Marcus by Goldman Sachs has competitive savings accounts and term CDs, but its no-penalty CDs are probably its strongest product

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  • Marcus by Goldman Sachs (Member FDIC) is an online-only bank that offers a high-yield savings account, term CDs, and no-penalty CDs.
  • All Marcus accounts pay competitive rates, but its strongest products is probably the Marcus No-Penalty CD; it has more term options than most banks' no-penalty CDs and pays high rates.
  • Marcus is a worthwhile option for CDs and savings accounts, but you'll have to look elsewhere for a checking or money market account.
  • See Business Insider's picks for the best CD rates »

Marcus by Goldman Sachs is an online-only bank that offers regular term CDs, no-penalty CDs, and a high-yield savings account. Although all three accounts are strong, the best product is probably the Marcus No-Penalty CD, because it offers more term options and pays higher rates than what you'll find at competing banks.

  • Should you use Marcus?
  • Marcus High Yield Savings review
  • Marcus High-Yield CD and Marcus No-Penalty CD review
  • Marcus features
  • How Marcus compares

Should you use Marcus?

You may enjoy using Marcus if you:

  • Are looking for competitive rates on savings and CDs
  • Don't mind banking digitally
  • Want a regular term CD or no-penalty CD
  • Don't have much money to open a savings account

You probably shouldn't bank with Marcus if you:

  • Want to open a checking or money market account
  • Don't have $500 to open a CD
  • Don't like banking digitally
  • Want a mobile app with a digital check deposit feature

Marcus High Yield Savings review

Marcus by Goldman Sachs High Yield Online Savings Account

Goldman Sachs Marcus by Goldman Sachs High Yield Online Savings AccountMarcus by Goldman Sachs Marcus by Goldman Sachs High-Yield CDMarcus by Goldman Sachs Marcus by Goldman Sachs No-Penalty CD

APY
Min Deposit
Intro Bonus
  • A five pointed star
  • A five pointed star
  • A five pointed star
  • A five pointed star
  • 4.5 out of 5 Stars
    Editor's Rating
    APY

    0.70%-0.90% APY

    Min Deposit

    $500

    Intro Bonus

    NoneA five pointed star

  • A five pointed star
  • A five pointed star
  • A five pointed star
  • A five pointed star
  • 4.5 out of 5 Stars
    Editor's Rating
  • Details
  • Pros & Cons
    • 7-month, 11-month, or 13-month terms
    • Compounding interest to maximize your earnings
    • No monthly maintenance fees
    Pros
    • Competitive rates
    • Variety of term lengths
    • Easy-to-use mobile app
    • No monthly fees
    Cons
    • $500 opening deposit
    • No mobile check deposit
    • Doesn't have 24/7 customer support
    • No physical locations

    Marcus also offers no-penalty CDs, which are CDs that don't charge a fee when you withdraw money before your term ends.

    Few banks offer no-penalty CDs, and Marcus is one of the top places to open one. A Marcus No-Penalty CD. Most banks only have one term length option for no-penalty CDs, but Marcus has three term lengths: 7-month, 11-month, and 13-month.

    Rates are high, and the $500 minimum deposit is lower than what most banks require.

    See Business Insider's picks for the best CD rates »

    Marcus features

    Marcus by Goldman Sachs is an online-only institution, so there are no physical branch locations. Its website is easy to navigate, and its mobile app has received 4.9 out of 5 stars in the Apple store, and 4.5 out of 5 stars in the Google Play store.

    Although its app is beloved, you should know it doesn't include a digital check deposit feature. This means you'll either have to set up direct deposits or transfer money from external bank accounts into your Marcus account.

    If you have questions, you can call or chat online with a live customer representative Monday through Friday, 8:00 a.m. to 10:00 p.m. ET, and Saturday and Sunday from 9:00 a.m. to 7:00 p.m. ET. Marcus' phone hours are fairly standard for online banks, but many competitors have 24/7 online chat if you have questions.

    Marcus doesn't offer a checking or money market account, and it doesn't provide a debit card for its savings account or CDs.

    Marcus accounts are FDIC insured for up to $250,000, or $500,000 if you have a joint account.

    How Marcus compares

    We've compared Marcus to two other online banks that offer high-yield savings accounts, term CDs, and no-penalty CDs: Ally and CIT Bank.

     Marcus by Goldman SachsAllyCIT Bank
    Bank accountsSavings, term CD, no-penalty CDSavings, term CD, no-penalty CD, Raise Your Rate CD, checking, money market accountSavings, term CD, no-penalty CD, jumbo CD, RampUP CD, checking, money market account
    APY   
    Savings1.05% APY1% APY0.77% – 0.85% APY
    Term CD0.60% to 1.05%0.35% – 1.10% APY0.5% APY to 1.05% APY
    No-penalty CD0.70% to 0.90% APY0.90%0.50%
    Opening deposits$0 for savings; $500 for CDs$0$100 for savings, checking, money market; $1,000 for CDs

    Marcus by Goldman Sachs review vs. Ally review

    Neither Marcus nor Ally charges monthly service fees. Both offer savings accounts, term CDs, and no-penalty CDs — but Ally also has checking and money market accounts, so you might prefer Ally if you want to do all your banking with the same institution.

    Ally also offers a Raise Your Rate CD, which will let you increase your APY once during a 2-year term or twice during a 4-year term if Ally raises its rates. If this type of CD appeals to you, then you might like Ally.

    However, Ally's only term option for a no-penalty CD is 11 months, whereas Marcus has 7-month, 11-month, and 13, month terms.

    See Business Insider's complete review of Ally »

    Marcus by Goldman Sachs review vs. CIT Bank review

    CIT Bank offers checking and money market accounts along with savings accounts and CDs, and its rates are competitive with Marcus' rates. If you want to do all your banking with one company, then you may prefer CIT Bank.

    Marcus may be the better option if you don't have much money to open a savings account or CD. Marcus doesn't require an opening deposit for a savings account, and its CDs only require $500. CIT Bank, on the other hand, asks for $100 to open a savings, checking, or money market account, and $1,000 for a CD

    Like Ally, CIT Bank only has no-penalty CDs with 11-month terms. If you're looking for a no-penalty CD with a shorter or longer term, Marcus will be a better fit. 

    But CIT Bank also has a CIT Bank RampUp CD and CIT Bank Jumbo CD, both of which require higher deposits but come with unique benefits. If either of these interest you, then you might like CIT Bank.

    See Business Insider's complete review of CIT Bank »

    This post was reviewed and updated on August 4, 2020.

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