TL;DR: Read our detailed Marcus by Goldman Sachs review. We cover savings rates, CD options, personal loans, and who this online bank is best for.
Marcus by Goldman Sachs Review: Is It Right for You?
Read our detailed Marcus by Goldman Sachs review. We cover savings rates, CD options, personal loans, and who this online bank is best for.
If you've been shopping for a high-yield savings account or a low-rate personal loan, you've probably seen Marcus by Goldman Sachs pop up. It's the consumer banking arm of the legendary investment bank, but does it live up to the hype? In this Marcus by Goldman Sachs review, we'll break down the products, interest rates, fees, and exactly who should (and shouldn't) open an account. No fluff, just the facts you need to decide.
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What Is Marcus by Goldman Sachs?
Marcus by Goldman Sachs is the online consumer bank launched by Goldman Sachs in 2016. It offers high-yield savings accounts, certificates of deposit (CDs), and personal loans — all without physical branches. Marcus is known for consistently competitive interest rates, no fees, and a simple digital experience. The name "Marcus" comes from Marcus Goldman, the co-founder of Goldman Sachs.
Unlike traditional banks, Marcus operates entirely online. That means you won't find a local branch, but you also won't pay monthly maintenance fees or minimum balance requirements. The bank has grown rapidly and now holds billions in deposits, backed by the reputation of Goldman Sachs.
Key Features of Marcus by Goldman Sachs
High-Yield Savings Account: No minimum deposit, no monthly fees, and a competitive APY that's often among the best nationally. Interest compounds daily and is credited monthly.
Certificates of Deposit (CDs): Terms from 6 months to 6 years. No penalty CDs available — you can withdraw early without paying a penalty (after the first 7 days). Rates are competitive, especially for longer terms.
Personal Loans: Unsecured loans from $3,500 to $40,000 with no origination fees, no prepayment penalties, and fixed rates. Loan terms range from 3 to 6 years. You can check your rate online without affecting your credit score.
Online & Mobile Experience: Clean, intuitive website and mobile app. Features include goal setting, automatic transfers, and FDIC insurance up to $250,000 per depositor.
Pros of Marcus by Goldman Sachs
Competitive interest rates. Marcus consistently offers one of the best APYs on savings accounts and CDs. You'll earn significantly more than the national average.
No fees. No monthly maintenance fees, no overdraft fees, no transfer fees. For personal loans, there are no origination fees or prepayment penalties. This is a huge plus compared to traditional banks.
No minimum deposit. You can open a savings account or CD with $0. This makes it accessible for anyone.
Backed by Goldman Sachs. The bank's reputation and financial stability provide peace of mind. Marcus is a division of Goldman Sachs, a globally respected institution.
No penalty CD. Unique flexibility. You can withdraw your money early without losing interest (minus a small penalty of 90 days' interest, but only if you withdraw within the first 7 days — after that, no penalty).
Easy online application. Applying for a savings account or loan takes minutes. The interface is straightforward.
Cons of Marcus by Goldman Sachs
No checking account. Marcus doesn't offer a checking account, so you'll need to link an external bank for day-to-day spending. This can be an inconvenience.
No physical branches. If you prefer in-person banking, Marcus isn't for you. Everything is done online or via phone.
Limited product lineup. No credit cards, no auto loans, no mortgages, no investment accounts (though you can link to other brokerages). You're limited to savings, CDs, and personal loans.
Customer service can be slow. Some users report long wait times on the phone. While chat is available, it's not 24/7.
Savings APY can change. The high rate isn't locked. The bank can adjust the APY at any time, which is common for online savings accounts.
No ATM access. Since there's no checking account, there's no debit card. You'll need to transfer money to another bank to withdraw cash.
Who Is Marcus by Goldman Sachs Best For?
Savvy savers who want a high-yield savings account with no fees and no minimums. If you're tired of earning 0.01% APY at a traditional bank, Marcus is a great upgrade.
CD investors who want flexibility. The no-penalty CD is ideal if you think you might need access to your money before the term ends.
Borrowers with good credit looking for a personal loan with no hidden fees. Marcus offers competitive fixed rates and no prepayment penalties.
People who prefer online banking and don't need branches, checking accounts, or a full-service bank. If you're comfortable managing finances from your phone, Marcus works well.
Not ideal for: Those who need a checking account, want a one-stop-shop bank, or prefer in-person service. Also, if you have bad credit, Marcus personal loan rates may not be competitive.
Alternatives to Marcus by Goldman Sachs
Ally Bank: Offers similar high-yield savings and CDs, plus checking accounts, money market accounts, and auto loans. Ally has a more comprehensive product lineup, but rates are often comparable. Ally's customer service is highly rated.
American Express National Bank (AMEX): High-yield savings and CDs with no fees. AMEX also offers checking accounts and credit cards, making it easier to keep everything in one place. Rates are competitive, but slightly lower than Marcus at times.
Discover Bank: Savings, CDs, checking, money market, and personal loans. Discover is known for excellent customer service and cashback debit cards. Rates are similar to Marcus.
SoFi: A fintech that offers checking and savings (with higher APY if you set up direct deposit), personal loans, credit cards, and investing. SoFi is more of a full-service financial app, but it's not a traditional bank.
Local credit unions: If you value in-person service and community focus, credit unions often offer competitive rates on savings and loans, though typically lower than online banks.
Our Verdict on Marcus by Goldman Sachs
Marcus by Goldman Sachs is an excellent choice for savers and borrowers who want competitive rates, zero fees, and a simple online experience. The high-yield savings account consistently ranks among the best, and the no-penalty CD is a standout. Personal loans are transparent and borrower-friendly.
However, the lack of a checking account and limited product lineup means it's best used as a supplement to your primary bank, not a replacement. If you need a full-service bank, look elsewhere. But if you want to earn more on your savings or get a fair loan without hidden costs, Marcus is hard to beat.
Our rating: 4.5 out of 5 stars. Highly recommended for its niche.
Frequently Asked Questions
Frequently Asked Questions
Is Marcus by Goldman Sachs safe?
Yes. Marcus is a division of Goldman Sachs, a major global bank. Deposits are FDIC insured up to $250,000 per depositor. The bank is well-capitalized and regulated.
What is the current APY for Marcus savings account?
The APY is variable and changes with the market. As of writing, it's competitive with top online banks. Check the Marcus website for the current rate.
Does Marcus have a minimum deposit?
No. You can open a savings account or CD with $0. There are no minimum balance requirements.
Can I get a personal loan from Marcus with bad credit?
Marcus personal loans require good to excellent credit (typically 660+). If your credit is lower, you may not qualify or may receive higher rates. Alternatives like Upstart or peer-to-peer lenders may be options.
How do I withdraw money from Marcus?
You can transfer funds to an external bank account via ACH. Transfers usually take 1-3 business days. There is no debit card or ATM access.
Our Verdict
Marcus by Goldman Sachs is an excellent choice for savers and borrowers who want competitive rates, zero fees, and a simple online experience. The high-yield savings account consistently ranks among the best, and the no-penalty CD is a standout. Personal loans are transparent and borrower-friendly.
However, the lack of a checking account and limited product lineup means it's best used as a supplement to your primary bank, not a replacement. If you need a full-service bank, look elsewhere. But if you want to earn more on your savings or get a fair loan without hidden costs, Marcus is hard to beat.
Our rating: 4.5 out of 5 stars. Highly recommended for its niche.
