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Marcus by Goldman Sachs Bank Review: Savings and CDs

Oct. 30, 2018
Banking, Banks & Credit Unions, CDs, Savings Accounts
GS Bank Review: Savings and CDs
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We adhere to strict standards of editorial integrity. Some of the products we feature are from our partners. Here’s how we make money.
Marcus by Goldman Sachs
cheatgame.info’s rating: 4.0 / 5.0

Goldman Sachs Bank USA

at Goldman Sachs Bank USA,

Member, FDIC

Marcus by Goldman Sachs offers excellent rates on its 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.

Our ratings
Checking accountsNone
Savings accounts
Certificates of deposit (CDs)
Bank experience
Overdraft feesNone
Overall

The bottom line

  • Marcus by Goldman Sachs has excellent rates on its savings account and CDs.
  • There’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 bank’s savings account, CDs and bank experience.

» Need a home for your spending money? Take a look at cheatgame.info’s best checking accounts

Marcus by Goldman Sachs savings

5.0 / 5.0

ProsCons
  • 2.05% annual percentage yield for balances of at least $1.
  • No minimum deposit to open account.
  • No transaction fees.
  • No goal-setting feature.
  • An external account is the easiest way to move money into and out of Marcus.
Marcus’ savings rate is as good or better than most of its competitors, but it’s best if you don’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.

 

» Pair it with checking: Fidelity’s Cash Management account, technically a brokerage account, is a good option

How does Goldman Sachs Bank USA compare?

Goldman Sachs Bank USA

Online Savings

cheatgame.info Rating

at Goldman Sachs Bank USA,

Member, FDIC

APY

2.05%

Monthly Fees

$0

Bonus features

No Monthly Fee

Competitive APY

American Express National Bank

High Yield Savings Account

cheatgame.info Rating

at American Express National Bank,

Member, FDIC

APY

2.00%

Monthly Fees

$0

Bonus features

No Monthly Fee

Competitive APY

Discover

Online Savings

cheatgame.info Rating

at Discover,

Member, FDIC

APY

2.00%

Monthly Fees

$0

Bonus features

No Monthly Fee

Competitive APY

Live help 24/7

Not for you? Read more bank reviews

Marcus by Goldman Sachs CDs

5.0 / 5.0

ProsCons
  • Pays 3.10% APY for a five-year CD.
  • Low minimum deposit of $500.
  • Its CD rate guarantee lets you receive the highest rate offered within 10 days of opening.
  • CD renews automatically if no change is made during 10-day grace period after its term expires.
Marcus’ CD rates are among the best on the market, and it has more term lengths than some of its competitors — you can deposit your money for up to six years. Just be sure to withdraw your money once it matures, or you won’t be able to access it again for quite a while.
TermAPY
6 months0.60%
9 months0.70%
1 year2.55%
18 months2.55%
2 years2.60%
3 years2.65%
4 years2.70%
5 years3.10%
6 years3.15%

 

» Find more high yields on our list of best CD rates for the month

Bank experience

2.5 / 5.0
Since there’s no extensive branch network, you’ll probably access your accounts online or over the phone. For questions, there’s a comprehensive FAQs section on the bank’s website, and you can call customer support on weekdays.

» Weigh your options with cheatgame.info’s best high-yield savings accounts

Boosts savings but lacks convenience

Goldman Sachs Bank USA

at Goldman Sachs Bank USA,

Member, FDIC

You don’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 you’re simply looking to increase your savings, this bank is a good choice.


Ratings methodology

cheatgame.info’s overall ratings for banks and credit unions are weighted averages of several categories: checking, savings, certificates of deposit or credit union share certificates, customer experience and overdraft fees.

Factors we consider, depending on the category, include rates and fees, ATM and branch access, account features and limits, user-facing technology, customer service and innovation.

The stars represent ratings from poor (one star) to excellent (five stars). Ratings are rounded to the nearest half-star.

 

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