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Marcus Bank Review: Eye-Catching APYs and Few Fees

Refreshed Review Updated Jan. 25, 2023
Kailey Hagen
By: Kailey Hagen

Our Banking Expert

Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures our experts’ opinions aren’t influenced by compensation. Terms may apply to offers listed on this page.

Marcus Bank specializes in savings accounts and CDs and offers some of the most competitive APYs (Annual Percentage Yield) you'll find. It also allows for same-day transfers to external banks, which helps make up for its lack of a checking account. Read our full Marcus Bank review to learn more about all the company has to offer.

Offer image for
Best For: High APYs

Marcus by Goldman Sachs

Rating image, 4.50 out of 5 stars.
Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
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4.50/5
Bottom Line

Marcus Bank offers some eye-catching APYs and it doesn't charge monthly maintenance fees on any of its accounts. You can't withdraw funds directly, but the bank does offer same-day transfers to other banks and credit unions for maximum convenience. 

Pros
  • Competitive APYs
  • No monthly maintenance fees
  • Same-day fund transfers to other banks
  • Variety of CD terms
Cons
  • No checking accounts

Marcus Bank savings accounts review

Marcus by Goldman Sachs Online Savings Account

The Marcus by Goldman Sachs Online Savings Account offers a competitive APY with no monthly maintenance fees or minimum balance requirements. This is pretty typical for online savings accounts. In fact, high APYs are a major advantage of online savings accounts when compared with brick-and-mortar savings accounts. 

What helps set this savings account apart from its online competitors? It offers same-day fund transfers to and from other banks. This is great if you need money in a hurry. It's especially useful with the Marcus by Goldman Sachs Online Savings Account, because this account doesn't offer an ATM card or any other way to directly withdraw funds.

Compare savings accounts

No single savings account is right for everyone, which is why we suggest comparing the best savings accounts to see how Marcus by Goldman Sachs Online Savings Account stacks up. Here are a few alternative options to consider.

Rates as of Jan. 24, 2023
Offer
 
 
 
Account
Goldman Sachs Bank USA.
Sponsored Listing
Rating
Rating image, 5.00 out of 5 stars.
Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair
= Poor
5.00/5
Rating image, 4.00 out of 5 stars.
Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair
= Poor
4.00/5
Rating image, 4.00 out of 5 stars.
Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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= Good
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4.00/5
APY 3.30% 3.30% 4.05%
Min. to earn APY $0 $1 $100
Next Steps

Marcus Bank CD accounts

There are two types of Marcus by Goldman Sachs certificates of deposit (CDs): Marcus by Goldman Sachs High-Yield CDs and Marcus by Goldman Sachs No-Penalty CDs.

Marcus by Goldman Sachs High-Yield CDs

Marcus Bank's High-Yield CDs are its most popular option. Terms range from six months to six years, and you only need a few hundred dollars to open one. These CDs lock in your rate for the entire term. However, they also come with a 10-day rate guarantee. If Marcus's CD rates increase within 10 days after you open your CD, the bank will automatically raise your rate.

Marcus by Goldman Sachs No-Penalty CDs

Marcus Bank offers No-Penalty CDs with 7-, 11-, and 13-month terms. It has the same minimum balance requirements as the bank's High-Yield CDs and its APYs are comparable. As the name implies, you can withdraw your savings from these CDs at any time after the first seven days without paying a penalty. Note that taking your funds out early will decrease the amount of interest you earn.

Compare CD rates

If Marcus Bank's CDs don't appeal to you, here are some other top CDs you should consider.

Rates as of Jan. 25, 2023
Lender
Account
1 yr. apy
2 yr. apy
3 yr. apy
4 yr. apy
5 yr. apy
Min. deposit
Early Withdrawal Penalty
Next Steps
Logo for Marcus by Goldman Sachs High Yield CD
Member FDIC.
Marcus by Goldman Sachs High Yield CD
4.40%
4.35%
4.00%
4.00%
3.80%
$500
Yes
Logo for Discover High Yield CD
Member FDIC.
4.15%
4.30%
4.35%
4.35%
4.40%
$2,500
Yes
Logo for CIT Bank CD
Member FDIC.
0.30%
0.40%
0.40%
0.50%
0.50%
$1,000
Yes

Marcus Bank checking accounts review

Marcus Bank currently doesn't offer any checking accounts, so it's not ideal for those who hope to manage all their money in one place. Fortunately, Marcus Bank has one of the few savings accounts that promises same-day fund transfers to other banks. With this feature, you can move money from your savings account to a checking account at another bank almost instantly.

Marcus Bank's customer service and experience

Marcus Bank maintains an A+ rating with the Better Business Bureau. However, it hasn't appeared in large, third-party customer satisfaction surveys (like those conducted by J.D. Power). Because of this, it's a little difficult to gauge how it stacks up against some of its competitors. But from the reviews that are available, it appears most customers are satisfied.

It offers live, U.S.-based customer support seven days per week. If you have any questions or concerns about your account, you won't have to wait too long to get your answers.

Marcus Bank's relationship benefits

Marcus Bank doesn't offer relationship benefits, like higher APYs or reduced fees, to customers who open multiple accounts with the bank. Brick-and-mortar banks often offer these types of benefits. However, online banks usually offer high APYs to all customers. Relationship benefits don't make as much sense for online banks, and most don't offer them.

What does that mean for you? With Marcus Bank, what you see is what you get. You don't need to open multiple accounts to get the best rates, which is great if you're only interested in one type of account.

Alternatives to Marcus Bank

If Marcus Bank doesn't seem like the right choice for you, here are some other banks to consider.

Ally Bank

Ally Bank is one of the best-known online banks. This is partly because it has one of the widest selections of products. It offers a high-yield savings account, traditional and no-penalty CDs, and the less-common Raise Your Rate CDs. You can also open an interest-bearing checking account and a money market account. Its rates are pretty comparable to Marcus Bank's. In addition, there are no monthly maintenance fees or minimum balance requirements.

Capital One Bank

Capital One Bank is a great alternative for those who want the high APYs of online banks but aren't ready to sever ties with brick-and-mortar banks completely. Capital One credit cards, checking, savings, CD accounts, and loans are fairly well known. It is possible to bank entirely online with Capital One, but it also has some branch locations in select states for those who would like to get assistance in person.

Is Marcus Bank right for you?

Marcus Bank is a good fit for you if:

  • You have some savings and would like to earn a competitive APY.
  • You want to be able to transfer money between banks quickly.
  • You're comfortable doing all of your banking online.

Our Banking Expert