Marcus Bank review: Earn competitive interest rates with no monthly service fees

  Summary List Placement Marcus by Goldman Sachs (Member FDIC) is an online-only bank that offers a savings account and more. There's no checking account, so you'll have to transfer funds externally to access your savings. All Marcus accounts pay good rates, but its strongest product is probably the Marcus No-Penalty CD. See Insider's picks...


marcus by goldman sachs review 4x3

Summary List Placement

  • Marcus by Goldman Sachs (Member FDIC) is an online-only bank that offers a savings account and more.
  • There’s no checking account, so you’ll have to transfer funds externally to access your savings.
  • All Marcus accounts pay good rates, but its strongest product is probably the Marcus No-Penalty CD.
  • See Insider’s picks for the best CD rates »

Table of Contents: Masthead Sticky

Is Marcus a good match for you?

You might like Marcus if you… You might not like Marcus if you…
  • Are comfortable banking digitally
  • Want to earn competitive interest rates
  • Want to open a term CD or a no-penalty CD
  • Don’t have much money to open a savings account
  • Aren’t comfortable banking digitally
  • Want to open a checking account
  • Are worried about having quick access to your savings
  • Want a banking app with a mobile check deposit feature

Marcus High Yield Savings review

Marcus High Yield Savings 

Marcus High Yield Savings pays a much higher APY 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 High-Yield CD and Marcus No-Penalty CD review

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

Marcus High-Yield CD



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 No-Penalty CD

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.

Marcus features

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 4.9 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, 8:00 a.m. to 10:00 p.m. ET, and Saturday and Sunday from 9:00 a.m. to 7:00 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.

Is Marcus trustworthy?

The Better Business Bureau gives Marcus by Goldman Sachs an A+ in trustworthiness. 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 to similar banks

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

marcus logo ally bank logo synchrony logo

Savings APY

0.60% APY

Savings APY

0.60% APY

Savings APY

0.75% APY


0.45% to 0.90% APY


0.20% to 1.00% APY


0.25% APY to 0.90% APY

Minimum deposits

$500 for CDs

Minimum deposits


Minimum deposits

$2,000 for CDs

Goldman Sachs Marcus by Goldman Sachs High Yield Online Savings Account Ally Ally High Yield Savings Account Synchrony Bank Synchrony High-Yield Savings Account

Marcus review vs. Ally review

Marcus and Ally both pay competitive rates, and neither charges monthly service fees. But 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.


Both banks have term CDs and no-penalty CDs. Ally also offers a Raise Your Rate CD, which will let you increase your APY once during a 2-year term or twice during a 4-year term if Ally raises its rates. If this type of CD appeals to you, then you might like Ally.

However, Ally’s only term option for a no-penalty CD is 11 months, whereas Marcus has 7-month, 11-month, and 13, month terms.

Marcus review vs. Synchrony review


Marcus and Synchrony both pay good rates on CDs and savings. Neither have checking accounts, but Synchrony sends you a debit card with your savings account, which makes it easier to access your savings quickly. You might prefer Marcus for CDs, though. Synchrony requires $2,000 to open a CD, while Marcus only asks for $500. Synchrony also doesn’t have any no-penalty CDs.

Laura Grace Tarpley is the associate editor of banking and mortgages at Personal Finance Insider, covering mortgages, refinancing, bank accounts, and bank reviews. She is also a Certified Educator in Personal Finance (CEPF). Over her four years of covering personal finance, she has written extensively about ways to save, invest, and navigate loans.

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