Marcus Bank Review

  • No-penalty CD option
  • 150 years in the financial business
  • Unsecured loans up to $40,000
  • Insights tool on mobile app
  • No minimum deposit in savings account
  • FDIC-secured
  • High-yield CDs

Our world is becoming more digitized by the moment and going into a brick-and-mortar bank is not as necessary as it once was. With the speed at which the world moves, the thought of conveniently managing your money online has never seemed more appealing. 

Better yet, you can organize and access your funds from your smartphone via a mobile app with digital banks like Marcus by Goldman Sachs. If you are wary about digital banking or would like to know if Marcus bank is secure, continue reading our Marcus bank review. But first, check out our short verdict:

If you need to save more, you find yourself in a bind, or you want to fund a significant expense, Marcus by Goldman Sachs is a good option that you can examine to determine if this bank suits your needs. They offer an array of quality products that you can benefit from as you save your money, including high-yield CDs and helpful mobile features.

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Pros and Cons


  • Online and mobile access to your account 24/7
  • Competitive interest rates on every account
  • There is no minimum deposit required for the savings account
  • There is a low minion deposit of $500 for the CD (Certificate of Deposit) account
  • No hidden fees
  • No monthly fees
  • The Marcus Insights allow customers to optimize and track their spending
  • Versatile personal loans
  • Excellent customer satisfaction


  • No checking accounts are currently available (expected near the end of 2021)
  • No physical branches are available
  • No check deposits are available through the mobile app
  • No ATM network
  • No credit card loans offered
  • No IRAs
  • No auto loans offered

How Does Marcus Compare to the Competition

Marcus Bank is an example of less still being equal to more. Though they don’t offer as many products and services as some other mobile banks, they make sure to impress you with what they do have. They provide high-yield CD and savings accounts, with some of the best APYs around. They also have no-fee accounts accompanied by a low or no minimum starter fee. 

Harkening back to their personal loans, you can get up to $40,000 (unsecured) to cover many needs. All loans are subject to credit approval, which determines your interest rate.

While other mobile banks don’t have physical branches or ATM networks either, Marcus by Goldman Sachs is not a consumer bank. It also doesn’t have checking accounts or versatile loan options. If you can rely on another bank to satisfy your everyday banking account needs, then Marcus can assist you with more competitive rates on your savings account. 

Additionally, the Marcus Insights tool can get connected to outside accounts to help customers keep up with their investing and savings trends in addition to their spending habits. So even if you can’t get a traditional checking account through Marcus, the digital bank still has features that help you manage your external banking account. 

Overall, Goldman Sachs is a prestigious name that has built quite a reputation for itself. Luckily, Marcus is straightforward and convenient, providing excellent customer service to its users. They offer a variety of products and services to meet a variety of needs and goals.

If you’re on the road to financial independence, or you’re just trying to manage your money better and save along the way, Marcus by Goldman Sachs is a strong contender.

About Marcus 

This digital bank is named after Marcus Goldman, a founder of Goldman Sachs, the bank on Wall Street. Marcus bank is defined by convenience. It’s an easily accessible and user-friendly institution that gives its users unbridled control of their finances.

In 2016 Marcus by Goldman Sachs decided to expand their services to include digital-only banking for consumers. Marcus is a online bank that offers high-yield CDs (certificate of deposit), high-yield savings accounts. They also provide customers personal loans with no fee attached. 

Marcus by Goldman Sachs enjoyed one of the best-known names in investment banking before making the transition. In October of 2020, Marcus supported $96 billion in consumer deposits. 

Marcus bank goes by the catchy tagline: you can money®. This phrase embodies their goal to help people become financially astute and to make smarter decisions with their money. 

Marcus’ mobile bank does not have as many of the financial products that other challenger banks offer. However, the products that it does offer are generally rated very high. Due to excellent rates and beneficial features and tools, the savings account is amongst the best you can find.

The Account Basics

Are you mulling over whether to sign up for an online savings account? Below you will see a rundown of just the kind of products you can get into on your way to saving money.


When compared to today’s savings rate environment, these online savings accounts offer high yields, which can earn you 0.50 percent APY

Additionally, there are no fees to open a Marcus mobile account for saving, and there are no continual account maintenance, transaction fees, or service fees. However, the linked bank may charge fees for transferring funds to and from your Marcus account.

Unlike most other online savings accounts that have higher yields, Marcus doesn’t require you to deposit a minimum amount or keep a minimum balance. Marcus’s one stipulation is that there’s a maximum limit of $1 million for every account, and an account owner can’t go over $3 million in total. 

You can choose to use this online savings account to save for a specific item or financial goal such as renovations, a vacation, a new vehicle, etc. If you were to take your savings seriously using a Marcus online savings account you could earn some serious interest. 

Suppose you deposit $15,000 into a high-yield Marcus savings account and save $400 a month at an APY of 0.50% over four years. At the end of four years, you would’ve made $492 of interest on your savings. This amount is plenty when compared to the national average APY earnings, which would give you $88 of interest.

Certificate of Deposits (CDs)

Marcus offers two options for their Certificate of Deposits, and it all depends on the length of time that you want to invest your money.

High-Yield Certificates of Deposit

This CD requires a minimum deposit of $500, and the fixed rate of return depends on the length of the term you select. These terms can range from 6 months to 6 years.

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Oftentimes customers are hesitant to lock into a CD because interest rates are constantly fluctuating. They don’t want to invest in a CD, and the interest rate rises soon thereafter. To help avoid the situation, Marcus has a 10-Day CD Rate Guarantee.

How the guarantee works:

  • Open a CD with Marcus. 
  • Deposit your $500 minimum. 
  • If the rate of the CD that you selected rises within the ten days, you will receive that APY for your CD instead.

This guarantee will help you avoid buyer’s remorse by giving you an out and not forcing you to stick with the lesser CD.

Just as with other CDs, Marcus CDs are charged a fee for withdrawing your money early. Remember, when you commit to a CD, you promise to keep your money in the CD for the entire term of the CD. If there’s a situation where you have to take your money out early, you will be penalized and charged for early withdrawal. The amount will be calculated by a determined number of days’ worth of interest.

Furthermore, the precise amount you will be charged for the early withdrawal of a CD is determined by the term of the CD. Take, for example, if you choose a CD with a 12-month period or less, the fee for early withdrawal will be 90 days of simple interest according to the principal amount of your CD that you chose at the annual percentage yield of your CD. Of course, if the term is longer for the CD then the number of days will increase.

CDs with No-Penalty

If you’d like to open a CD without the risk of being penalized for withdrawing your money early, Marcus is a mobile bank that offers just that. The option has terms of 7 months, 11 months, and even 13 months. This CD allows you to earn a 0.45 percent annual percentage yield on your certificate of deposit with just a 7-month term and a deposit of $500.

Marcus CD accounts allow you to get an excellent annual yield rate, and you’ll have the freedom to withdraw your funds after seven days. You don’t get penalized, and they let you keep any money you’ve accrued from interest.

Moreover, their CD without penalties comes with versatility and several options to suit your needs and help you make money without lifting a finger. When you consider the fact that an 11-month CD has an APY of 35 percent, this is just 20 percent less than the APY for a 12-month Marcus High-Yield CD (which is at 55 percent). The No-Penalty CD option allows you to earn a return while granting you the freedom to withdraw your money at any time. 

Use your Marcus No-Penalty CD to save up for a future goal or endeavor such as a down payment, wedding, a family vacation, or any other things you have your sights set on. You benefit from a higher APY while having unbridled access to your money.


Marcus is reportedly planning to offer a checking account product beginning later in 2021, but they do not currently offer any checking account options.

Personal Loans

With Marcus Bank, you can get an unsecured personal loan for a variety of reasons. If you’re trying to consolidate debt, renovate your home, or pay off your credit cards, Marcus extends personal loans with no fee, ranging from $3500-$40,000. 

The loan terms are 36-72 months, with APRs from 6.99 percent to 19.99 percent. Marcus even offers to reduce the APR amount by 0.25 percent if you sign up for their autopay option. 

Marcus Bank excels in customer satisfaction as a loan provider. They make the application process smooth, along with a speedy approval time, they offer flexible billing and payment periods, and they have a variety of loans to suit a variety of needs. They also have great customer service interactions with their clients that have questions or need assistance with their loan. 

Keep in mind that all personal loans are based on your credit score and history, both of which will determine your interest rate, how much they’re willing to let you borrow, and how long you have to repay the loan. 

For example, if you borrow $15,000 at an APR of 13.95 percent, with a 3-year (36-month) repayment term, you will pay $512 each month. That equates to $3,443 in interest for the duration of the loan period. 

Mobile Access

There are no physical branches that you can go to if you want to access your Marcus Bank account. Marcus is a challenger bank with no ATM networks, but they allow customers to link their Marcus account to their usual bank account. In this way, they have access to their funds and additional functions via the mobile app. 

Recently, Marcus Bank added Marcus Insights to their mobile app. This financial tool allows users to connect their external bank accounts to the Marcus app so that they can see their cash flow every month, analyze any investing and savings trends, and get overall better visibility of their finances. 

Whether you have an Android or an iOS device, the Marcus mobile app is accessible on both. You can review recent transactions, make loan payments, track your spending concerning your goals, set up direct deposits, check your account balances, and more. 

For a more comprehensive Marcus Bank review, it’s important to note that one shortcoming of the mobile app is that Marcus Bank cannot accept check deposits through the app, unlike some other digital-only banks. 

To deposit a check into the savings account, you have to endorse a check by writing For Deposit Only. You would then mail your check to Marcus headquarters and really for it to appear in your account. 

Frequently Asked Questions 

If you would like to know more about Marcus bank before signing up, here are the answers to the most commonly asked questions.

  • Is Marcus FDIC-insured?

Yes! The online bank is a member of Goldman Sachs Bank USA, and this establishment is FDIC-insured.  

If you have a bank account with a financial institution under FDIC insurance, your money gets protected by the federal government for any amount up to $250,000 if the bank fails. That assurance is for every depositor and every account ownership category.

  • Does Marcus by Goldman Sachs Give Users a Debit or ATM Card For Their Savings Account?

Marcus does not offer any debit or ATM card for your account. This decision serves as a deterrence from making withdrawals from your savings account. 

Despite that, if you need to withdraw funds, you’ll have to own another bank account that allows wire transfers. You can then transfer the money to your checking account. You may also request a paper check from Marcus. 

  • How Can I Make Deposits into My Savings Account if Marcus is an Online Bank?

You can use the following four methods to deposit money into your Marcus savings account:

  • Initiate a wire transfer to your Marcus account.
  • Set up direct deposit.
  • Retrieve information from an external account and link it to your Marcus account, then make transfers between the two accounts.
  • Send a paper check through US mail, endorsed as For Deposit Only.

How Does Marcus Insights Work?

This unique feature lets you connect bank accounts from other financial establishments, including banks and credit unions, to your Marcus mobile app. You can then access data that enables you to view all of your balances, spending trends, financial goals, and additional information. 

The app analyzes, compiles, and records how you invest your money and shows you where you can save. You can see this data online, on an iPhone, or on your Android device. 

The Bottom Line

If saving money is a priority of yours, then Marcus by Goldman Sachs may be the online bank that you’ve been looking for. They can offer you a savings account at competitive rates, financial analysis tools, unsecured personal loans, and high-yield CDs.

Remember that they do offer fewer services than other digital banks. But in our opinion, they are very helpful and backed by friendly customer service representatives.

Consider setting up an account with Marcus bank today, or keep exploring other digital banks before you settle down. Choosing digital banks isn’t something to take lightly, so keep researching to find the perfect bank for you.

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As a Current mobile banking app affiliate, I earn from qualifying purchases.
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Current: The Future of Banking

As a Current mobile banking app affiliate, I earn from qualifying purchases.