Written by Ali Cybulski, Published 9/30/2024
Marcus by Goldman Sachs is a brand of Goldman Sachs Bank USA and Goldman Sachs & Co. LLC, which are subsidiaries of The Goldman Sachs Group, Inc. This online-only bank offers a high-yield savings account and certificates of deposit (CDs), plus GM-branded credit cards and a variety of financial resources.
The Marcus Online Savings Account pays an annual percentage yield (APY) of 4.4%. You can open an account with no minimum deposit but will need to fund your account within 60 days or the bank may close it. Open an account on the Marcus app in minutes, according to the bank; link other checking or savings accounts, and transfer money into your Marcus savings account. Same-day transfers are available, and you can schedule them online, in the Marcus app or by phone.
Marcus by Goldman Sachs also offers three types of CDs: a high-yield CD, a no-penalty CD and a rate-bump CD. The minimum deposit to open a CD is $500.
The high-yield CD is available in terms from six months to six years, including a 12-month term with an APY of 5.15%. This product also comes with a 10-day rate guarantee: Make the minimum deposit within the first 10 days, and if the rate on your CD goes up during that time, you’ll get the higher rate.
The no-penalty CD earns an APY of 4.70% and comes in 7-, 11- or 13-month terms. As long as your account balance has reached the $500 minimum and your account has been funded for at least seven days, you can withdraw all of your money. No partial withdrawals are allowed, so your account will be closed after you cash out.
The 20-month rate-bump CD offers an APY of 4.40%. How this CD works: If the bank raises the rate, you can switch to the higher rate one time, and you’ll earn that rate until the end of the term with no fee or penalty.
If you have a question or concern about a deposit product, customer service is available 24/7 by phone at 855-730-7283 or by chat. You may also be able to find the answer to your question at the bank’s extensive FAQ page.
Marcus by Goldman Sachs pros and cons
Pros:
• No monthly fees on savings account
• Low minimum deposit for CDs
• 24/7 customer service options
Cons:
• No physical locations
• No checking accounts
• No cash deposits
Very Decent Bank With Great Rate If You Dont Move Your Money Much
Their current Savings account rate is 3.75% but it is easy to get an additional 1% which makes their rate one of the highest in the nation. They provide free Wire Transfers and same day outbound ACH in lot of cases. The website is simple and clean.
The only catch is that if you make too many money movements i.e. bring in the money this week and try to take it out the next, they might only allow you to take it back to where it came form and not to a different account. Other than that no complaints. See the comments for more details.
Trust Position
You should be aware that on CDs there is no way to get a Trust into the account either in ownership or beneficiary. It is stated very clearly in the deposit terms.
Massive Problem Moving Your Money Out.
I had a CD and had to spend hours on numerous calls to get the money moved out of Marcus and back to my local bank. This became very stressful since was a considerable amount of money and I was starting to think I was going to have to go to an attorney and get advice or representation. They finally did move the money before I had to go to that extreme. They need to streamline the process of getting your money out. I can't do business with a bank like this due to this problem.
BS Transfer Hold Times Unreal! Stay Away From This Bank
Opened marcus goldman savings account on May 5 and deposited $360K to buy some CD's. Bank ach disclosures state 5 business days to use money. After 22 days I decided to xfer out $360K because Marcus lowered CD rates so I setup an external Hughes FCU as an external bank who had better CD rates. Transfer was denied by Marcus "Review Team" which in marcus disclosures states they can put a hold on any money or account for any reason. You cant talk to this dept but I did talk to a CSR manager who stated the hold "could be for months" and further that since it was a savings acct that drew interest the money had to "season" before any transfer but could not tell me how long. She stated that I could not xfer the money to Hughes FCU but I could sent it back to the originating bank the money came from. I tried to elevate to the "Review team" but she stated no one can talk to that team including her, they only pass the information on to the customer and that there was not way of contacting them.
Seems to me Marcus just wants to hold onto your money with some nebulas regulation that allows them to keep your money until they decide to release it so they can make interest on it.
Be aware of this bank and stay away. I have 3 other banks and 2 credit unions I do regular business with moving money around and have never, ever had this happen to me.
Data as of Q1 2025
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 33124 |
| Year Established | 1990 |
| Employees | 4340 |
| Primary Regulator | FED |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 1.61% |
| Return on Equity - YTD | 14.51% |
| Annual Interest Income | $7.53B |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q1 2025vs Q1 2024 | $598.5B$549.4B |
| Loans | Q1 2025vs Q1 2024 | $197B$168.2B |
| Deposits | Q1 2025vs Q1 2024 | $407.1B$380.1B |
| Equity Capital | Q1 2025vs Q1 2024 | $65.75B$57.22B |
| Loan Loss Allowance | Q1 2025vs Q1 2024 | $3.74B$3.97B |
| Unbacked Noncurrent Loans | Q1 2025vs Q1 2024 | $2.53B$3.54B |
| Real Estate Owned | Q1 2025vs Q1 2024 | $0$0 |