Overall Review of Marcus by Goldman Sachs
Marcus by Goldman Sachs is an online-only, high-yield savings account and certificates of deposit, but no checking accounts or ATMs.
Pros & Cons
- Website is easy to use
- High-interest rates
- No Checking Accounts
- No ATM Network
- Mobile-app just launched
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Marcus Savings Account Review
Marcus by Goldman Sachs offers amongst the highest rates for its high-yield savings account (1.70% APY).
Signing up is fairly easy, and since it's online-only, it has no branch network. However, the only way to move your money into/out of the account is by linking an external account. It is a good savings account to build your savings, but it lacks the convenience of other banks as well as other high-yield savings accounts.
Marcus CDs Review
Marcus offers extremely competitive certificate of deposit rates, which are amongst the best on the market. Marcus also offers a number of term lengths - some CDs are up to six years. They also have no-penalty CDs should you want to withdraw money before the term expires.
The overall banking experience
Since Marcus is online only, it is strange that it only recently launched an iOS app (Android is coming soon). However, the website experience isn’t too bad - you can do most things on the website. However, depositing checks requires you mail them to Marcus since you can’t use the app to do remote deposit capture.
Customer support is available via chat and phone, but not 24/7.
Fees at Marcus
Marcus is a no-fee savings account:
- No Account Minimum
- No monthly account fee
- While Marcus has no ATM fees and no overdraft fees, that's because it has no checking account and no debit card
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