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Marcus by Goldman Sachs Savings Accounts Review

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Marcus is a brand of Goldman Sachs Bank USA, itself a branch of the Goldman Sachs Group, one of the largest investment banking enterprises in the world. Marcus is an online provider of financial products, including no-fee, fixed-rate personal loans, certificates of deposit, and online savings accounts. The business also features financial calculators and other personal finance resources.
 
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How is Marcus by Goldman Sachs Savings Account rated?

Breakdown

5.0/5
Rates and fees
4.6/5
Balance Requirements
0.0/5
Availability & Type of Financial Institution
4.4/5
Financial Stability & Ratings
0.0/5
Customer Support

Overall Rating: 4.5 / 5 (Excellent)

Marcus by Goldman Sachs' greatest advantage is its 1.85% Annual Percentage Yield. The account's high APY is supplemented by no fees whatsoever and a low $1.00 to begin accruing interest–the account itself does not even require a deposit to open. Drawbacks to Marcus savings accounts include no debit or ATM card, and no mobile app for easy access on smartphone devices. We recommend Marcus for anyone looking for a high-yield savings account that requires little initial investment.

Marcus by Goldman Sachs Savings Account Account Features

Balance Requirements - 4.6 / 5

The annual percentage yield of Marcus savings accounts numbers at 2.15%, a relatively high number among saving accounts. The interest for these accounts compounds on a daily basis and is credited to accounts monthly. Marcus does not have a mobile app, nor does it provide customers with a debit/ATM card. If consumers should wish access to their funds, they will need to send an ACH Transfer to an account at another bank or a wire transfer. Interestingly, personal loan customers with Marcus are able to apply for a savings account in fewer steps and can manage both simultaneously.

APY (Annual Percentage Yield)

4.40%
Interest Compounded
Daily
Integration with Other Online Accounts
Loan Accounts
Mobile App
No
Debit/ATM Card
No
Branch Offices
Main Offices: 200 West Street, New York, NY 10282 Salt Lake City Branch: 222 South Main Street, Salt Lake City, UT 84101

Marcus by Goldman Sachs Savings Account Fees and Restrictions

Rates and fees - 5 / 5

Marcus has a cap of $1,000,000 funds for all new savings accounts, which are those opened after April 15, 2016. The transfer and withdrawal limits are the same: no more than six withdrawals or transfers per monthly statement and no more than $125,000 for transactions initiated online. Although Marcus has no minimum opening deposit, customers must deposit at least $1.00 after opening their account to begin accruing the advertised 2.15% interest.
Minimum Opening Deposit
$0
Minimum Balance for Promotional APY
$1.00
Minimum Balance to Avoid Penalty
$0
Withdrawal Limit
Withdrawals may not exceed $125,000. For a withdrawal of over $125,000, consumers may contact customer representatives.
Transfer Limit
Outgoing transfers have a limit of $125,000 per transfer when the transfer is initiated online.
Maximum Balance
The maximum amount of funds in all individual and joint deposit accounts may not exceed a combined $1,000,000, per account owner.

Marcus by Goldman Sachs Savings Account Reputation & Financial Strength

Financial Stability & Ratings - 4.4 / 5

As a branch of the broader Goldman Sachs Group, the Goldman Sachs Bank USA enjoys predictably high financial ratings. Marcus' online reputation is more mixed, however. It has no presence on Trustpilot and holds a C+ rating with the BBB. Its rating is a result of the length of time the business has been operating and the number of complaints (27) filed against business. Consumers may contact customer representatives via phone call, email, and social media Monday through Friday, from 8 am to 12 am Eastern Time.
Year Founded
2016
Moody's Financial Rating
A1
Consumer Financial Protection Board (CFPB) Complaints
205

Contact Methods

  • Phone
  • Email
  • Social Media
BBB Rating
C+
BBB Total Complaints
27
BBB Resolved Complaints
10
Customer Support Hours
Monday - Friday, 8 am - 12 am E.T.
Live Help 24/7
No

Company Profile

Full Name
Marcus by Goldman Sachs Savings Accounts
Company Website
https://www.marcus.com/us/en
Headquarters
111 South Main Street, Salt Lake City, UT, 84101

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Customer Comments & Reviews

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Mia K
3/26/2024
DO NOT bank with them! They will hold your money hostage and could care less that you need it in a timely manner. It is hard to believe that their tactics are legal in this country. Worst banking experience in my 60 plus years.

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