We earn a commission from brands listed on this site. This influences the order and manner in which these listings are presented.
BestMoney logo

Marcus Review

Reviews 290
Visit Site
Reviews 290
Bestmoney Staff
Aug. 27, 2023
3 min read
BestMoney Staff
Marcus Summary
Marcus is an online bank from Goldman Sachs, one of the biggest names in financial services. Marcus by Goldman Sachs specializes in 2 things: high-yield savings products and CDs, and personal loans. It doesn’t offer checking accounts or any day-to-day banking services such as debit cards or wire transfers.


  • High yields
  • Backed by Goldman Sachs
  • Do everything online


  • No checking accounts
  • No regular banking services

Marcus at a glance

Editorial score


No fees at all


FDIC insured, SSL/AES encryption and supports 2 factor and biometric authentication

Customer service

Early morning, evening and weekend service with multiple communication options and a dedicated fraud team

Online experience

Excellent user friendly site with transparency of rates and full online banking capabilities

Mobile experience

Excellent mobile app with all mobile banking features enabled, including digital check deposits


Marcus     Marcus Visit Marcus

Advantages Over Regular Bank

Goldman Sachs created Marcus in order to provide Americans with a way of accessing banking services more simply and cheaply. With Marcus, you get access to savings accounts and personal loans straight from your desktop. By operating online, Marcus saves costs, passing on most of those savings to consumers in the form of better interest rates.

These are the main reasons to choose Marcus over a traditional bank:

  • Higher yields than most regular banks.
  • Open and manage your savings accounts and CDs from your computer, with no need to go into a physical branch.
  • Customer service by phone from real support staff.
  • None of those crazy rates and fees that physical banks tend to hide in the fine print.

Cutting-Edge Banking Services 

As mentioned above, Marcus deals solely with personal loans and savings products (for now). It doesn’t offer any other types of banking products. If you’re planning to open a checking account with an online bank—look elsewhere.

Traditional Banking Services

Marcus makes it easy to open and manage your savings accounts. Account holders get 24/7 access to their balance online or over the phone. Separately, Marcus also offers personal loans of up to $40,000, with zero fees, APRs from 6.99% to 19.99%, and repayment terms from 36 to 72 months.

Marcus offers multiple ways of accessing and transferring money into your savings account, including:

  • Electronic funds transfer from your external bank account into your Marcus savings account.
  • Wire transfer from external account at any bank in the US and its territories into your Marcus account.
  • Automatic transfers from your linked accounts into your Marcus savings accounts. Select the frequency and timing for your deposits, and let Marcus and your external bank do all the rest.
  • Deposit by check.
  • Direct deposits from your payroll or Social Security benefits.

Interest Rates and Fees 

Marcus by Goldman Sachs offers a choice of 1 savings account, 1 no-penalty certificate of deposit, and 12 high-yield certificates of deposit ranging from 6 months to 6 years. There are no maintenance fees for any of the accounts, although early withdrawal fees do apply for some of the accounts. The following table shows the annual percentage yield for selected certificates of deposit, along with minimum deposit requirements:

CD TermAnnual Percentage YieldMinimum Deposit to Open
10 months5.05%$500

Customer Service 

Marcus is different from other online banks in that it deals with savings accounts and personal loans only, with no checking accounts and no access to ATMs. To open a Marcus savings account or CD, it’s best to already have a checking account with an external bank in order to make deposits into your Marcus account.

Although it doesn’t offer day-to-day personal banking, Marcus does offer customer service to anyone looking to open an account or needing help with making a deposit. It only takes a few minutes to open an account online. Just click the “Open an Account” button on the Marcus website, enter your name, address, date of birth, and Social Security number, and link to your account at another bank to transfer funds. Alternatively, call Marcus customer service on the number below.

Phone: 855-730-7283, available Monday to Friday from 8am – 10pm ET, and Saturday to Sunday from 9am to 7pm ET. 

HQ: Marcus by Goldman Sachs, 11850 South Election Road, Draper, Utah 84020

Mobile Apps

Marcus doesn’t have a mobile app. This isn’t such a big deal. Marcus only offers personal loans and savings accounts, and therefore there isn’t really any need for customers to access Marcus’s services with a mobile app. Of course, Marcus’s website is mobile-optimized and can be accessed from a web browser on your smartphone or tablet.


It’s fair to say Marcus is very security conscious, with several security features in place to protect account holders. For full information, head to the Security Center section of the Marcus website.

Here’s how Marcus protects your security:

  • Encrypted network transports data between Marcus’s systems.
  • Customers are required to use multi-factor authentication to log in.
  • Deploys EV SSL, which combines regular SSL encryption with an Extended Validation, a stringent identity verification process performed by a third-party certificate authority.

Marcus     Marcus Visit Marcus


You won’t find everyday online banking services at Marcus, but you will find some of the highest-yielding savings accounts and CDs on the internet. Goldman Sachs created Marcus to compete with traditional banks on savings accounts and personal loans. Judging by the APYs on its accounts, the Marcus by Goldman Sachs experiment has been a success. It’s rare to find a bank that can beat Marcus’ rate for a one-year CD, and those that do tend to require 4-figure minimum balances. With Marcus, you can set up your account in minutes, transfer the minimum balance of $500 from your regular bank account, and start earning high yields straight away.

BestMoney Staff
Written by
Bestmoney Staff
Our editorial staff consists of writers who are knowledgeable about financial services. We specialize in simplifying the process of choosing the right provider for your needs.
Top Online Banking
Read Review|Visit Site
Read all reviews

Must Reads

How Banks Are Building Trust with Customers in 2024
Apr. 14, 2024
What Is a Savings Account and How Does it Work?
Apr. 14, 2024
How to Choose the Right Online Bank for You
Apr. 14, 2024
Read all articles
Trustpilot reviews
See what some customers are saying about Marcus
Poor • Reviews 290
We upload 100 to 400 Trustpilot reviews to our website daily, displaying them by default from "best" to "worst". You have the option to adjust the sorting criteria. If you wish to see all reviews, you can visit Trustpilot's website here.
Sort by
2 weeks ago
Go Marcus
As a basic user of this bank, that is a monthly deposit into a savings account with the very occasional withdrawal/ via transfer I can not fault my Marcus account when I took this account on it was very clearly stated to me in various forms what was and was not possible to do regarding the use of my account all explained very professionally, hand on heart I can say for my use I could not fault them the App is really easy to use and I’ve never had any problems with transfers to and from my linked account now into my fourth year with them and happy to recommend them, reading through the reviews it seems there are more unhappy USA users than UK users, read into that what you will I’m reviewing as I find , Go Marcus .
4 weeks ago
I have been with Marcus for several…
I have been with Marcus for several years. I can't speak for the experiences of others, but I have never had a single issue with them. I make transactions with them on a weekly basis. The App is simple and reliable and the online banking is the same. On the occasional time I have had to call them they have been responsive and dependable. I have never had an issue accessing or transferring funds either in or out of my linked accounts.
2 months ago
Excellent customer service
Never had any problems before today when the app appeared to be playing up. Contacted by phone at 1830 call answered in about a minute and dealt with by a very pleasant advisor Bilal who was extremely helpful.
Esme Bluston
2 months ago
Highly recommended
Have always found advisors to be helpful and knowledgeable. Easy to contact by telephone and calls answered promptly (unlike most companies)
4 months ago
I’ve been with Marcus for some years…
I’ve been with Marcus for some years now and never had any problems. There is always pleasant and helpful customer service. I’ve only ever had a savings account. I would definitely recommend this online bank.