Marcus by Goldman Sachs Savings Account

Marcus by Goldman Sachs

Although it lacks brick-and-mortar locations, Marcus by Goldman Sachs benefits users with no fees, high APY and no minimum deposit.

Interest APY
Customer Satisfaction
Min. Deposit
3.5 / 5.0
Marcus by Goldman Sachs
  • Interest APY
  • Tools
  • Customer Satisfaction
  • Support
  • Additional Accounts
Goldman Sachs is a financial behemoth most well-known for its wealth management and investment services. Marcus by Goldman Sachs is the institution’s foray into personal and online banking by offering certificates of deposit, personal loans and savings accounts. The original Goldman Sachs was founded in 1869 by Marcus Goldman and is headquartered in New York City, New York. The subsidiary, Marcus by Goldman Sachs, was brought to the market in 2016 as a way to help individuals reach their financial goals, without fees or unnecessary complexity.
Full review

Our Two Cents — Marcus by Goldman Sachs is a smart choice for growing your money through its modern solution for online banking.

Marcus by Goldman Sachs at a glance

Min Deposit APY J.D. Power Survey Score Key Benefit
Marcus by Goldman Sachs $0 .80% N/A High yield with no minimum deposit

*Rates accurate as of July 30, 2020

What we like about it

Marcus online savings accounts offer excellent perks without the usual drawbacks of traditional banks like service fees and minimum deposits. There’s no minimum required to open a savings account. In fact, you can open up an account without any funds at all. There are also no monthly fees, transaction fees or service charges. Best of all, a .80% APY is a competitive rate that can help you grow your money over time.

If you like to bank on the go, the Marcus app is free to use and enables you to connect all of your Marcus accounts, talk to customer support agents and see how much interest you’ve earned in your savings account.

Things to consider

The Marcus high yield savings account has no option for a corresponding checking account, but you can get a CD account or personal loan. Marcus is only useful if you’re using a checking account somewhere else.

While Marcus won’t charge you any fees, your outside bank might charge fees for transfers and transactions. Furthermore, there is no ATM network to use for withdrawals and no branches for in-person banking services. If you want to deposit money via check, you’ll have to send it in via U.S. Mail — which is significantly more hassle for people accustomed to a few quick photos for a check e-deposit and near-instant fund availability.

What you need to know

The Marcus savings account delivers tons of benefits for users who want to benefit from the high APY of .80%. You can even open up your account without any funds, but you’ll need to deposit money within the first 60 days of account opening.

Marcus doesn’t use an automated phone system during business hours, so when you call the Marcus savings account support line, you’ll be able to talk to a U.S.-based representative. This is a huge perk for people who want to avoid talking to a robot on the other end of the line.

Marcus by Goldman Sachs savings accounts boast FDIC insurance coverage, just like traditional bank savings accounts. This means you’ll be covered for up to $250,000 if the bank fails.

To put money in your account, you can set up a direct deposit, use an electronic funds transfer, wire transfer or mail a check. To withdraw money, you can use an e-transfer or a wire transfer. Customers are limited to six withdrawals or transfers per monthly statement period, which is on par with other banking institutions. This is to help maintain a bank’s reserve, in accordance with a federal law called Regulation D.

To get the most bang for your buck with Marcus, view it as a complementary banking tool to your financial portfolio. A checking account somewhere else is necessary, especially if you want to be able to withdraw money from an ATM and e-deposit paper checks. However, if you don’t mind needing another financial institution to fill those needs, Marcus savings accounts can still be a boon for individuals who want to focus on growing their money.

Mobile app

The Marcus mobile app lets you check balances, schedule transfers to and from other banks and make loan payments. Marcus also allows you to monitor your progress toward any financial goals you’ve set. Plus, you can set up AutoPay and create a recurring deposit to increase savings.

With its intuitive graphics and user-friendly design, the Marcus app gives you simple insight into your accounts and goals. You can receive in-app alerts, review your bank statements, review tax documents and access customer support. All personal data is encrypted, and you can use multi-factor authentication to log in.

Fees and penalties

Marcus by Goldman Sachs has no monthly fees or overdraft fees to worry about eating into your savings. With that said, your external bank or third-party entities might charge you for transfers or require you to pay service fees.

You can make up to six withdrawals or transfers, but you’ll need to verify with your outside transfer partner (bank, app or other third-party) to determine if fees will be charged. There’s an outgoing transfer limit of $125,000 per transfer, and if you need to withdraw more, you’ll have to call the customer service line.

Marcus by Goldman Sachs vs. Citi

Citibank offers promising features with more traditional account options. Individuals will get the highest savings rates with a Citi Accelerate Savings Account. There is no required minimum amount to open a savings account, but to waive monthly account fees, you’ll need a minimum account balance. The minimum account balance ranges from $1,500 to $200,000; the amount is conditional upon the account you choose. Unfortunately, Citi charges account fees between $10 to $30, so you’ll have to keep that in mind while you’re weighing your options.

Marcus is still a better choice if you want fewer fees, but if you prefer all your banking with one entity, Citibank can give you a wider variety of accounts and services.

Too long, didn’t read?

For those who want to avoid unnecessary fees and already have a checking account somewhere else, Marcus by Goldman Sachs is an excellent choice. With competitive rates and easy-to-use banking features, Marcus by Goldman Sachs is a great choice for users who want convenience and a safe place to grow their money.

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Michelle Wilson
Michelle Wilson
Contributing Writer

Michelle Wilson is a San Diego-based writer specializing in the topics of personal finance, technology and culture. You can find her writing on sites such as HP Tech Takes and San Diego Magazine. In her spare time, she enjoys finding new cats to follow on Instagram.

Reviewed by

  • Courtney Mihocik is an editor at The Simple Dollar who specializes in insurance, personal finance, and loans. Previously, she wrote and edited for,, Ballantyne Magazine, Thread Magazine, The Post, ACRN, The New Political, Columbus Alive and the Institute for International Journalism.