Marcus by Goldman Sachs Bank Review

Dec 26, 2023 By Triston Martin

Marcus Goldman Sachs Bank is an online-only financial institution. Hence it does not provide its customers with access to a network of ATMs or physical locations where they may access their bank accounts. You can, however, link your Marcus bank profile to the bank account you use most frequently so that you can use the Marcus Goldman phone app to conduct mobile banking transactions.

The Marcus phone application may be downloaded for use on mobile devices running either iOS or Android. You will be able to track your progress toward your financial objectives, check your account balances, examine trades, move funds to or from your existing bank accounts, establish recurring deposits, and initiate monthly payments to your Marcus private loan amount all through the app. On the App Store, the Marcus by Goldman Sachs reviews has a rating of 4.8 stars out of 5, while the rating on Google Play is 3.8.

Marcus Insights is a new tool that was recently added to the Marcus mobile app. This tool allows you to communicate your external accounts to the Marcus app so that you can track your expenditure by category, see your monthly cash flow, evaluate the trends and results of your saving and investing, and get better visibility into how you can better manage your finances.

One potential barrier to access that the Marcus mobile app presents are the fact that, in contrast to other banks, Marcus is unable to accept check deposits through the app. In order to make a check deposit into your savings account at Marcus, you will need to write "For Deposit Only" on the back of the check, along with your account number, and then submit the inspection to Marcus through the mail.

Certificates of Deposit

Marcus offers two options for Certificates of Deposit, based on the duration of time you choose to invest your funds.

CDs with a High Yield

Deposit certificates with a high yield. This form of Marcus CD has a minimum balance of $500 and offers a set rate of return based on the period selected. Terms vary between six months and six years.

People are sometimes hesitant to sign in on a certificate of deposit (CD) in case the rate rises immediately after their money is pledged. Marcus offers a unique 10-Day CD Rate Guarantee to help you through this difficult time.

Here is how it operates: If you start a Marcus CD and deposit a minimum of $500 within the first ten days, you will automatically get the higher APY if the rate for your chosen CD term increases during those ten days, even if it is greater than the rate that was offered on the day you established the account. This can assist you in capitalizing on increased interest levels and avoid the buyer's regret when purchasing a certificate of deposit.

Like most other CDs, the Marcus high-yield CDs impose an early withdrawal fee. When you purchase one of these CDs, you commit to leaving your funds in the CD for the duration of the term. If you remove funds before the end of the term, you will be assessed an early redemption penalty equal to a set number of days' worth of interest.

The precise figure of this early termination penalty depends on the CD's maturity date. For example, if you hold a certificate of deposit with a duration of 12 months or less, the early redemption penalty would be equal to 90 days of easy interest on the principal balance of your CD at the annual percentage yield of your CD. For CDs with greater duration, the average number of days rises.

CDs with No Penalties

CDs with no penalties. The No-Penalty CD by Marcus is a wonderful option if you wish to avoid the possibility of early termination fines while still collecting a high APY. There are no-penalty CD periods of seven, eleven, and thirteen months. With seven months and a reserve ratio of $500, you may earn 0.45 percent APY on this No-Penalty CD.

With such a CD, you may lock in a fantastic APY rate and have the right to withdraw your capital without penalty commencing seven days after depositing, and you can retain any interest earned.

You may utilize a No-Penalty CD from Marcus to save for an emergency, a particular desired objective (new car, new mortgage, family trip, wedding, child's partial dentures next year), or any other investment objective that would benefit from a higher APY and more control systems to your money.

Advantages and Disadvantages


  • Rates that are competitive across the board
  • No minimum deposit restrictions on savings
  • Low average investment ($500) on CDs
  • There are no recurring or hidden costs.
  • Loans for those that have won awards
  • Marcus Insights is here to assist you in monitoring and improving your financial situation.
  • Constant access through mobile devices and the internet


  • There are no actual locations.
  • a total lack of current accounts (but this is planned later in 2021)
  • No ATMs
  • No digital check deposit capabilities
  • There are no individual retirement accounts available.
  • No auto loans
  • There are no credit cards.

Closing Words

If you require a personal loan, Marcus provides good alternatives for borrowing up to $40,000 in unsecured personal loans for a range of objectives, including debt consolidation, credit card debt repayment, and home upgrades. Marcus rates high in yearly J.D. Power evaluations of user satisfaction with loan providers, indicating the quality of their client experience and how quickly they approve loans.

In addition, the recently announced Marcus Insights function may assist Marcus clients in getting more worth out of their investment by streamlining their finances. Marcus Insights may be used to track spending, saving, and investing for non-Marcus accounts, which is another incentive to choose Marcus.

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