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The bottom line: Business Insider's personal finance team put Marcus up against the best online banks and found it to be a standard offering. It's a solid bank if you'd like to open a high-yield savings account with $0 and no monthly service fee. It also offers a variety of CD types.
But there's a lot of competition with online financial institutions, and small distinctions make the top online banks stand out. With the exception of the bank's no-penalty CDs, you can earn higher returns on high-yield CDs or high-yield savings accounts at other online banks. Other banks also have checking accounts and CDs, which make them more well-rounded options than Marcus.
Marcus Overall Rating
| Product | Business Insider rating (out of 5) |
| Savings account | 4.5 |
| High-yield CDs | 4.25 |
| No-penalty CDs | 4.5 |
| Bump-up CD | 4.5 |
| Trustworthiness | 4 |
| Total | 4.5 |
Marcus Pros and Cons
| Pros | Cons |
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About Marcus Bank
Marcus by Goldman Sachs is an online-only institution, so there are no physical branch locations.
Marcus has a high-yield savings account, CDs, and credit cards. 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.
Marcus accounts are insured by the FDIC for up to $250,000, or $500,000 if you have a joint account.
Marcus also used to offer personal loans and investment services. Marcus Invest was closed earlier this year, and Betterment acquired its users' accounts. Marcus stopped offering personal loans in 2023.
Is Marcus Trustworthy?
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 Fees and Charges
Marcus Monthly Maintenance Fees
Marcus does not charge monthly maintenance fees on its savings account. Other online banks also won't usually charge monthly maintenance fees. That's something you'll usually see at brick-and-mortar banks since they have higher overhead costs.
Marcus Early Withdrawal Penalties
If you open a Marcus High-Yield CD or Marcus 20-month Rate Bump CD, there are early withdrawal penalties if you take out money before a term ends. The following penalties may apply:
- For CD terms under one year, the penalty is 90 days of simple interest
- For CD terms between one year and five years, the penalty is 180 days of simple interest
- For CD terms over five years, the penalty is 270 days of interest
These penalties are pretty typical for most banks, but some financial institutions offer more lenient penalties for CDs.
The Marcus No-Penalty CD doesn't have early withdrawal penalties.
If you are interested in a CD that does not have early withdrawal penalties, Marcus is a strong bank. Not all banks offer no-penalty CDs, and Marcus stands out in this area in particular because its no-penalty CD rates are higher than most financial institutions that do offer these types of CDs.
Marcus Digital and Mobile Banking
Marcus Mobile App Features
Marcus mobile banking does not let you make mobile check deposits, which is a common feature that many mobile banking apps have. If you'd like to deposit a check, you'll have to mail it, and it needs to meet certain requirements.
Still, you do have the ability to check your transaction history, make transfers, and receive customer support through the mobile app.
Its mobile app has received 4.9 out of 5 stars in the Apple store, and 4.3 out of 5 stars in the Google Play store.
Marcus Online Banking Tools
Marcus online banks also allow you to review your transaction history, make transfers, and get access to customer support. The website also has calculators for each of its bank accounts, so you can figure out how much interest you'll earn with a particular account.
Marcus Customer Service and Support
Marcus offers 24/7 customer support by phone or live chat. According to the J.D. Power 2024 U.S. Direct Banking Satisfaction Study, Marcus ranked No. 1 in overall customer satisfaction for online savings providers. However, some online banks like Capital One and Ally have both checking and savings accounts and ranked highly in customer satisfaction in this study.
Marcus FAQs
Marcus by Goldman Sachs is an online financial institution that has a high-yield savings account, CDs, and credit cards.
There are no monthly service fees with Marcus' bank accounts. A Marcus High-Yield CD or Marcus 20-month Rate Bump CD only charges a fee if you make a withdrawal before your term matures.
You can contact Marcus Bank customer service by phone or live chat. There is 24/7 banking customer service.
The pros of banking with Marcus include competitive no-penalty CD rates, a variety of CD options, and minimal fees for its high-yield savings account. The cons of banking with Marcus include no physical locations, no mobile check deposit feature on its mobile app, and no checking or money market accounts.
Marcus Invest was acquired by Betterment, so this service is no longer available at the bank. Existing Marcus Invest customers had their accounts transitioned to Betterment on June 29, 2024.
No. It doesn't have a checking account.
No. You won't be able to get a debit card with your savings account.
You'll need to link a bank account from another financial institution to transfer money to a Marcus savings account or CD.
Marcus Savings Account Review
Marcus by Goldman Sachs High Yield Online Savings Account
no monthly service fee
4.40%
$0
- Competitive APY
- Easy-to-use mobile app
- No required initial deposit or minimum account balance
- No monthly service fee
- Can make same-day transfers of up to $100,000 to/from banks
- No digital check deposit
- No physical branch locations
- Maximum balance limit of $1 million
- No fees and no minimum deposit
- Link other bank accounts for incoming and outgoing transfers
- US-based contact center open 7 days a week
- FDIC insured
Marcus saving rates are 4.40% APY. The Marcus High Yield Online Savings Account pays a higher interest rate than what you'll find at a brick-and-mortar bank, but you may still find even more competitive rates elsewhere.
You might like the Marcus High Yield Online Savings Account if you'd prefer to open a savings account with a low initial deposit and zero monthly service fees.
Accessing your savings can be tricky. 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 means you'll have to take extra steps instead of directly depositing cash into your account.
Compare Today's Rates
Marcus CDs Review
Marcus has high-yield CDs, no-penalty CDs, and bump-up CDs. Marcus CD rates vary depending on the type of CD.
Marcus High-Yield CD
3.90% to 4.80%
$500
- Competitive APY
- Variety of term lengths
- $500 initial deposit
- Easy-to-use mobile app
- Standard early withdrawal penalties
- No physical branch locations
- Terms ranging from 6 months to 6 years
- 90 days interest early withdrawal penalty for a CD term of under 12 months, 180 days interest penalty for a CD term of 12 months to 5 years, 270 days interest penalty for a CD term of more than 5 years
- Compounding interest to maximize your earnings
- No monthly maintenance fees
- FDIC insured
Marcus High-Yield CD terms range from six months to six years. Marcus High Yield CD rates are higher than average CD rates, but some online bank CD rates top even Marcus's best terms.
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 No-Penalty CD
4.50%
$500
- Competitive rates
- Variety of term lengths
- $500 minimum deposit
- No physical locations
- May find higher rates elsewhere
- 7-month, 11-month, or 13-month terms
- Interest compounded daily, paid monthly
- FDIC insured
Marcus offers no-penalty CDs, which are CDs that don't charge an early withdrawal penalty 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.
Marcus Rate Bump CD
4.40%
$500
None
- Competitive interest rate
- Low initial deposit
- Standard early withdrawal penalties
- No physical branch locations
- If Marcus rates go up during your term, you may increase your rate once during the 20-month term
- Early withdrawal penalty for CD terms between 12 months and 5 years is 180 days of simple interest
- Interest compounded daily and deposited monthly
- FDIC insured
Marcus also has a bump-up CD, which allows you to request a one-time rate increase if you see that Marcus CD rates are rising during your term. Not all financial institutions offer these types of CDs, so Marcus might be worth considering if you're looking for a flexible CD.
Marcus Credit Card Review
Marcus offers co-branded rewards credit cards since it is partnered with General Motors. While these cards do not have annual fees, none are featured as top picks for Business Insider's best credit cards.
How Marcus Compares
Marcus vs. Ally Bank
You might prefer Ally if you want quick access to your savings. The Ally Spending Account offers more direct access to your money since you won't need to make external bank account transfers, which can involve extra steps.
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, which has an 11-month term.
Marcus vs. Synchrony Bank
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, the best option for you may ultimately depend on the term you choose and how much money you have for a minimum opening deposit. Synchrony CDs let you open an account with $0, while you'll typically need $500 for Marcus CDs.
Why You Should Trust Us: How We Reviewed Marcus Bank
At Business Insider, we use our bank account rating methodology guidelines to rate all of our banking products.
We rate products on a scale from zero to five stars. For bank accounts, we review different features for distinct types of bank accounts. For example, we'll look at early withdrawal penalties and CD variety specifically for CDs. Meanwhile, for savings accounts, we'll factor in interest rates and monthly service fees, and for credit cards, we'll look at sign-up bonuses and rewards rates.
