Goldman Sachs offers a savings account through its Marcus brand, but it is not a traditional bank and does not have physical branches
Goldman Sachs operates Marcus, an online savings account and personal loan platform. You cannot walk into a Goldman Sachs office to open an account or deposit cash — everything happens online or by phone. The savings account itself is straightforward: you deposit money, it earns interest, and you can withdraw it. But because it is entirely digital, the experience is different from a bank with tellers and ATMs.
Marcus is FDIC insured up to $250,000 per account holder, the same protection you get at any other bank. That means your money is backed by the federal government if Marcus fails. The account has no monthly fees, no minimum balance requirement, and no restrictions on how many times you withdraw per month — rules that used to apply to savings accounts but have largely disappeared.
Key Takeaways
- Marcus by Goldman Sachs is an online-only savings account with FDIC insurance, no monthly fees, and no minimum balance.
- Interest rates on Marcus savings accounts change frequently and are set by Marcus, not by you — compare the current rate to other online banks before opening.
- You cannot deposit cash in person or use ATMs; deposits happen by transfer from another bank account or by mailing a check.
- Marcus customer service is available by phone and online chat, but there is no branch to visit if you need help in person.
- Marcus also offers personal loans and CDs, so the account sits within a larger platform — you do not have to use those products.
How interest rates work and why they matter
Marcus sets the interest rate on its savings account, and that rate changes over time based on what the Federal Reserve does and what other banks are offering. When you open an account, you lock in whatever the current rate is — but that rate is not locked for life. Marcus can lower it whenever it chooses, and it often does when the Fed cuts rates or when competition decreases.
The rate you earn matters because it determines how much money you make just by keeping your savings there. A $10,000 deposit earning 4% per year generates $400 in interest. The same deposit at 1% generates $100. Over time, that difference compounds. Before opening a Marcus account, check what rate it is currently offering and compare it to other online banks like Ally, American Express Personal Savings, or Discover. Rates change constantly, so the best account today might not be the best account next month.
Marcus does not charge you to move money out, so if another bank offers a significantly higher rate, you can transfer your balance without penalty. That flexibility is one advantage of online-only accounts — you are not locked in by convenience or branch location.
Deposits and withdrawals: how money moves in and out
You cannot walk into a Marcus office or ATM to deposit or withdraw cash. Instead, you move money electronically. The most common method is ACH transfer — you link a checking account from another bank and transfer money back and forth. This usually takes one to three business days. You can also mail a check to Marcus, though that takes longer and is rarely necessary.
Withdrawals work the same way: you request a transfer to your linked bank account, and the money arrives in one to three business days. If you need cash immediately, you would withdraw from your linked checking account at an ATM or store, not from Marcus directly. This is a real limitation if you are someone who prefers to handle money in person or who needs cash on short notice.
Some people keep a small checking account at a traditional bank for cash and ATM access, and use Marcus for savings that they do not touch often. Others find the online-only model frustrating and prefer a bank with both branches and competitive rates.
Customer service and what happens if something goes wrong
Marcus customer service is available by phone and through online chat during business hours. You cannot email and expect a response the same day, and there is no branch to visit. If your account is hacked, if a transfer goes missing, or if you have a dispute, you work with Marcus through these channels. Most people report that Marcus handles problems reasonably well, but speed depends on the complexity of the issue.
If Marcus makes an error — for example, if it credits your account twice by mistake — you are responsible for reporting it. The FDIC insurance protects you if Marcus fails as a company, but it does not protect you from your own mistakes, like sending money to the wrong account number. Read the terms carefully before you link external accounts.
Marcus accounts versus other online banks
Marcus is one option among many online savings accounts. Ally Bank, American Express Personal Savings, Discover Bank, and others all offer similar products: no fees, no minimum balance, FDIC insurance, and competitive rates. The main differences are the current interest rate, the quality of customer service, and whether the bank offers other products you might want (like checking accounts or CDs).
Marcus does not offer a checking account, so if you want everything in one place, you would need to use another bank for checking. Ally and Discover both offer checking and savings together. American Express Personal Savings is savings-only, like Marcus. The "best" account depends on what rate is highest right now and whether you want other products bundled together.
If you already have a relationship with another bank and are happy with its rate, there is no reason to move. If you are looking for a new savings account and Marcus has a competitive rate, it is a reasonable choice — but do not choose it just because it is Goldman Sachs. The Goldman Sachs name does not make the account better; the rate and the features do.
When Marcus makes sense and when it does not
Marcus works well if you want a simple online savings account, do not need to deposit cash in person, and are comfortable managing money through a website or app. It is also a good fit if you want to keep your savings separate from your checking account — the psychological distance can help you avoid spending the money.
Marcus does not work well if you need to deposit cash regularly, prefer to handle banking in person, or want a single bank that handles checking, savings, and other products. It also does not work if you are comparing rates and another bank is offering significantly more interest. Online banks compete on rate, so if Marcus is not the highest, move your money to whichever one is.
Frequently Asked Questions
Is my money safe in a Marcus account?
Yes. Marcus accounts are FDIC insured up to $250,000, which means the federal government backs your deposit if Marcus fails. This is the same protection you get at any other bank. If you have more than $250,000, you can open multiple accounts or use a different bank for the excess.
Can I use a Marcus account as my main checking account?
No. Marcus does not offer a checking account or debit card. You need a separate checking account at another bank to pay bills and access cash. Many people use Marcus for savings and keep a checking account elsewhere.
What happens to my interest rate if the Federal Reserve cuts rates?
Marcus will likely lower your rate, though not necessarily by the same amount the Fed cuts. Banks have some flexibility in how quickly and how much they adjust. If your rate drops and you find a better rate elsewhere, you can transfer your money without penalty.
How long does it take to transfer money out of Marcus?
ACH transfers to your linked bank account usually take one to three business days. Mailing a check takes longer and is rarely used. There is no way to get cash immediately from Marcus — you would need to withdraw from your linked checking account instead.
Does Marcus charge fees?
No. Marcus does not charge monthly maintenance fees, overdraft fees, or transfer fees. The only cost is the opportunity cost of earning a lower interest rate than you might find elsewhere.