Is Marcus By Goldman Sachs Right for You?
If you’re looking for a savings account or CD that earns a high yield without any monthly fees, Marcus by Goldman Sachs could be right for you—as long as you don’t need a checking account or any additional banking products. Since Marcus is an online-only bank, it’s best-suited for individuals who feel comfortable conducting all their banking through desktop or mobile platforms.
Marcus Online Savings
The Marcus Online Savings account is one of the best high-yield savings accounts currently available, offering 3.65% APY with no minimum deposit requirement and no monthly fee.
Interest on the account compounds daily and is credited monthly. The maximum balance you can have in your account is $1 million.
The account allows unlimited withdrawals and transfers, and same-day transfers are also available. One main drawback is that Marcus does not accept cash deposits or mobile check deposits. To deposit a check, you must mail it in.
If you refer a friend who’s new to the bank, you could both earn a Marcus savings bonus worth 0.25% of your average daily savings balance for three months.
Marcus by Goldman Sachs High-Yield Online Savings Account rates and details are accurate as of 05/28/2025.
Marcus High-Yield CDs
CDs from Marcus offer generous yields, comparable to the current best CD rates, and are available in terms ranging from six months to six years. The minimum deposit required to open an account is $500.
Marcus CD rates range from 3.85% APY to an impressive 4.25% APY.
| TERM | APY |
|---|---|
| 6 Months | 4.25% |
| 7 Months (No-Penalty CD) | 4.00% |
| 9 Months | 4.15% |
| 11 Months (No-Penalty CD) | 4.05% |
| 1 Year | 4.10% |
| 13 Months (No-Penalty CD) | 4.05% |
| 18 Months | 4.00% |
| 20 Months (Rate-Bump CD) | 3.90% |
| 2 Years | 3.95% |
| 3 Years | 3.90% |
| 4 Years | 3.85% |
| 5 Years | 3.90% |
| 6 Years | 3.90% |
Marcus CDs automatically renew upon maturity. However, you may notify Marcus up to 12 months before your CD matures if you don’t wish to renew, or if you would like to renew with modifications. If you don’t give advance notice, you’ll have a 10-day grace period after your CD matures to withdraw all or a portion of your balance without penalty.
If you withdraw funds before your CD matures, you’ll owe an early withdrawal penalty:
- Less than or equal to one year: 90 days’ simple interest
- More than one year to five years: 180 days’ simple interest
- More than five years: 270 days’ simple interest
The exception is the Marcus No-Penalty CD, which comes in three terms.
No-Penalty CDs
Marcus offers no-penalty CDs in seven-month, 11-month and 13-month terms. No-penalty CDs allow account holders to withdraw their full balance without paying a penalty, starting six days after funding the account.
These CDs also require a minimum deposit of $500.
Rate Bump CD
Marcus also offers a 20-month Rate Bump CD, which requires a minimum opening deposit of $500. This type of CD allows account holders to request a one-time rate increase during their CD term if rates rise.
Access on the Go
Marcus is an online bank, so accounts are only accessible through the bank’s desktop platform or mobile app, which has a 4.1-star rating on the Google Play Store and a 4.8-star rating on the App Store.
The Marcus app offers a range of features and functions to help you manage your accounts:
- Check balances
- Check current rates
- Use calculators to predict growth
- Schedule one-time or recurring transfers
- Contact customer service
Customer service is available 24/7 and can be reached by calling 855-730-7283 or by sending a message using the chat feature on your banking dashboard. Marcus does not have any physical branch locations and does not offer an ATM card for its savings account.
Marcus Banking Fees
A primary benefit of Marcus is that accounts have no monthly maintenance fees. Marcus won’t charge for transfers to or from your Online Savings Account, either (although your external financial institution might).
The only fee you need to consider is the early withdrawal penalty associated with your CD, which could range from 90 to 270 days’ interest.
Find The Best High-Yield Savings Accounts Of 2025
How Marcus by Goldman Sachs Compares
Marcus vs. Ally Bank
If you’re looking for a single bank to meet all or most of your financial needs, Ally Bank is a better choice than Marcus. Unlike Marcus, Ally is a full-service online bank offering a variety of banking products and services, including checking and savings accounts, CDs, credit cards, investing tools and auto loans.
Like Marcus, Ally accounts have no monthly fees and offer solid rates. However, rates on Marcus accounts are slightly higher. Another advantage Ally has over Marcus is that it allows mobile check deposits.
| ACCOUNT TYPE | MARCUS APY | ALLY APY |
|---|---|---|
| Checking | N/A | Up to 0.25% APY |
| Savings | 3.65% APY | 3.40% APY |
| CDs | 3.85% to 4.25% APY | 3.00% to 3.90% APY |
| Money Market | N/A | 3.50% APY |
Marcus vs. Capital One
Another alternative to Marcus is Capital One, especially if you’re seeking both personal and business banking. Similar to Marcus, Capital One offers savings accounts with no monthly fees and no minimum deposit requirements. Rates are comparable to Marcus APYs, though Capital One’s rates are slightly lower.
However, Capital One’s product selection is far wider than that of Marcus, offering checking accounts, kids’ accounts, business and commercial banking solutions, auto loans and a range of credit cards.
Capital One primarily operates online, but offers a limited number of in-person banking locations and a network of around 70,000 fee-free ATMs. If you prefer to bank in person and happen to live near one of Capital One’s branch locations or cafes, it could be a better fit than Marcus.
Additionally, if you’re a beginner saver looking to open a CD, you’ll be pleased to know that Capital One 360 CDs require no minimum deposit. CDs from Marcus, on the other hand, require a minimum deposit of $500.
Marcus vs. Axos Bank
If a high-yield savings account with an impressive yield is your primary concern, Axos Bank could be a suitable alternative to Marcus. The Axos ONE Checking and Savings account bundle offers up to 4.51% on savings balances and 0.51% APY on checking balances. To enjoy these impressive rates, however, you’ll have to receive monthly qualifying direct deposits of at least $1,500 or receive qualifying deposits (checks, ACH transfers, wires, etc.) of $5,000 per month.
Axos CDs only earn 0.20% APY, so if you’re interested in investing in a CD, you’d be better off sticking with Marcus.
| ACCOUNT | APY | MINIMUM DEPOSIT REQUIREMENT | MONTHLY FEE | ACCOUNTS OFFERED |
|---|---|---|---|---|
| Marcus Online Savings | 3.65% | $0 | $0 | Savings, CDs |
| Ally Bank Savings | 3.40% | $0 | $0 | Checking, savings, CDs, money market, credit cards, auto loans |
| Capital One 360 Performance Savings | 3.40% | $0 | $0 | Checking, savings, CDs, kids accounts, credit cards, auto loans, business and commercial banking |
| Axos ONE Savings | Up to 4.51% | $0 | $0 | Checking, savings, CDs, money market, mortgages, auto loans, personal loans, business and commercial banking, investing options |
Frequently Asked Questions (FAQs)
Is Marcus by Goldman Sachs safe?
Yes, Marcus by Goldman Sachs is a safe and reliable bank. Deposits at Marcus are FDIC-insured for up to $250,000 per depositor per ownership category. Marcus also uses multifactor authentication, SSL encryption, firewalls and encrypted networks to keep your information safe.
What types of accounts and services does Marcus offer?
The only accounts offered by Marcus are a high-yield savings account, high-yield CDs, no-penalty CDs and a Rate Bump CD.
Are there any customer service issues or complaints?
Although Marcus by Goldman Sachs ranked highest in overall satisfaction among savings providers in the 2024 J.D. Power U.S. Direct Banking Satisfaction Study, no institution is perfect. Some customers have experienced issues with withdrawing funds from their accounts.
