Business Insider's personal finance team put Marcus by Goldman Sachs up against the best banks and found it to be a standard offering. It's a solid bank if you'd like to open a high-yield savings account with $0 and no monthly service fee. It also offers a variety of CD types.
But there's a lot of competition with online financial institutions, and small distinctions make the top online banks stand out. With the exception of the bank's no-penalty CDs, you can earn higher returns on high-yield CDs or high-yield savings accounts at other online banks. Other banks also have checking accounts and CDs, which make them more well-rounded options.
Marcus Bank Overview
Marcus Bank is an online-only institution, so there are no physical branch locations. It has a high-yield savings account and CDs.
Marcus is currently not accepting applications for GM credit cards. It also used to offer personal loans and investment services. Marcus Invest was acquired by Betterment, so this service is no longer available at the bank. Existing Marcus Invest customers had their accounts transitioned to Betterment in 2024. The bank stopped offering personal loans in 2023.
The online bank doesn't offer a checking or money market account, and it doesn't provide a debit card for its savings account or CDs. To access your savings, you'll have to transfer funds to an external bank account.
Its accounts are insured by the FDIC for up to $250,000, or $500,000 if you have a joint account.
Marcus Bank Fees and Charges
Marcus Bank does not charge monthly maintenance fees on its savings account. Other online banks also won't usually charge monthly maintenance fees. That's something you'll usually see at brick-and-mortar banks since they have higher overhead costs.
If you open a Marcus High-Yield CD or Marcus 20-month Rate Bump CD, there are early withdrawal penalties if you take out money before a term ends.
The Marcus No-Penalty CD doesn't have early withdrawal penalties.
Marcus Bank Digital and Mobile Banking
Marcus Bank mobile banking does not let you make mobile check deposits, which is a common feature that many mobile banking apps have. If you'd like to deposit a check, you'll have to mail it, and it needs to meet certain requirements.
Still, you do have the ability to check your transaction history, make transfers, and receive customer support through the mobile app.
Its mobile app has received 4.8 out of 5 stars in the Apple store, and 4.2 out of 5 stars in the Google Play store.
The app allows you to review your transaction history, make transfers, and get access to customer support. The website also has calculators for each of its bank accounts, so you can figure out how much interest you'll earn with a particular account.
Marcus Bank Customer Service and Support
Marcus Bank offers 24/7 customer support by phone or live chat. According to the J.D. Power 2025 U.S. Direct Banking Satisfaction Study, Marcus ranked third in overall customer satisfaction for online savings providers. However, some online banks like American Express and Ally have both checking and savings accounts and ranked highly in customer satisfaction in this study.
Marcus Bank Pros and Cons
Marcus Pros
- High interest rates on no-penalty CD
- Variety of traditional CD terms
- No-penalty CD terms
- Low minimum opening deposits on savings and CDs
Marcus Cons
- Can't open a checking account
- Have to transfer money to an external bank account to utilize savings
Banking Options with Marcus
Marcus High Yield Online Savings Account
no monthly service fee
3.65%
$0
Pros
Cons
- No fees and no minimum deposit
- Link other bank accounts for incoming and outgoing transfers
- US-based contact center open 7 days a week
- FDIC insured
The Marcus savings rate is 3.65% APY. You might like the Marcus High Yield Online Savings Account if you'd prefer to open a savings account with a low initial deposit and zero monthly service fees.
Accessing your savings can be tricky. The bank doesn't have a checking account, so you can't simply transfer money from savings to checking and spend the money immediately. You'll have to transfer funds to an external bank account, which means you'll have to take extra steps instead of directly depositing cash into your account.
Compare Today's Rates
Marcus High-Yield CD
3.75% to 4.25%
$500
Pros
Cons
- Terms ranging from 6 months to 6 years
- 90 days interest early withdrawal penalty for a CD term of under 12 months, 180 days interest penalty for a CD term of 12 months to 5 years, 270 days interest penalty for a CD term of more than 5 years
- Compounding interest to maximize your earnings
- No monthly maintenance fees
- FDIC insured
Marcus Bank has high-yield CDs, no-penalty CDs, and bump-up CDs. Marcus CD rates vary depending on the type of CD.
The bank requires a $500 initial deposit, and although this is lower than many competitors' required opening deposits, you can still find banks that don't ask for any money upfront.
Marcus No-Penalty CD
3.90% to 4.00%
$500
Pros
Cons
- 7-month, 11-month, or 13-month terms
- Interest compounded daily, paid monthly
- FDIC insured
Marcus Bank offers no-penalty CDs, which are CDs that don't charge an early withdrawal penalty when you withdraw money before your term ends.
Few banks offer no-penalty CDs, and Marcus is one of the top places to open one. Most banks only have one term length option for no-penalty CDs, but Marcus has three term lengths: 7-month, 11-month, and 13-month.
Rates are high, and the $500 minimum deposit is lower than what most banks require.
Marcus Rate Bump CD
3.90%
$500
None
Pros
Cons
- If Marcus rates go up during your term, you may increase your rate once during the 20-month term
- Early withdrawal penalty for CD terms between 12 months and 5 years is 180 days of simple interest
- Interest compounded daily and deposited monthly
- FDIC insured
Marcus Bank also has a bump-up CD, which allows you to request a one-time rate increase if you see that Marcus CD rates are rising during your term. Not all financial institutions offer these types of CDs, so this bank might be worth considering if you're looking for a flexible CD.
Marcus Credit Cards
Marcus Bank offers co-branded rewards credit cards since it is partnered with General Motors. It is currently not accepting applications for GM credit cards.
If you're searching for a credit card, consider one of our top picks for best credit cards.
Is Marcus Bank Trustworthy?
The Better Business Bureau gives Marcus Bank an A+ rating. A strong BBB score indicates a company responds effectively to customer complaints, is transparent about company practices, and is honest in its advertising.
The bank hasn't had any public scandals. Between the good BBB grade and clear history, you may decide you're comfortable banking with this company.
Marcus Bank Alternatives
Marcus vs. Ally Bank
You might prefer Ally if you want quick access to your savings. The Ally Spending Account offers more direct access to your money since you won't need to make external bank account transfers, which can involve extra steps. It also pays 0.10% to 0.25% APY.
You might prefer Marcus Bank for no-penalty CDs. Meanwhile, Ally only has one no-penalty CD option, which has an 11-month term.
Marcus vs. Synchrony Bank
Marcus Bank and Synchrony don't have checking accounts. Synchrony sends you a debit card with your savings account, though, which makes it easier to access your savings quickly.
If you'd like to open a CD, the best option for you may ultimately depend on the term you choose and how much money you have for a minimum opening deposit. Synchrony CDs let you open an account with $0.
Why You Should Trust Us: How We Reviewed Marcus Bank
At Business Insider, we use our bank account rating methodology guidelines to rate all of our banking products.
For our Marcus by Goldman Sachs review, we rated products on a scale from one to five stars. For bank accounts, we review different features for distinct types of bank accounts. For example, we'll look at early withdrawal penalties and CD variety specifically for CDs. Meanwhile, for savings accounts, we'll factor in interest rates and monthly service fees, and for credit cards, we'll look at sign-up bonuses and rewards rates.
We use a weighted average to get our star rating, which means we weigh certain features, like interest rates and fees, at a higher weight percentage than others. We understand that these areas can more heavily impact a person's overall banking experience.
Marcus Overall Rating
| Product | Business Insider rating (out of 5) |
| Savings account | 4.5 |
| High-yield CDs | 4.5 |
| No-penalty CDs | 4.5 |
| Bump-up CD | 4.5 |
| Trustworthiness | 4 |
| Total | 4.5 |
Marcus Bank FAQs
What is Marcus by Goldman Sachs?
Marcus is an online-only bank. It specifically offers savings products. You can get a high-yield savings account, high-yield CDs, no-penalty CDs, or a bump-up CD.
Is Marcus by Goldman Sachs a good bank?
Marcus is a good bank if you're only looking for savings products. It has a high-yield savings account and different types of CDs. It's not a good option for a checking account or if you want to bank primarily at one bank.
Is Marcus by Goldman Sachs legit?
Yes, Marcus is a legitimate financial institution. It is an FDIC-insured financial institution.
