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Marcus Bank Review: Eye-Catching APYs and Few Fees

Review Updated
Kailey Hagen
Steven Porrello
By: Kailey Hagen
Kailey Hagen
Kailey Hagen
Writer

Kailey Hagen has been writing about small businesses and finance for almost 10 years, with her work appearing on USA Today, CNN Money, Fox Business, and MSN Money. She specializes in personal and business bank accounts and software for small to medium-size businesses. She lives on what's almost a farm in northern Wisconsin with her husband and three dogs.

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 and  Steven Porrello
Steven Porrello
Steven Porrello
Writer

Steven is a personal finance writer covering topics from mortgages to credit cards to market news. He has written for The Motley Fool Canada, Ramsey Solutions, Nerdwallet, Clever Real Estate, and other major outlets. Steven launched his writing career at the age of four with his first book, "Revenge of the Bad Guys." He currently lives in Portland, Oregon.

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Our Banking Experts

Eric McWhinnie
Check IconFact Checked Eric McWhinnie
Eric McWhinnie
Eric McWhinnie

Eric McWhinnie has been writing and editing digital content since 2010. He specializes in personal finance and investing. He also holds a bachelor’s degree in Finance.

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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. APY = Annual Percentage Yield. APYs are subject to change at any time without notice.

Marcus Bank specializes in savings accounts and CDs and offers competitive APYs (annual percentage yields). 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
Goldman Sachs Bank USA Member FDIC.

Marcus by Goldman Sachs

Rating image, 4.50 out of 5 stars.
4.50/5 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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= Excellent
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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

  • Our methodology for scoring banks and credit unions revolves around evaluating key aspects such as annual percentage yield (APY), brand reputation, fees and minimum requirements, and additional perks.

    These criteria are weighted differently across various account types, ensuring a comprehensive assessment that reflects the competitive landscape and economic conditions.

    We strictly feature products that offer federal insurance and high customer satisfaction, keeping our recommendations unbiased by advertiser influence. This robust evaluation process helps us generate balanced, reliable best-of lists that guide consumers to top financial products.

    Learn more about how The Motley Fool Ascent rates bank accounts.

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.

Savings account review

Marcus only currently offers one savings account product, but it's a pretty good one.

The Marcus by Goldman Sachs Online Savings Account offers a decent 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 of $100,000 or less 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.

Ratings Methodology
Rates as of Jun 28, 2024
Open Account for Marcus by Goldman Sachs Online Savings Account
Goldman Sachs Bank USA. Member FDIC. Sponsored Listing
Rating image, 4.75 out of 5 stars.
4.75/5 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
Rating image, 4.75 out of 5 stars.
4.75/5 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
Open Account for Marcus by Goldman Sachs Online Savings Account
APY
4.40%
Min. To Earn APY
$0
  • Competitive APY
  • No monthly account fee
  • Comfort of a well-known brand and reputation
  • Unlimited number of external transfers (up to daily transaction limits)
  • 24/7 customer support
  • FDIC insured
  • Same-day ACH transfers up to $100,000
  • Free wire transfers
  • No ATM access
  • No branch access; online only
  • Maximum account limit of $1,000,000

We think the Marcus by Goldman Sachs Online Savings Account is perfect for savers who want a no-frills savings account with zero fees and top-tier interest rates. $100,000 same-day transfers makes it especially enticing for big money movers. Simplicity is key: you'll struggle to find another high-yield savings account that's as straightforward as this one.

Read Full Review

Compare savings rates

Make sure you're getting the best account for you by comparing savings rates and promotions. Here are some of our favorite high-yield savings accounts to consider.

Account APY Promotion Next Steps
up to 4.60%
Rate info Circle with letter I in it. You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. to earn: $0
New customers can earn up to a $300 bonus with qualifying direct deposits!
4.25%
Rate info Circle with letter I in it. See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of April 11, 2024. Rates are subject to change at any time before or after account opening.
Min. to earn: $0
N/A
4.25%
Rate info Circle with letter I in it. 4.25% annual percentage yield as of June 28, 2024
Min. to earn: $1
N/A

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 by Goldman Sachs High Yield CDs are its most popular option. Terms range from 6 months to 6 years, and you only need a minimum balance of $500 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.

Rates as of June 7, 2024

APY = Annual Percentage Yield

Offer image for Marcus by Goldman Sachs High Yield CD
Marcus by Goldman Sachs High Yield CD
Bottom Line

Savers have the potential to create effective CD ladders through Marcus, as it provides competitive rates through the most common CD terms. The minimum deposit is $500 and withdrawal penalties are moderate compared with competitive banks.

MINIMUM DEPOSIT $500
Read Review
6 Mo. APY 9 Mo. APY 1 Yr. APY 1.5 Yr. APY 2 Yr. APY 3 Yr. APY 4 Yr. APY 5 Yr. APY 6 Yr. APY
5.10% 5.00% 5.00% 4.60% 4.20% 4.15% 4.05% 4.00% 3.90%

  • 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 ($500), but only the 13-month CD has a rate comparable to its High-Yield counterparts; APYs on the other two terms are far below today's highest-paying CDs. 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.

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 Experience

Marcus Bank maintains an A+ rating with the Better Business Bureau and ranked second in overall satisfaction among savings providers in J.D. Power's 2023 U.S. Direct Banking Satisfaction Study℠. 

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.

How does Marcus Bank compare?

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

Marcus Bank vs 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.

Marcus Bank vs 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.

FAQs

  • Marcus Bank is good for savers who want a good APY on their savings accounts and CDs and don't need a checking account. It's also good for those who like the idea of same-day transfers, no fees, and no minimum deposits. 

  • No, Marcus Bank does not have a checking account. Despite beta rollouts and testing of a potential checking account in early 2022, the bank has not released one to its clients, nor does it have plans to do so in the immediate future.