Marcus by Goldman Sachs offers a high-yield savings account and certificates of deposit, but lacks checking accounts, ATMs and an extensive branch network.
If you want to grow your savings, this bank is worth a closer look.
The bottom line
- Marcus by Goldman Sachs has excellent rates on its savings account and CDs.
- Thereâ€™s no checking account or ATM network.
- You need an external account for transferring money, so expect delays when making any transaction.
Here are more details about the bankâ€™s savings account, CDs and bank experience.
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Marcus by Goldman Sachs savings
5.0 / 5.0
Marcusâ€™ savings rate is as good or better than most of its competitors, but itâ€™s best if you donâ€™t want to move your money around much. The bank has fewer options than others for withdrawing money. To deposit, however, you can set up direct deposits or transfers.
Marcus by Goldman Sachs CDs
4.0 / 5.0
Marcusâ€™ CD rates are among the best on the market, and it has more term lengths than some of its competitors â€” you can deposit your money for up to six years. Just be sure to withdraw your money once it matures, or you wonâ€™t be able to access it again for quite a while. Or, if you want flexibility in withdrawing early without it costing you, Marcus has three no-penalty CDs (see more details).
Marcus by Goldman Sachs bank experience
3.5 / 5.0
Since thereâ€™s no branch network, you can only access your accounts online or over the phone. For questions, thereâ€™s a comprehensive FAQs section on the bankâ€™s website, and you can call customer support on weekdays and weekends. To deposit checks, you have to mail them to the bank since thereâ€™s no mobile app.
Â» Weigh your options with NerdWalletâ€™s best high-yield savings accounts
Boosts savings but lacks convenience
at Goldman Sachs Bank USA,
You donâ€™t have to be on Wall Street to get good returns on your savings at Marcus by Goldman Sachs, but there are no checking accounts and other features that most other online banks have, including a mobile app and a free ATM network.
If youâ€™re simply looking to increase your savings, this bank is a good choice.