Marcus by Goldman Sachs High-Yield Savings Accounts Review

The days of leaving your money in low-yielding, brick-and-mortar banks are a thing of the past. In order to get the best rates available for your savings, consider using an online bank like Marcus by Goldman Sachs. While Marcus has only existed since 2016, Goldman Sachs has built a positive reputation over more than 150 years, and its online banking through Marcus currently offers savings and certificate of deposit (CD) accounts that feature above-average rates without monthly fees.

In this review of Marcus by Goldman Sachs’ high-yield savings accounts, you’ll learn about the options, features, interest rates, costs, customer satisfaction and more.

Best high-yield savings account for large same-day transfers

When it comes to online banks, having same-day transfers available for linked accounts is important in order to quickly move money. Marcus by Goldman Sachs not only supports same-day transfers on business days, but it also has a high transfer limit of $100,000. This reduces the need to split transfers. The bank sets a deadline of 12 p.m. EST for a same-day transfer request. While you may see the funds in your account quickly, funds availability rules will determine how soon you can use them.

Marcus by Goldman Sachs high-yield savings accounts pros and cons

Pros explained

Competitive rates

When you explore what a high-yield savings account is, you’ll notice that the defining feature is a competitive interest rate. Marcus by Goldman Sachs advertises that its online savings account pays eight times the national average. Most of its CD offerings have significantly above-average rates, too. Additionally, the bank has a CD rate guarantee within the first 10 days of opening an account, meaning you can take advantage of any rate increase that occurs within that window.

No or low minimum opening deposit required

Some banks have minimum deposit requirements for opening a high-yield savings account or CD. If this amount is too large, getting an account and earning interest becomes less accessible. Marcus by Goldman Sachs online savings accounts require no minimum deposit. You only need to deposit funds within 60 days to keep the account open. While the Marcus CD accounts have a $500 minimum opening deposit requirement, this amount is significantly lower than what some competitors require.

No monthly fees

Some high-yield savings accounts come with monthly maintenance fees that apply if you don’t meet minimum balance requirements or qualify for a waiver. Additionally, you may incur fees each statement cycle if your online bank limits your account transfers. Marcus by Goldman Sachs high-yield savings accounts have neither of those fees, allowing you to accomplish your savings goals faster since these extra charges won’t reduce your balance or offset your interest earnings.

Cons explained

No physical locations or ATM access

Typical of an online bank, Marcus has no physical locations where you can receive advice or deposit and withdraw money. None of the bank’s savings accounts come with a card for accessing your funds via an ATM, either. This means you’ll rely on methods such as direct deposit, electronic funds transfers and checks to manage your Marcus by Goldman Sachs high-yield savings account. When you require assistance, you’ll have to call or use the online chat feature.

No mobile check deposit feature

Banks offering the best high-yield savings accounts commonly have mobile apps that allow customers to deposit checks from home or on the go. While Marcus by Goldman Sachs does have a mobile app, it doesn't support this check depositing feature. Instead, you’ll have to deposit checks by mail, which requires postage and extends the time until you see the money in your account. The bank also doesn’t accept several types of check deposits, including money orders, traveler’s checks, foreign checks, starter checks and third-party checks.

No cash deposits

An online bank may give you the option to deposit cash at an ATM or local business. If you find this feature important, keep in mind that you can’t directly do this with a Marcus high-yield savings account. One alternative includes depositing cash at an ATM or local branch of another bank where you have an account. You could then link that account to your Marcus account and set up an external bank transfer. While this provides a workaround, prospective customers might prefer avoiding the extra work.

Marcus by Goldman Sachs high-yield savings account offerings

This bank offers an online savings account alongside three types of CDs with set terms. You can open multiple accounts as long as you don’t exceed the maximum balance limits of $1 million for each account and $3 million total. The following section provides details on each of the bank’s offerings.

Marcus online savings account

The Marcus by Goldman Sachs high-yield savings account is the standard option, and it supports unlimited withdrawals and deposits. You can earn a much more competitive rate than with a traditional savings account and don't need to maintain a minimum balance. The rate is variable, though, and not as high as those offered by some of the CD options. It can fluctuate considerably the longer your account is open.

High-yield CD

The high-yield CD has a fixed interest rate and nine term options ranging from six months to six years. It can offer the highest return among the Marcus savings products when you choose a term of nine, 12 or 18 months. Note that this CD differs from the Marcus online savings account since you must keep your money in the account for the set term or forfeit some interest as a penalty.

No-penalty CD

The no-penalty CD offers a competitive, fixed rate but with more flexibility than the high-yield CD. While you’ll need to wait at least a week after depositing funds, as its name suggests, you don’t have to wait until the CD’s term expires to make a penalty-free withdrawal. You can pick from terms of seven, 11 and 13 months, with the latter having the highest rate.

Rate bump CD

Available with a 20-month term, the rate bump CD allows for a single rate increase if Marcus raises rates after you open the account. It has the benefit of a fixed rate along with this extra flexibility. The downsides include a lower starting rate than with a comparable high-yield CD and penalties for early withdrawals.

Marcus by Goldman Sachs high-yield savings account pricing

Your savings rates will depend on the type of Marcus account and the term for a CD. You may earn the lowest rate if you choose a no-penalty CD with a very short term or the best rate with a 12-month high-yield CD. The rate bump CD account and online savings account have similar rates.

Marcus doesn’t note any fees for its online savings or CD accounts. Early withdrawal penalties do apply to the rate bump and high-yield CDs, with that fee depending on the term. You’d give up a number of days of interest as follows:

• One year or less: 90 days

• One to five years: 180 days

• Six years: 270 days

Marcus by Goldman Sachs high-yield savings account financial stability

Goldman Sachs Bank USA currently has an A viability rating and A+ long-term issuer default rating from Fitch Ratings. These indicate that the bank has a stable outlook. Additionally, the bank is a Federal Deposit Insurance Corporation (FDIC) member. This means your savings account deposits are safe up to the $250,000 amount specified per depositor and per account ownership type.

Goldman Sachs is a publicly traded company with a market capitalization of $107.75 billion. In 2022, the company had revenues of $47.4 billion and net income of $11.26 billion. Both its positive credit ratings and strong financial statements suggest ongoing viability and financial wellbeing.

Marcus by Goldman Sachs high-yield savings account accessibility

Although it lacks ATMs and physical locations, Marcus by Goldman Sachs offers nationwide account access, a user-friendly digital banking experience and around-the-clock customer service. It also has several financial education tools.

Availability

Marcus by Goldman Sachs high-yield savings accounts are available throughout the U.S. and in the U.S. territories. Furthermore, you can also open an account using an address at a U.S. embassy or military base. You'll need to be 18 or older and have a tax identification number or Social Security number.

Contact information

You can reach the Marcus by Goldman Sachs 24/7 phone support line at 1-855-730-7283. You can also log into your online Marcus account to access the 24/7 chat. Additionally, you can mail a letter to Goldman Sachs Bank USA at P.O. Box 70379, Philadelphia, Pennsylvania, 19176-0379. If you’re sending a check deposit, use the following address: P.O. Box 4571, Carol Stream, Illinois, 60197-4571.

User experience

The Marcus by Goldman Sachs website provides a user-friendly experience for checking interest rates, comparing account options and submitting applications. It also includes a resource library that teaches you about different types of savings accounts and other topics. You can also access several financial calculators on its website.

Despite lacking a mobile deposit feature, the bank’s mobile app has a streamlined interface for opening accounts, making transfers, reviewing your balance and checking account statements. It also includes tools for reaching your savings goals, monitoring spending, receiving alerts and reaching customer support.

Marcus by Goldman Sachs high-yield savings account customer satisfaction

The Better Business Bureau (BBB) has accredited Marcus by Goldman Sachs and given it an A+ rating. While the average customer review rating is 1.11 stars out of 5 based on 304 reviews, the bank does have a record of promptly responding to complaints on the site.

Several negative reviews focused on account locks for large transfers and delays for account promotions. On the BBB website and another popular review site, positive Marcus by Goldman Sachs high-yield savings account reviews focused on fast transfer times, high interest rates and supportive customer service.

How we evaluated Marcus by Goldman Sachs high-yield savings account

While assessing the Marcus by Goldman Sachs high-yield savings options, we considered the following criteria:

• Account options: We evaluated the Marcus by Goldman Sachs product selection, including its online savings account and CD options.

• Interest rates: We looked at how rates for this bank’s high-yield savings accounts compare to competitors and national averages.

• Fees and penalties: We checked whether Marcus by Goldman Sachs charges a monthly maintenance fee or an excessive withdrawal fee. We also evaluated penalties for early CD withdrawals.

• Minimum opening deposit requirements: We researched which accounts require a minimum opening deposit.

• Customer support offerings: We assessed the online, mail and phone customer support options for Marcus by Goldman Sachs, as well as its business hours for live support.

• Customer satisfaction: Checking with sources such as the BBB and popular customer review sites, we noted what customers like and don’t like about having a Marcus by Goldman Sachs savings account.

• Accessibility: We considered the online banking experience and features such as online transfers, remote check deposits and cash deposits. We also looked at ATM access availability.

Summary of Money's Marcus by Goldman Sachs high-yield savings account review

With a Marcus by Goldman Sachs high-yield savings account, you'll get competitive interest rates without having to make a large opening deposit or pay fees. The same-day transfer feature is appealing if you plan to move large amounts of money between bank accounts. If you're looking for a CD, you might be drawn to the bank's variety of CD offerings and term options.

Since this online bank has some limited options for managing your cash, consider how you plan to use the account. If you need to deposit checks remotely, withdraw money from ATMs or deposit cash, Marcus likely won't suit you. Considering both the pros and cons of a Marcus by Goldman Sachs high-yield savings account will help you decide whether or not to apply.