Marcus By Goldman Sachs Review: CD Variety With Standout Support

Commitment to Our Readers

GOBankingRates' editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services - our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines and our products and services review methodology.

20 Years
Helping You Live Richer

Reviewed
by Experts

Trusted by
Millions of Readers

GOBankingRates Score

Marcus by Goldman Sachs Bank

4.6

SCORE

GOBankingRates Best Banks 2023 scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks.

Quick Take: Marcus by Goldman Sachs, Member FDIC, offers accounts designed to help customers make the most of their money. Its product line is limited to savings and loan services, but the narrow focus lets it concentrate on giving customers what they need and want. Its specialization is one of the reasons the online bank is named in the 2024 GOBankingRates' rankings for Best Online Banks.

• Savings Accounts
  4.0
• CD Accounts
  4.8
• Investing Products
  4.7
• Banking Experience
  4.8

How did we calculate this?

Marcus By Goldman Sachs Overview

Goldman Sachs is one of the most respected names in the financial industry. Marcus is the company’s answer to the digital banking age. It’s an online-only saving and investing platform that combines the experience of Goldman Sachs with the modern tools and features that customers now expect from their banks.

Marcus’s core products are high-yield savings, CDs, and guided investing. You can access all of these online or on your phone thanks to the company’s highly-rated iOS and Android mobile apps.

These advantages are some of the main reasons GOBankingRates has named Marcus By Goldman Sachs as one of the Best Online Banks of 2024 and one of the best institutions for CDs. However, there are still some downsides to this bank.

One is Marcus’ lack of everyday checking options. Another is its non-existent physical branch network, which makes Marcus By Goldman a poor fit for consumers who value in-person banking experiences.

Marcus By Goldman Sachs Review: Key Features

Marcus may or may not be a fit for your financial goals. It will depend on how its products and features address your unique needs. 

That’s why we’re going to take a closer look at Marcus’s core products in the subsections below. Read through these to find the details you need to make a decision about Marcus By Goldman Sachs.

Savings Accounts

Marcus currently offers a APY for its high-yield savings account. This is a bit less than competitors, many of which are currently offering rates above 5%. However, Marcus stands out in a few ways that could still make it a good fit for your financial goals.

For example, there are no fees or minimum deposit amounts to worry about maintaining. You also get access to 24/7 customer support in the company’s contact center and can complete same-day transfers to other banks up to $100,000.

The company’s mobile app also includes tools that help you visualize your savings goals, get deeper insight into interest payments, and set up automated transfers from other accounts.

CD Accounts

CD accounts are where Marcus really stands out. The company offers three distinct CD options with time ranges spanning from six months to six years:

1. High-Yield CD: Marcus’ high-yield CD is a traditional CD that pays a higher interest rate than Marcus’ high-yield savings account. But you have to lock your funds away. You won’t be able to withdraw them if you need them without incurring a penalty.
2. No-Penalty CD: The no-penalty CD from Marcus offers a lower interest rate than a high-yield CD, but you can access your money and even withdraw the interest that’s already been paid whenever you want without incurring a penalty.
3. Rate Bump CD: The rate bump CD is similar to a high-yield CD in that you have to lock up your funds for a pre-determined amount of time. But, with the rate bump CD, the APY you earn can go up if rates increase during the term of your CD. This saves you from having to enact a complicated CD rolling strategy just to make sure you get the best rates.

With three unique CD options, Marks makes it relatively easy to find a CD option that aligns with your needs.

Investing Products

You can also invest in financial markets through Marcus By Goldman Sachs. The company can help you create a personalized plan based on a goal you have, such as retiring by a certain date or saving for your children’s future education expenses.

You’ll have to choose an investment theme that aligns with your priorities. The experts at Goldman Sachs pick all of the investments and make sure you have a balanced portfolio that aligns with your risk expectations.

Banking Experience

Marcus offers a strong banking experience across several key areas that matter to the average consumer. Most notably, it offers 24/7 support through its contact center. This ensures you can get answers to your most pressing questions no matter when you need them.

The company’s mobile apps are also highly rated on the Apple App Store, with 4.8 stars out of 5, and on Google Play, with 4.5 stars out of 5. Reviews praise the apps for their helpful financial planning tools and integrated support options.

The primary downside, however, is the lack of a physical branch network. You won’t be able to go sit down with a banker face-to-face if you choose Marcus, which will be a problem for some users. 

Comparable Banking Options

Marcus By Goldman Sachs is one of many banks that offer savings and investing products to consumers. Here are two competitors that you may also want to consider before making a final decision.

Ally Bank

Ally Bank offers the same types of CDs that Marcus has, such as the High-Yield, Rate Bump and No-Penalty. It also has high-yield savings accounts, investing products, and checking account options. So if you like Marcus’s CDs but want to keep all of your money in one place, Ally could be a strong alternative.

Discover Bank

Discover Bank doesn’t offer as many CDs as Marcus or Ally. But it has high-yield savings, money market accounts, retirement-focused savings and checking options. This makes it a more well-rounded option than Marcus By Goldman Sachs.

Final Take

There’s a lot to like about Marcus By Goldman Sachs–from the bank’s varied CD offerings to its goal-based investing and high-yield savings products. You also get great mobile apps and access to 24/7 customer service when you choose Marcus.

However, the company doesn’t offer everyday checking accounts, which means it probably can’t be the only financial institution you use. Its high-yield savings APY is also not as high as what the competition offers, so you may need to look elsewhere if you want to maximize the APY you earn above all else.

See All Best Banks

More on Marcus by Goldman Sachs:

• Marcus by Goldman Sachs High-Yield Online Savings Account Review
• Marcus by Goldman Sachs Promotions, Bonuses, Offers and Coupons
• Marcus by Goldman Sachs CD Rates

Compare to Other Banks

• Ally Bank Review
• American Express National Bank Review
• Discover Bank Review
• Capital One Bank Review
• All Bank Reviews

Jamie Johnson, Cynthia Bowman and Caitlyn Moorhead contributed to the reporting of this article.

Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Dec. 19, 2023.

Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.

To determine rankings for the Best CD Accounts, GOBankingRates looked at the following factors from all banks (excluding neobanks): (1) total assets as sourced from the FDIC; (2) number of branch locations as sourced from the FDIC; (3) minimum deposit to open an account; (4) 12-month CD APY; (5) 60-month CD APY; and (6) the average mobile app rating between the Google Play (Android) and Apple app stores. All factors were then scored and combined, with the lowest score being the best. Factors (1) and (2) were weighted 0.5 times, factor (3) was weighted 2 times, and factors (4) and (5) were weighted 4 times.

To determine rankings for the Best Online Banks, GOBankingRates looked at the following factors across exclusively online banks: (1) total assets as sourced from the FDIC; (2) monthly checking fee ratio (percentage based on the minimum to avoid the fee compared to the monthly fee itself); (3) savings APY; (4) 1-year CD APY; (5) Bauer rating (out of 5 stars); (6) products/services offered (auto loans, mortgage loans, credit cards, investment services and insurance); and (7) the average mobile app rating between the Google Play (Android) and Apple app stores. Factors (1) and (2) were weighted 0.5 times, and factors (3) and (7) were weighted 2 times. For all savings and checking account data, only the basic accounts/products offered at each institution were analyzed.

Is this your bank?

Yes No

Stay Up to Date on the Latest From Your Bank

Keep a good thing going with top financial tips and advice from GOBankingRates.

Sign Up Now

Please enter an email.

Please enter a valid email address.

There was an unknown error. Please try again later.

Thank You For Signing Up!

Get ready to receive top financial tips from the experts at GOBankingRates.

Take Advantage of our Best Offer(s)

Share This Article: