Marcus By Goldman Sachs Review 2024 (2024)

Savings

The Marcus by Goldman Sachs High-Yield Online Savings Account is one of the best high-yield savings accounts you’ll find. It’s currently paying 4.40% APY on all balances, and Marcus doesn’t charge any one-time fees to open a savings account or any ongoing account maintenance fees, service fees or transfer fees.

It doesn’t even charge a fee for outgoing wire transfers, which the vast majority of banks do. However, the external bank account you link to your Marcus account may charge fees to transfer funds to or from your Marcus account, depending on the bank’s policies.

Unlike other high-yield online savings accounts, Marcus has no minimum deposit or minimum balance requirements. However, it does have a maximum limit of $1 million per account, not to exceed $3 million per account owner.

A Marcus Online Savings Account can be an ideal place to store your emergency savings fund or save up for a specific goal, like a new car, vacation or home improvement project. And with competitive rates on consumer deposit products, your savings stand to grow substantially.

The bank doesn’t offer mobile check deposit, so if you receive money via check that you’d like to deposit, you’ll either have to transfer it in from your checking account or deposit your check by mail.

To calculate your potential earnings, use the Forbes Advisor savings calculator.

CDs

Marcus offers three options for certificates of deposit (CDs), depending on how long you want to commit your money. Marcus by Goldman Sachs High-Yield Certificates of Deposit are available for a minimum deposit of $500 and offer a fixed rate of interest depending on the term you choose. CD terms range from six months to six years.

You may be reluctant to lock in a long-term CD for fear of the rate rising right after your money is committed. To help you navigate this situation, Marcus offers a special 10-day CD Rate Guarantee.

Here’s how it works: Open a Marcus CD and deposit a minimum of $500 within the first 10 days, and if Marcus increases the rate for your CD term during those 10 days, you’ll automatically receive the new APY, even if it’s higher than the rate that was available when you opened your account. This can help you benefit from rising interest rates and avoid buyer’s remorse.

Like most CDs, Marcus high-yield CDs have a fee for early withdrawals. When you sign up for one of these CDs, you are agreeing to leave your money deposited in the CD for the entire term. If you pull any of your money out before the term is up, you’ll be charged an early withdrawal penalty equal to a certain number of days’ worth of interest.

The exact amount of the early withdrawal fee depends on the term of your CD. If you have a CD with a term of 12 months or fewer, the early withdrawal penalty would be 90 days of simple interest on the principal amount of your CD at the APY of your CD. For longer-term CDs, the number of days increases.

Here are Marcus’ high-yield CD rates:

Marcus No-Penalty CD. If you want to avoid the risk of early withdrawal penalties while still earning a high APY, the Marcus No-Penalty CD is a good option. No-Penalty CDs require an opening deposit of at least $500 and are available with these terms and rates:

• Seven months, with an APY of 4.70%
• 11 months, with an APY of 4.70%
• 13 months, with an APY of 4.70%

With a No-Penalty CD, you have the flexibility to withdraw your money as soon as seven days after funding without sacrificing any of the interest you’ve earned.

You could use a Marcus No-Penalty CD to hold your emergency savings, save up for a specific future goal (e.g., a new car, a down payment on a house, a family vacation, etc.), or any other savings goal that would benefit from a higher APY and more flexible access to your money.

Finally, Marcus offers a Rate Bump CD that allows you to raise your interest rate once during your CD term if rates increase. This CD offers 4.40% APY on a 20-month term.

Checking

Marcus does not yet offer any checking account options, although it is beta testing a checking account among employees.