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Summary: Marcus by Goldman Sachs is the online consumer banking division of Goldman Sachs. It offers an online savings account, CDs, and credit cards. Marcus does not have any physical branches, but it does offer extended customer service hours, competitive rates, and fee-free accounts.
Marcus by Goldman Sachs product overview
High-yield savings account
The Marcus Online Savings Account doesn’t charge any monthly fees or require a minimum deposit. This account currently offers 3.75% APY — over nine times the national average. There is no limit on the number of withdrawals or transfers you can make from your account.
Read more: Everything you need to know about the Marcus by Goldman Sachs savings account
Certificates of deposit (CDs)
Marcus offers three different types of CDs: high-yield CDs, no-penalty CDs, and rate-bump CDs. Terms range from six months to six years. There’s a $500 minimum deposit required to open any CD with Marcus. If you withdraw funds before the account matures, an early withdrawal penalty of between 90 to 270 days’ worth of interest applies, depending on the specific account (with the exception of no-penalty CDs).
Credit cards
Marcus offers three types of co-branded rewards credit cards that offer bonuses, cash back, and points on purchases with GM. However, the bank is not accepting new applications at this time.
Marcus by Goldman Sachs fees
In general, Marcus does not charge fees for its accounts, including monthly maintenance fees, minimum balance fees, or fees for transfers. However, if you make a withdrawal from your Marcus CD before it reaches maturity, you may incur an early withdrawal penalty.
Read more: What are bank fees, and how do I avoid them?
Marcus by Goldman Sachs pros and cons
Here are some of the major pros and cons to consider before becoming a Marcus by Goldman Sachs customer:
Pros:
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Competitive interest rates: Marcus by Goldman Sachs offers interest rates of 3.75% APY and up for its high-yield savings accounts and CDs.
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No monthly service fees for deposit accounts: Marcus does not charge any fees for account maintenance.
Cons:
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No physical locations: Marcus operates exclusively online, meaning it doesn’t have any physical branches. This may be a drawback for those who prefer in-person banking assistance.
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No checking account: Marcus does not currently offer a checking account option for customers.
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No ATM access or ATM card: Customers who want access to their funds will need to do so via ACH or wire transfer.
Customer service and mobile banking experience
Marcus by Goldman Sachs representatives can be reached via phone, live chat, and mail. Savings and credit card customers can reach a customer service representative 24/7.
The Marcus by Goldman Sachs mobile app is available for download on the App Store and Google Play and has an average rating of 4.8 and 4.2 stars, respectively. Customers can use the app to open an account, add funds to their accounts, check their balances, transfer funds between accounts, and more.
Read more: Is mobile banking safe? How to keep your personal data secure.
Social and environmental impact
Goldman Sachs, the parent company of Marcus, highlights its commitment to sustainability, diversity, and inclusion, and community engagement on its website. In 2019, Goldman announced a 10-year, $750 billion sustainable finance commitment to sustainable finance solutions across financing, investing, and advisory work with clients. Goldman has also launched several initiatives aimed at fostering and promoting diversity and inclusion in its hiring processes, employee learning opportunities, employee retention programs, inclusion networks, and more.
Frequently asked questions
Is Marcus by Goldman Sachs FDIC-insured?
Yes. Marcus accounts are provided by Goldman Sachs Bank, which is an FDIC-insured institution.
What is Marcus by Goldman Sachs’ routing number?
Marcus’s routing number is 1240-8526-0.
Does Marcus allow customers to transfer money via Zelle?
No. Marcus by Goldman Sachs is not part of the Zelle network.
