With the launch of Marcus by Goldman Sachs in 2016, one of Wall Street’s most recognizable investment banks, Goldman Sachs, began catering to individual customers. Marcus is an internet bank that provides no-fee personal loans, no-interest savings accounts, and high-yield CDs. Marcus had $110 billion in deposits in March of 2022.
When compared to competing for online banks, Marcus’ selection of financial services is limited. The products it does carry, however, are consistently well-reviewed. Marcus offers competitive interest rates on CDs and a convenient online savings account. In 2019 and 2022, JD Power expects its loans to rank first in customer satisfaction. No physical locations for this digital bank, but iOS and Android users can download an app to their mobile devices.
This review will examine the features and advantages of Marcus’s online checking and savings accounts and loans. Learn how Marcus by Goldman Sachs can help you achieve your financial objectives by opening an online savings account or getting a personal loan.
List of Contents
Marcus by Goldman Sachs Online Savings Overview: Website

Goldman Sachs’ online banking service, Marcus, features a savings account and certificates of deposit (CDs) with varying maturities. Finance options are also provided. Marcus savings products are widely recognized as having among the market’s best interest rates. The app is available, but mobile deposits are not. Free wire transfers are an available option.
You won’t find a better high-yield savings account than the Marcus by Goldman Sachs Online Savings Account. As of this writing, Marcus offers a competitive APY of 3.00% on all balances up to certain limits. It doesn’t charge fees to open an account, maintain an account, use it, or transfer money between accounts.
Unlike most other banks, it does not charge a fee for initiating wire transfers to different financial institutions. However, depending on the policies of the external bank account you link to your Marcus account, you may incur fees when transferring funds to or from Marcus.
Unlike many competing high-interest online savings options, Marcus does not require any starting balance or a minimum deposit to open an account. But you can’t put more than $3 million in your account; the maximum is $1 million.
When you open a Marcus online savings account, you have a convenient place to keep money aside in case of an unexpected expense or work toward a specific goal, such as purchasing a vehicle, a trip, or a home improvement project. Because of the recent increase in interest rates, your savings have a great chance of flourishing.
According to their website, wire transfer fees are never assessed by Marcus.
When sending money abroad through the bank’s website or the Automated Clearing House, there is a fixed limit of $125,000. The maximum amount you can send via wire transfer in a single billing cycle is $50,000. If you need to send more money, the bank suggests calling them instead of using the website.
Deposit & Withdrawal Options

Several deposit and withdrawal options for your Marcus by Goldman Sachs online savings account are available.
Deposit Options
You can deposit by any of the following methods:
- Electronic funds transfer
- Direct deposit
- Wire transfer
- Mailed check
Your only out-of-pocket expense will be the postage and handling fee for any paper checks, electronic transfers, direct deposits, or incoming wires you mail in. The inability to deposit checks via mobile device is a glaring omission in the quest for the perfect savings account.
Withdrawal Options
You have two options for withdrawing money from your Marcus by Goldman Sachs online savings account:
- Electronic transfer
- Wire transfer
Benefits and Drawbacks of Marcus by Goldman Sachs

A few details are worth considering if you’re considering opening this savings account. You’ll see them highlighted in the list below.
Benefits
✔ Competitive APY
✔ No maintenance fees
✔ No minimum balance requirements
Drawbacks
✘ Inability to use a bank ATM card
Benefit

- Competitive APY
The APY of 3% is significantly higher than the returns offered by traditional banks and even some online institutions. As far as savings account interest rates go, that’s right up there with the best of them.
- No minimum deposit or balance
By Goldman Sachs, Marcus There is no opening deposit or minimum balance required for an Online Savings Account to earn the advertised interest rate. There is no time limit on opening a new account or making initial deposits within the first 60 days. But if you wait any longer than that, your bank account could be closed.
- No monthly maintenance fee
In addition, unlike conventional bank savings accounts, there are no ongoing costs, such as a monthly maintenance fee. On the contrary, Marcus has no say over whether or not the linked external bank account will incur transfer fees.
- Customer service
During business hours, customers can reach a human at Marcus’s U.S.-based call center rather than an automated system. If you call the company during regular business hours, a real person in the United States will answer your call.
- FDIC insured
This is Goldman Sachs’s Marcus. The FDIC insures online savings accounts like regular ones, so your money is safe. In the unfortunate event of a bank failing, this can protect your deposits of up to $250,000.
Drawbacks

- Deposit options
Marcus by Goldman Sachs Online Savings Account does not support mobile deposits. You will need to mail or deposit the check into another account before using it to make a deposit.
- Inability to use a bank ATM card
Even though it’s free to make deposits and withdrawals from your Marcus by Goldman Sachs Online Savings Account, there isn’t an ATM card yet for convenient cash access. If having access to ATMs is essential, you may want to look at other high-yield online savings accounts before making your final decision.
Is Marcus by Goldman Sachs a Worth Online Savings Account to Get?

Marcus by Goldman Sachs is an attractive option for those who wish to save money on fees while earning a competitive rate of return on their savings. However, this may not be the case if you value access to traditional banking services like branch visits, mobile check deposits, and automated teller machine transactions.
Those aren’t standard, so you might want to look elsewhere if they’re crucial to you. Indeed, it is always prudent to look around for the best deal. Since high-yield savings accounts and APYs fluctuate and online banks regularly introduce new features and incentives, shopping around for the best deal is essential.
FAQs
Yes, Marcus by Goldman Sachs is a reputable broker with a solid reputation in the financial industry. It is backed by Goldman Sachs, one of the most respected names in finance.
Marcus by Goldman Sachs offers a variety of investment options, including stocks, bonds, and mutual funds. They also offer managed portfolios for those who prefer a more hands-off approach.
Marcus by Goldman Sachs offers customer support through phone, email, and chat. They also have a comprehensive FAQ section on their website.
Yes, Marcus by Goldman Sachs offers a variety of educational resources for investors, including articles, videos, and webinars. They also have a personalized investment advisory service for customers who want more guidance.
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