.7
-
Banking Experience
4.8
Pros
- No fees or minimum deposits
- 24/7 customer support
- Offers a wide variety of CDs
- Provides goal-based investing options
Cons
- Lower savings APY than competitors
- No checking options
- No physical branch network
Marcus By Goldman Sachs Overview
Goldman Sachs is one of the most respected names in the financial industry. Marcus is the company’s answer to the digital banking age. It’s an online-only saving and investing platform that combines the experience of Goldman Sachs with the modern tools and features that customers now expect from their banks.
Marcus’s core products are high-yield savings, CDs, and guided investing. You can access all of these online or on your phone thanks to the company’s highly-rated iOS and Android mobile apps.
These advantages are some of the main reasons GOBankingRates has named Marcus By Goldman Sachs as one of the Best Online Banks of 2024 and one of the best institutions for CDs. However, there are still some downsides to this bank.
One is Marcus’ lack of everyday checking options. Another is its non-existent physical branch network, which makes Marcus By Goldman a poor fit for consumers who value in-person banking experiences.
Marcus By Goldman Sachs Review: Key Features
Marcus may or may not be a fit for your financial goals. It will depend on how its products and features address your unique needs.
That’s why we’re going to take a closer look at Marcus’s core products in the subsections below. Read through these to find the details you need to make a decision about Marcus By Goldman Sachs.
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Savings Accounts
Marcus currently offers a APY for its high-yield savings account. This is a bit less than competitors, many of which are currently offering rates above 5%. However, Marcus stands out in a few ways that could still make it a good fit for your financial goals.
For example, there are no fees or minimum deposit amounts to worry about maintaining. You also get access to 24/7 customer support in the company’s contact center and can complete same-day transfers to other banks up to $100,000.
The company’s mobile app also includes tools that help you visualize your savings goals, get deeper insight into interest payments, and set up automated transfers from other accounts.
CD Accounts
CD accounts are where Marcus really stands out. The company offers three distinct CD options with time ranges spanning from six months to six years:
- High-Yield CD: Marcus’ high-yield CD is a traditional CD that pays a higher interest rate than Marcus’ high-yield savings account. But you have to lock your funds away. You won’t be able to withdraw them if you need them without incurring a penalty.
- No-Penalty CD: The no-penalty CD from Marcus offers a lower interest rate than a high-yield CD, but you can access your money and even withdraw the interest that’s already been paid whenever you want without incurring a penalty.
- Rate Bump CD: The rate bump CD is similar to a high-yield CD in that you have to lock up your funds for a pre-determined amount of time. But, with the rate bump CD, the APY you earn can go up if rates increase during the term of your CD. This saves you from having to enact a complicated CD rolling strategy just to make sure you get the best rates.
With three unique CD options, Marks makes it relatively easy to find a CD option that aligns with your needs.
Investing Products
You can also invest in financial markets through Marcus By Goldman Sachs. The company can help you create a personalized plan based on a goal you have, such as retiring by a certain date or saving for your children’s future education expenses.
You’ll have to choose an investment theme that aligns with your priorities. The experts at Goldman Sachs pick all of the investments and make sure you have a balanced portfolio that aligns with your risk expectations.
Banking Experience
Marcus offers a strong banking experience across several key areas that matter to the average consumer. Most notably, it offers 24/7 support through its contact center. This ensures you can get answers to your most pressing questions no matter when you need them.
The company’s mobile apps are also highly rated on the Apple App Store, with 4.8 stars out of 5, and on Google Play, with 4.5 stars out of 5. Reviews praise the apps for their helpful financial planning tools and integrated support options.
The primary downside, however, is the lack of a physical branch network. You won’t be able to go sit down with a banker face-to-face if you choose Marcus, which will be a problem for some users.
Comparable Banking Options
Marcus By Goldman Sachs is one of many banks that offer savings and investing products to consumers. Here are two competitors that you may also want to consider before making a final decision.
Ally Bank
Ally Bank offers the same types of CDs that Marcus has, such as the High-Yield, Rate Bump and No-Penalty. It also has high-yield savings accounts, investing products, and checking account options. So if you like Marcus’s CDs but want to keep all of your money in one place, Ally could be a strong alternative.
Discover Bank
Discover Bank doesn’t offer as many CDs as Marcus or Ally. But it has high-yield savings, money market accounts, retirement-focused savings and checking options. This makes it a more well-rounded option than Marcus By Goldman Sachs.
Final Take
There’s a lot to like about Marcus By Goldman Sachs–from the bank’s varied CD offerings to its goal-based investing and high-yield savings products. You also get great mobile apps and access to 24/7 customer service when you choose Marcus.
However, the company doesn’t offer everyday checking accounts, which means it probably can’t be the only financial institution you use. Its high-yield savings APY is also not as high as what the competition offers, so you may need to look elsewhere if you want to maximize the APY you earn above all else.
Marcus by Goldman Sachs FAQ
Here are answers to some commonly asked questions about Marcus by Goldman Sachs.- How long does it take to get money from Marcus by Goldman Sachs?
- It takes one to three business days to transfer money from your Marcus by Goldman Sachs account to an external account using ACH transfer. Wire transfers can be completed in as little as one hour.
- Is Marcus by Goldman Sachs trustworthy?
- Marcus by Goldman Sachs is a member FDIC and all accounts are insured to the standard $250,000.
- How much money do you need to keep in a Marcus by Goldman Sachs account?
- Marcus by Goldman Sachs has no minimum balance requirements for the savings account.
- How much interest does Marcus by Goldman Sachs pay?
- Marcus by Goldman Sachs has higher APYs than the national average for both their savings and CD accounts. Though the rates do vary, they consistently hold a higher yield, which is a benefit to holding an account there.
- How much is Marcus by Goldman Sachs FDIC insured for?
- Each account is insured up to $250,000 per account owner.
- Can you withdraw money from a Marcus savings account?
- Yes, you can withdraw money from a savings account with Marcus online, over the phone, or through your mobile app.
- What is the Marcus CD rate for 5 years?
- Marcus is currently paying 4.00% APY on its standard 5-year CDs. However, these are subject to change and may or may not remain the same throughout the lifespan of your CD account, depending on the specific CD product you choose.
- What is the downside of Marcus by Goldman Sachs?
- The main drawback to using Marcus by Goldman Sachs is that the company doesn't offer any checking accounts. This means you likely can't use Marcus as your only financial institution, unlike some of the bank's competitors.
More on Marcus by Goldman Sachs:
- Marcus by Goldman Sachs High-Yield Online Savings Account Review
- Marcus by Goldman Sachs Promotions, Bonuses, Offers and Coupons
- Marcus by Goldman Sachs CD Rates
Compare to Other Banks
- Ally Bank Review
- American Express National Bank Review
- Discover Bank Review
- Capital One Bank Review
- All Bank Reviews
Jamie Johnson, Cynthia Bowman and Caitlyn Moorhead contributed to the reporting of this article.
Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Dec. 19, 2023.
Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.
To determine rankings for the Best CD Accounts, GOBankingRates looked at the following factors from all banks (excluding neobanks): (1) total assets as sourced from the FDIC; (2) number of branch locations as sourced from the FDIC; (3) minimum deposit to open an account; (4) 12-month CD APY; (5) 60-month CD APY; and (6) the average mobile app rating between the Google Play (Android) and Apple app stores. All factors were then scored and combined, with the lowest score being the best. Factors (1) and (2) were weighted 0.5 times, factor (3) was weighted 2 times, and factors (4) and (5) were weighted 4 times.
To determine rankings for the Best Online Banks, GOBankingRates looked at the following factors across exclusively online banks: (1) total assets as sourced from the FDIC; (2) monthly checking fee ratio (percentage based on the minimum to avoid the fee compared to the monthly fee itself); (3) savings APY; (4) 1-year CD APY; (5) Bauer rating (out of 5 stars); (6) products/services offered (auto loans, mortgage loans, credit cards, investment services and insurance); and (7) the average mobile app rating between the Google Play (Android) and Apple app stores. Factors (1) and (2) were weighted 0.5 times, and factors (3) and (7) were weighted 2 times. For all savings and checking account data, only the basic accounts/products offered at each institution were analyzed.
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