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Insider’s experts choose the best products and services to help make smart decisions with your money (here’s how). In some cases, we receive a commission from our our partners, however, our opinions are our own. Terms apply to offers listed on this page.

Pros and cons

Marcus by Goldman Sachs High Yield Online Savings Account

Marcus High Yield Savings pays a much higher interest rate than what you’ll find at a brick-and-mortar bank, and one of the highest rates out there right now. Marcus doesn’t require an opening deposit or minimum account balance, and there are no monthly service fees. This makes Marcus a good option if you’re looking for a low-cost savings account or don’t have much money to start saving.

Accessing your savings can be tricky, though. 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 could take a couple business days.

Marcus by Goldman Sachs High-Yield CD

Marcus offers two types of CDs: regular term CDs and no-penalty CDs.

Marcus by Goldman Sachs High-Yield CD


Annual Percentage Yield (APY)

2.50% to 3.50% APY


Minimum Deposit Amount

$500

Marcus by Goldman Sachs Marcus by Goldman Sachs High-Yield CD

Marcus by Goldman Sachs High-Yield CD


Annual Percentage Yield (APY)

2.50% to 3.50% APY


Minimum Deposit Amount

$500

On Marcus by Goldman Sachs’s website


Annual Percentage Yield (APY)

2.50% to 3.50% APY


Minimum Deposit Amount

$500

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Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.

Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.

 

Marcus High-Yield CD terms range from six months to six years, and the bank pays competitive rates. 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 by Goldman Sachs No-Penalty CD

Marcus by Goldman Sachs Marcus by Goldman Sachs No-Penalty CD

Marcus by Goldman Sachs No-Penalty CD


Annual Percentage Yield (APY)

0.35% to 2.20% APY


Minimum Deposit Amount

$500

Marcus by Goldman Sachs Marcus by Goldman Sachs No-Penalty CD

Marcus by Goldman Sachs No-Penalty CD


Annual Percentage Yield (APY)

0.35% to 2.20% APY


Minimum Deposit Amount

$500

On Marcus by Goldman Sachs’s website


Annual Percentage Yield (APY)

0.35% to 2.20% APY


Minimum Deposit Amount

$500

Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.

Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.

Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.

Marcus also offers no-penalty CDs, which are CDs that don’t charge a fee 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.

How Marcus works

Marcus by Goldman Sachs is an online-only institution, so there are no physical branch locations. Its website is easy to navigate, and its mobile app has received 4.8 out of 5 stars in the Apple store, and 4.4 out of 5 stars in the Google Play store.

Although its app is beloved, you should know it doesn’t include a digital check deposit feature. This means you’ll either have to set up direct deposits or transfer money from external bank accounts into your Marcus account.

If you have questions, you can call or chat online with a live customer representative Monday through Friday, 8 a.m. to 10 p.m. ET, and Saturday and Sunday from 9 a.m. to 7 p.m. ET. Marcus’ phone hours are fairly standard for online banks, but many competitors have 24/7 online chat if you have questions.

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, which could take a few business days.

Marcus accounts are FDIC insured for up to $250,000, or $500,000 if you have a joint account.

Marcus trustworthiness and BBB rating

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.

How Marcus compares 

We’ve compared Marcus to two other online banks that pay competitive rates: Ally and Synchrony.

*As of September 26, 2022

You might prefer Ally if you want quick access to your savings. Ally has a checking account, so you can just transfer money between Ally accounts and spend money immediately.

Meanwhile, 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.

You also might prefer Marcus for no-penalty CDs. Marcus has 7-month, 11-month, and 13, month terms.

Frequently asked questions (FAQ)

Yes, Marcus is FDIC insured. You can deposit up to $250,000 in an individual bank account and that money will be secure.

You’ll need to link a bank account from another financial institution to transfer money to a Marcus savings account or CD.



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