Marcus by Goldman Sachs is the personal banking arm of Goldman Sachs. It emphasizes customer service, trust, simplicity, security and putting its customers first. While its exclusively online accounts offer competitive rates and no fees, you’ll have to do without the convenience of ATM access.
What banking products does Marcus by Goldman Sachs offer?
Personal banking
Marcus Online Savings. This high-yield online savings account offers a competitive 3.9% APY with no associated fees and no minimum opening deposit.
Marcus CDs. Choose Marcus CD terms of six months to six years at rates from 3.6% APY on a 6-year term to 4.1% APY on 6 and 9-month terms.
Other products
Personal loans. Apply online for a fixed-rate personal loan of up to $40,000 with APRs from 6.99% to 24.99%.
Compare Marcus by Goldman Sachs to the competition
The Finder Score analyzes hundreds of CDs from more than 100 institutions. It takes into account the product's interest rate for available terms and opening deposit requirements - this gives you a simple score out of 10.
Different banks and credit unions offer CDs for various lengths of time, ranging from as short as seven days to as long as 20 years. For our ratings, we consider the term lengths that the FDIC uses in its monthly updates on national rates.
If a bank or credit union doesn’t offer a CD for a specific term used by the FDIC, we don’t penalize it: Instead, we simply don’t rate it. Each of the standard term lengths has its own APY rating based on the FDIC’s average rates.
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What is the Finder Score?
The Finder Score crunches over 250 savings accounts from hundreds of financial institutions. It takes into account the product's interest rate, fees, opening deposit and features - this gives you a simple score out of 10.
To provide a Score, Finder’s banking experts analyze hundreds of savings accounts against FDIC-reported national averages as a baseline. Accounts with rates well over the national average are scored the highest, while accounts with rates well below are scored low.
On the list of the top 50 bank holding companies in the US, Goldman Sachs comes in at No. 14 with more than $127 million in customer deposits. It’s flanked by HSBC with $123 million in deposits and the Bank of New York with $138 million.
Crowning the list is Bank of America, which holds an impressive $1.3 billion in customer deposits and operates more than 4,000 bank branches nationwide.
Savings accounts
Pros
High APY. Earn a solid 3.9% APY on your total account balance.
No minimum deposit. You can get started with as little as $0. But Marcus by Goldman Sachs will close your account if it isn’t funded within 60 days.
No excessive transaction fees. Unlike other banks, you won’t pay a fee if you make more than six outgoing transactions a month. But it reserves the right to close your account if you continue to go over this limit.
Cons
One account option. The only savings account you can open with Marcus by Goldman Sachs is the High-Yield Online Savings Account.
No ATM access. The high-yield savings account doesn’t come with a debit card or ATM access, so you’ll have to transfer your money to another account to withdraw cash.
Maximum account balance. You can’t carry more than $1,000,000 in the account at a time, including interest.
CDs accounts
Pros
Strong APYs. CD rates range from 3.6% to 4.1% APY.
Various terms. CD terms go as low as six months and as high as six years.
$500 minimum deposit. This amount is relatively low considering some banks have opening deposit requirements as high as $10,000.
Two CD options. Marcus by Goldman Sachs offers high-yield CDs for those who want to lock in the highest rate and no-penalty CDs for those who want to access their money for free within seven days of funding.
Cons
No partial withdrawals. You’ll have to withdraw your full balance if you need to access your money before maturity.
Overall banking
Pros
Strong rates. The Marcus Online Savings Account offers a competitive 3.9% APY, and its CDs offer strong rates.
No fees. You’ll find no associated maintenance fees on its savings account, CDs or personal loan.
Online application. Enjoy the ease of an entirely online signup process for all Marcus banking products.
Daily customer service. Get help by phone, mail or live chat seven days a week.
Cons
No checking accounts. Marcus by Goldman Sachs doesn’t have any checking accounts, so it may not be ideal if you were hoping to keep everything at one institution.
No branches. Marcus is the online banking arm of Goldman Sachs, so you can’t visit a branch for in-person support.
What is Marcus Insights?
Marcus Insights is a free money management tool Goldman Sachs offers to organize your finances and optimize your money. It brings all of your external accounts into a single dashboard, and you don’t need a Marcus account — such as a Marcus savings account or loan — to use it.
But while you can track your purchases, analyze your spending habits and get a decent visual on your cash flow, it doesn’t allow you to customize your budget. Other caveats: It’s only available in English, and only supports US-based banks with some banks and credit cards getting left in the dust.
Generally, customers can sync these account types from thousands of financial institutions with Marcus Insights:
Checking accounts
Savings accounts
Credit card accounts
Since the Marcus Insights tool only supports some financial institutions, check with your bank to see if Marcus Insights will work for you to meet your goals.
What do regulators and customers say?
Marcus by Goldman Sachs is not an accredited business with the Better Business Bureau. The BBB gives it a C+ rating due to the time Marcus by Goldman Sachs has been in operation.
On the CPFB’s Consumer Complaint Database, you’ll find an equal number of complaints dispersed between this online bank’s savings accounts and home loans. Customers complain that it’s difficult to navigate the online application process and access their online accounts.
Goldman Sachs is insured by the FDIC and receives an outstanding CRA rating, which reflects how well a financial institution meets the credit needs of its community, including low- and moderate-income customers.
What is the 10,000 Women initiative?
Goldman Sachs launched 10,000 Women, a program designed to reach out to female entrepreneurs around the world with business education, mentoring, management training and access to capital.
Launched in 2008, the initiative has since reached more than 10,000 women in over 56 countries.
Bottom line
Marcus by Goldman Sachs may offer a limited product range, but its savings accounts offer high interest rates without fees. And you can apply online without booking an appointment.
As long as you’re comfortable conducting your banking online, Marcus by Goldman Sachs is a viable option.
Frequently asked questions about Marcus by Goldman Sachs
What is the routing number and SWIFT code for Marcus by Goldman Sachs?
The routing number is 124085260, and its SWIFT code is GSCMUS33XXX.
How do I get in touch with Marcus by Goldman Sachs?
Call the customer service center seven days a week at 855-730-7283.
What are the restrictions with what I can do with a personal loan from Marcus by Goldman Sachs?
Marcus by Goldman Sachs explicitly states that you can’t use your personal loan funds to finance education costs.
Shannon Terrell is a lead writer and spokesperson at NerdWallet and a former editor at Finder, specializing in personal finance. Her writing and analysis on investing and banking has been featured in Bloomberg, Global News, Yahoo Finance, GoBankingRates and Black Enterprise. She holds a bachelor’s degree in communications and English literature from the University of Toronto Mississauga. See full bio
's expertise
has written 159 Finder guides across topics including:
This online account isn’t missing much, offering a very high APY with no monthly fees.
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