Explore the Marcus by Goldman Sachs suite of bank accounts

High-yield savings products and personal loans, but prepare for online access only.

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Marcus by Goldman Sachs

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Marcus by Goldman Sachs is the personal banking arm of Goldman Sachs. It emphasizes customer service, trust, simplicity, security and putting its customers first. While its exclusively online accounts offer competitive rates and no fees, you’ll have to do without the convenience of a mobile app and ATM access.

What banking products does Marcus by Goldman Sachs offer?

Name Product Interest rate (APY) Fee Minimum deposit to open
Marcus by Goldman Sachs Online Savings
A high-interest savings account with no account fees.

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Name Product 1-year APY 18-month APY 2-year APY 3-year APY 5-year APY
Marcus by Goldman Sachs High-yield CDs

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Personal banking

Other products

  • Personal loans. Apply online for a fixed-rate personal loan of up to $40,000 with APRs from 6.99% to 28.99%
    NY resident rates: 6.99% to 24.99% .

How does it compare to other banks?

On the list of the top 50 bank holding companies in the US, Goldman Sachs comes in at No. 14 with more than $127 million in customer deposits. It’s flanked by HSBC with $123 million in deposits and the Bank of New York with $138 million.

Crowning the list is Bank of America, which holds an impressive $1.3 billion in customer deposits and operates more than 4,000 bank branches nationwide.

Compare Marcus to the competition

Why should I open an account at Marcus by Goldman Sachs?

There’s a lot to like about this bank backed by nearly 150 years of experience:

  • Strong rates. The Marcus by Goldman Sachs Online Savings Account offers a competitive 1.7% APY, and its CDs boast up to 3.15% APY on six-year terms.
  • No fees. You’ll find no associated maintenance fees on its savings account, CDs or personal loan.
  • Online application. Enjoy the ease of an entirely online signup process for all Marcus banking products.
  • Customer service. Get help by phone, mail or live chat seven days a week.

What should I look out for?

Like any bank, Marcus also limitations you’ll want to consider before opening an account:

  • No mobile app. Marcus by Goldman Sachs has yet to release an app to streamline the banking experience.
  • Limited availability. Only Goldman Sachs customers can apply for the online savings account.
  • Limited transfers. Like most savings accounts, Marcus by Goldman Sachs savings account limits transactions to six monthly.
  • No ATM access. The high-yield savings account doesn’t come with a debit card or ATM access.

What do regulators and customers say?

Marcus by Goldman Sachs is not an accredited business with the Better Business Bureau. The BBB gives it a C+ rating due to the time Marcus by Goldman Sachs has been in operation.

On the CPFB’s Consumer Complaint Database, you’ll find an equal number of complaints dispersed between this online bank’s savings accounts and home loans. Customers complain that it’s difficult to navigate the online application process and access their online accounts.

Goldman Sachs is insured by the FDIC and receives an outstanding CRA rating, which reflects how well a financial institution meets the credit needs of its community, including low- and moderate-income customers.

What is the 10,000 Women initiative?

Goldman Sachs launched 10,000 Women, a program designed to reach out to female entrepreneurs around the world with business education, mentoring, management training and access to capital.

Launched in 2008, the initiative has since reached more than 10,000 women in over 56 countries.

Bottom line

Marcus by Goldman Sachs may offer a limited product range, but its savings accounts offer high interest rates without fees. And you can apply online without booking an appointment.

As long as you’re comfortable conducting your banking online, Marcus by Goldman Sachs is a viable option.

Common questions about banking at Marcus by Goldman Sachs

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