Marcus by Goldman Sachs Review: Savings Accounts and CDs| North Loop Official Blog
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North Loop
22 Feb 2020

Marcus by Goldman Sachs Review: Savings Accounts and CDs

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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

Pros:
  • Website is easy to use
  • High-interest rates


Cons:
  • 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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This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended be advice. You must obtain professional advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax, investment or other professional advice from North Loop or its affiliates. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date. All opinions expressed do not reflect the views of North Loop nor are endorsed by North Loop.