Personal Finance Banking Savings
Written by Sophia Acevedo; edited by Laura Grace Tarpley; reviewed by Evelyn He
Updated
- CD
- How Marcus works
- How Marcus Works
- Pros and Cons
- Is Marcus Trustworthy?
- Marcus vs. Ally
- Marcus vs. Synchrony
- Frequently Asked Questions (FAQ)
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Compare Marcus Bank products
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Marcus High Yield Online Savings Account
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Marcus High-Yield CD
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Marcus 20-month Rate Bump CD
Editor's Rating
4.75/5
Annual Percentage Yield (APY)
4.40%
Minimum Deposit
$0
Editor's Rating
4.25/5
Annual Percentage Yield (APY)
3.90% to 5.15%
Minimum Deposit
$500
Editor's Rating
4.5/5
Annual Percentage Yield (APY)
4.70%
Minimum Deposit
$500
Editor's Rating
4.5/5
Annual Percentage Yield (APY)
4.40%
Minimum Deposit
$500
Marcus, FDIC Insured
Start saving
Marcus by Goldman Sachs, FDIC Insured.
Start saving
Marcus by Goldman Sachs, FDIC Insured.
Marcus, FDIC Insured Account
Marcus saving rates are 4.40%. The Marcus High Yield Online Savings Account pays a higher interest rate than what you'll find at a brick-and-mortar bank, but you may still find even more competitive rates elsewhere.
Marcus High Yield Online Savings Account
Marcus, FDIC Insured
Insider’s Rating
4.75/5
Fees
no monthly service fee
Annual Percentage Yield (APY)
4.40%
Minimum Opening Deposit
$0
Pros
- Competitive APY
- Easy-to-use mobile app
- No required initial deposit or minimum account balance
- No monthly service fee
- Can make same-day transfers of up to $100,000 to/from banks
Cons
- No digital check deposit
- No physical branch locations
- Maximum balance limit of $1 million
Marcus High Yield Online Savings Account review External link Arrow An arrow icon, indicating this redirects the user."
Product Details
- No fees and no minimum deposit
- Link other bank accounts for incoming and outgoing transfers
- US-based contact center open 7 days a week
- FDIC insured
You might like the Marcus High Yield Online Savings Account if you'd prefer to open a savings account with a low initial deposit and zero monthly service fees.
Accessing your savings can be tricky. Marcus doesn't have a checking account, so you can't simply transfer money from savings to checking and spend the money immediately. You'll have to transfer funds to an external bank account, which means you'll have to take extra steps instead of directly depositing money into your account.
Marcus Savings Rates Review
Compare Today's Rates
Marcus CD Rates
Marcus High-Yield CD
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Marcus by Goldman Sachs, FDIC Insured.
Insider’s Rating
4.25/5
Annual Percentage Yield (APY)
3.90% to 5.15%
Minimum Opening Deposit
$500
Pros
- Competitive APY
- Variety of term lengths
- $500 initial deposit
- Easy-to-use mobile app
- Standard early withdrawal penalties
Cons
- No physical branch locations
Product Details
- Terms ranging from 6 months to 6 years
- 90 days interest early withdrawal penalty for a CD term of under 12 months, 180 days interest penalty for a CD term of 12 months to 5 years, 270 days interest penalty for a CD term of more than 5 years
- Compounding interest to maximize your earnings
- No monthly maintenance fees
- FDIC insured
Marcus High-Yield CD terms range from six months to six years. For a limited time, Marcus is offering a 14-month CD paying its highest rate.
Marcus requires a $500 initial deposit, and although this is lower than many competitors' required opening deposits, you can still find banks that don't ask for any money upfront.
Marcus No-Penalty CD
Marcus No-Penalty CD
Start saving
Marcus by Goldman Sachs, FDIC Insured.
Insider’s Rating
4.5/5
Annual Percentage Yield (APY)
4.70%
Minimum Opening Deposit
$500
Pros
- Competitive rates
- Variety of term lengths
- $500 minimum deposit
Cons
- No physical locations
- May find higher rates elsewhere
Product Details
- 7-month, 11-month, or 13-month terms
- Interest compounded daily, paid monthly
- FDIC insured
Marcus offers no-penalty CDs, which are CDs that don't charge an early withdrawal penaltywhen you withdraw money before your term ends.
Few banks offer no-penalty CDs, and Marcus is one of the top places to open one. Most banks only have one term length option for no-penalty CDs, but Marcus has three term lengths: 7-month, 11-month, and 13-month.
Rates are high, and the $500 minimum deposit is lower than what most banks require.
Marcus 20-month Rate Bump CD
Marcus 20-month Rate Bump CD
Marcus, FDIC Insured Account
Insider’s Rating
4.5/5
Annual Percentage Yield (APY)
4.40%
Minimum Opening Deposit
$500
Bonus
None
Pros
- Competitive interest rate
- Low initial deposit
- Standard early withdrawal penalties
Cons
- No physical branch locations
Product Details
- If Marcus rates go up during your term, you may increase your rate once during the 20-month term
- Early withdrawal penalty for CD terms between 12 months and 5 years is 180 days of simple interest
- Interest compounded daily and deposited monthly
- FDIC insured
Marcus also has a rate bump CD, which allows you to request a one-time rate increase if you see that Marcus CD rates are rising during your term. Not all financial institutions offer these types of CDs, so Marcus might be worth considering if you're looking for a flexible CD.
How Marcus Works
Marcus by Goldman Sachs is an online-only institution, so there are no physical branch locations. Its website is easy to navigate, and its mobile app has received 4.8 out of 5 stars in the Apple store, and 4.4 out of 5 stars in the Google Play store.
Marcus offers 24/7 customer support by phone or live chat.
Marcus doesn't offer a checking or money market account, and it doesn't provide a debit card for its savings account or CDs. To access your savings, you'll have to transfer funds to an external bank account, which could take a few business days.
Marcus accounts are insured by the FDICfor up to $250,000, or $500,000 if you have a joint account.
Marcus: Pros and Cons
| Pros | Cons |
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Marcus Trustworthiness and BBB Rating
The Better Business Bureau gives Marcus by Goldman Sachs an A+ rating. A strong BBB score indicates a company responds effectively to customer complaints, is transparent about company practices, and is honest in its advertising.
Marcus hasn't had any public scandals. Between the good BBB grade and clear history, you may decide you're comfortable banking with this company.
Marcus vs. Ally Bank
You might prefer Ally if you want quick access to your savings. Ally has a checking account, so you can just transfer money between Ally accounts and spend money immediately.
You might prefer Marcus for no-penalty CDs. Marcus has 7-month, 11-month, and 13, month terms. Meanwhile, Ally only has one no-penalty CD option, which has an 11-month term.
Ally Bank Review
Marcus vs. Synchrony Bank
Marcus and Synchrony don't have checking accounts. Synchrony sends you a debit card with your savings account, though, which makes it easier to access your savings quickly.
If you'd like to open a CD, the best option for you may ultimately depend on the term you choose and how much money you have for a minimum opening deposit.
Synchrony Bank Review
Marcus: Frequently Asked Questions (FAQ)
What is Marcus by Goldman Sachs?
Marcus by Goldman Sachs is an online financial institution. It has a high-yield savings account, CDs, and credit cards.
Is Marcus by Goldman Sachs good?
Marcus by Goldman Sachs might be a good option if you find online-only banking convenient. It also might be worth exploring if you're searching for a high-yield savings accountor CD.
Is Marcus by Goldman Sachs FDIC insured?
Yes, Marcus by Goldman Sachs is FDIC-insured. You can deposit up to $250,000 in an individual bank account and that money will be secure.
Does Marcus by Goldman Sachs have a checking account?
No. It doesn't have a checking account.
Does Marcus by Goldman Sachs have a debit card?
No. You won't be able to get a debit card with your savings account.
How do I transfer money to Marcus?
You'll need to link a bank account from another financial institution to transfer money to a Marcus savings account or CD.
Banking Editor
Sophia Acevedo is a banking editor at Business Insider. She has spent three years as a personal finance journalist and is an expert across numerous banking topics.ExperienceSophia leads Personal Finance Insider's banking coverage, including reviews, guides, reference articles, and news. She edits and updates articles about banks, checking and savings accounts, CD rates, and budgeting and saving. She is highly knowledgeable about long-term trends in rates and offers at banks across the U.S.Before joining Business Insider, Sophia worked as a journalist at her college newspaper and was a freelance writer. She has spent seven years writing and editing as a journalist.Sophia was nominated for an Axel Springer Award for Change in 2023 for her coverage of ABLE accounts, tax-free savings accounts for people with disabilities. She was also a winner of a 2018 California Journalism Awards Campus Contest for her photography.She loves helping people find the best solutions for their unique needs and hopes that more people will find the tools to solve their financial problems. She’s inspired by stories of everyday people adapting to their financial circ*mstances and overcoming their fears around money.ExpertiseSophia's expertise includes:
- Bank accounts
- Savings and CD rate trends
- Budgeting
- Saving
- How banks operate
EducationSophia graduated from California State University Fullerton with a degree in journalism and a minor in political science.She is an avid reader across a variety of genres, and she started running in 2021. She ran in the 2024 Los Angeles Marathon.
Compliance and Operations Associate
Evelyn He is a Compliance and Operations Associate on the Personal Finance team to ensure content accuracy and editorial independence so readers get up-to-date and objective financial advice.The compliance team's mission is to provide readers with fact-checked and current stories so they can make informed financial decisions. The team also works to minimize risk for partners by ensuring language is clear, precise, and fully compliant with regulatory and partner marketing guidelines that align with the editorial team.
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