Borrowing money

Marcus by Goldman Sachs: 2022 Banking Report

Launched in 2016, Marcus by Goldman Sachs is the online-only banking arm of venerable investment bank Goldman Sachs, one of 10 largest banks in the USA. Goldman Sachs’ Marcus’ growing popularity is due in part to him receiving the top customer satisfaction rating from JD Power in 2019 and 2022. This bank offers a streamlined set of deposit accounts, including high yield savingsthree kinds of certificates of deposit and no-fee personal loans.

What we like

  • Higher returns on CDs and savings accounts than traditional banks
  • Several options for deposit accounts and personal loans
  • Access to 24/7 customer support
  • Low minimum balance requirement to open accounts
  • No monthly fees on deposit accounts

What we don’t like

  • No ATM network
  • Nope verification Where money market accounts Free
  • No physical branches
  • Higher minimum balance to qualify for the best APY on savings accounts
  • No cash or mobile check deposit options

Who is Marcus of Goldman Sachs best suited for?

This bank is well suited for retail bankers who are comfortable managing their banking business in a purely digital environment who do not need to access cash through an ATM or have a back-up bank tied to the bank. ‘outside. This bank is ideal for savers looking for banking products with competitive returns or personal loans at no cost.

Savings Account Review

Marcus by Goldman Sachs offers a high yield savings account with competitive APYs. There is no minimum required to open the account, but the highest APY is only available for balances of $2,500 or more. There are no monthly maintenance fees to maintain the account and it does not support cash withdrawals, cash deposits or mobile check deposits. All deposits must be transferred digitally.

Savings account features



The minimum balance


Monthly fee


What we like

  • Competitive APYs: Marcus offers a competitive APY on any balance.
  • No charges: There are no monthly fees or minimum balances to maintain.
  • No minimum deposit: There is no minimum deposit required to open a savings account.
  • 24 hour customer service: Customer service representatives are available 24/7.
  • Same day transfers: Transfers to linked bank accounts are effective the same day for transactions up to $100,000.

What we don’t like

  • No cash deposit: Marcus by Goldman Sachs does not allow cash deposits through an ATM, which could be inconvenient for customers who transact in cash.
  • No mobile check deposits: All deposits must be transferred or automated.
  • No physical branches: Website or mobile app is required to handle all transactions.

CD Account Review

Goldman Sachs’ Marcus offers three types of CDs with competitive yields: high-yield, penalty-free, and bump CDs. Terms vary from six months to six years. A minimum balance of $500 makes Marcus CDs accessible to a wide range of savers. The early withdrawal penalties on the high-yield and boost CDs are among the most restrictive available, but the no-penalty CD offers more flexibility if needed. CDs automatically renew after a 10-day grace period.

CD Account Features

CD APY 1 year


CD APY 3 years


CD APY 5 years


20 month rate hike CD


13-month penalty-free CD


The minimum balance


Early withdrawal penalty

90 to 120 days of simple interest depending on the term

What we like

  • Competitive APYs: Marcus offers competitive APYs on any balance.
  • 10 Day Rate Guarantee: Automatic rate increases within the first 10 days of opening and funding an account.
  • Several types of CDs: Marcus offers a variety of CD Option which offer more flexibility.
  • Low deposits: All CDs require a $500 deposit to open an account.

What we don’t like

  • Fewer deposits elsewhere: Some banks offer a lower or zero minimum deposit to open accounts.

Banking experience

Since Marcus by Goldman Sachs is an online-only bank that does not offer physical branches, banking access is limited to online support, mobile app, live chat, or phone. This bank does not offer checking accounts and limits deposit functionality via mobile check deposit or at an ATM. Deposits can only be transferred digitally. There is no ATM network, so fees apply to all withdrawals.

Overdraft fees

Marcus by Goldman Sachs does not offer checking accounts, therefore overdraft fees do not apply.

Customer service

Marcus by Goldman Sachs’ automated customer service line is available 24/7. Customer service representatives are available Monday through Friday from 8:00 a.m. to 10:00 p.m. ET and 9:00 a.m. to 7:00 p.m. ET Saturday and Sunday. The bank’s digital support also includes live chat and a comprehensive frequently asked questions section on its website.