Marcus by Goldman Sachs Review 2023

Marcus by Goldman Sachs is an online-only bank and subsidiary of Goldman Sachs. All loans and deposit products are provided by Goldman Sachs Bank USA, Salt Lake City Branch.

Marcus offers a wide range of savings, investment, credit, and lending products. This bank does not, however, provide debit or ATM cards. So customers who want to access their funds must do so via ACH or wire transfer.

All rates and fees are current as of April 20, 2023, and are subject to change.

Marcus by Goldman Sachs offerings

Marcus does not offer any checking accounts or money-market accounts. However, it does offer a high-yield savings account and several certificate of deposit (CD) options.

High-yield savings account

Marcus Online Savings Account
- Minimum opening deposit: $0
- APY: 3.90% APY
- Fees: $0

Certificates of deposit

High-yield CDs
- Minimum opening deposit: $500
- Fees: $0
- APY:
  - 6-month CD: 4.25%
  - 9-month CD: 4.30%
  - 12-month CD: 4.75%
  - 18-month CD: 4.75%
  - 2-year CD: 4.35%
  - 3-year CD: 4.30%
  - 4-year CD: 4.00%
  - 5-year CD: 3.80%
  - 6-year CD: 3.70%
- Compounding frequency: Interest compounds daily and is credited monthly
- Early withdrawal penalty: 90270 days worth of interest depending on the CD term
No-penalty CDs
- Minimum opening deposit: $500
- Fees: $0
- APY:
  - 7-month CD: 0.45%
  - 11-month CD: 0.35%
  - 13-month CD: 4.15%
- Compounding frequency: Interest compounds daily and is credited monthly
- Early withdrawal penalty: $0

Rate Bump CD
- Minimum opening deposit: $500
- Fees: $0
- APY:
  - 20-month CD: 4.35%
- Compounding frequency: Interest compounds daily and is credited monthly
- Early withdrawal penalty: 180 days interest on the original principal balance

Other services Marcus offers

Apart from its deposit accounts, Marcus offers a few other products and services for customers to choose from.

Marcus Invest: Marcus Invest offers personalized portfolios created by Goldman Sachs experts for as little as $5.
Loans: Marcus offers invitation-only personal loans that dont charge any late fees or prepayment penalties.
Credit cards: Marcuss credit card selection includes a suite of auto rewards credit cards.

The Marcus platform and customer support

Marcus offers an online banking platform, as well as a mobile app available for download on the Apple App store and Google Play. It has a four-star rating on both digital storefronts.

For any customer service needs, Marcus representatives can be reached via telephone, email, mail, and chat. For help with online savings accounts, CDs, credit cards, and insights, customers can call Marcuss toll-free line 24/7. For help with loans, representatives are available Monday through Friday between 8:00 a.m. and 10:00 p.m. ET, as well as Saturday and Sunday from 9:00 a.m. to 7:00 p.m. ET (this line is closed on Thanksgiving Day, Christmas Day, and New Years Day). Customers who need assistance with their Marcus Invest account can call the customer service line Monday through Friday from 9:00 a.m. to 6:30 p.m. ET (this line is closed on stock market and trading holidays).

To access the live chat features, customers must log into their account on the Marcus website and select the chat option from their dashboard. Savings and insights customers and GM Rewards credit card customers can use this feature 24/7. Marcus Invest customers can write to a representative via live chat Monday through Friday, from 9:00 a.m. to 6:30 p.m. ET.

Pros and cons of Marcus by Goldman Sachs

If youre considering banking with Marcus, here are a few of the major pros and cons to be aware of:

Pros

24/7 customer service: Marcus currently offers 24/7 customer service for most customers by calling its toll-free number or reaching out via live chat.
No fees: With the exception of early withdrawal penalties for CDs, Marcus accounts do not charge any extra fees for account opening or maintenance.

Cons

No physical locations: Marcus is an online-only division of Goldman Sachs, therefore customers do not have access to any physical branches.
No checking account options: Marcus does not offer any checking account options. For customers who want a wider range of product offerings, this could be a drawback.