Unlocking Insights: Services, Fees, and the Customer Experience

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The verdict: After a thorough comparison of Marcus to the top online banks, it’s clear this institution offers a reliable option for those looking to open a high-yield savings account without any initial deposit or monthly fees. It also provides a diverse selection of CD options.

However, with numerous online banks vying for your attention, even the smallest differences can set the best apart from the rest. While Marcus offers no-penalty CDs, other banks may provide higher returns on their savings accounts and CDs. Plus, many competitors offer checking accounts and CDs, making them more comprehensive choices than Marcus.

Overall Rating of Marcus

Pros and Cons of Marcus

About Marcus Bank

Marcus by Goldman Sachs is exclusively online, which means physical branches are a thing of the past.

They offer a high-yield savings account, CDs, and credit cards. Notably, Marcus does not provide checking or money market accounts, and a debit card isn’t available for savings or CDs. To access your funds, you’ll need to transfer them to an external bank account.

Marcus accounts are backed by the FDIC up to $250,000, or $500,000 for joint accounts.

Previously, Marcus also provided personal loans and investment services. However, Marcus Invest has been shut down, with Betterment now managing its users’ accounts. Personal loans were also discontinued in 2023.

Is Marcus Reliable?

Marcus by Goldman Sachs boasts an A+ rating from the Better Business Bureau. This high rating indicates that they handle customer complaints effectively, maintain transparency in their practices, and advertise honestly.

There haven’t been any major scandals involving Marcus. With a stellar BBB rating and a solid reputation, you might feel confident banking with them.

Fees and Charges

Monthly Maintenance Fees

Marcus does not impose monthly maintenance fees on its savings accounts, a feature you’ll typically find absent in most online banks compared to traditional ones, which have higher overhead costs.

Early Withdrawal Penalties

If you decide to open a Marcus High-Yield CD or a Marcus 20-month Rate Bump CD, be aware that there are early withdrawal penalties that apply if you withdraw funds before the term concludes. The penalties are as follows:

• For terms under one year: 90 days of interest
• For terms between one and five years: 180 days of interest
• For terms exceeding five years: 270 days of interest

These penalties are fairly standard across most banks, but some institutions have more lenient policies. However, the Marcus No-Penalty CD allows for early withdrawals without penalties.

If you’re looking for a CD option without early withdrawal penalties, Marcus shines in this space, particularly with its competitive rates compared to other banks offering similar products.

Digital and Mobile Banking

Mobile App Features

While the Marcus mobile banking app doesn’t support mobile check deposits—a feature many apps have—you can still check your transaction history, make transfers, and access customer service through the app.

With a 4.9-star rating in the Apple Store and 4.3 stars in the Google Play Store, users generally express satisfaction with the app’s performance.

Online Banking Tools

Marcus enables you to manage your transaction history, make transfers, and reach customer support through their online portal. Their website also features calculators for each account, helping you estimate potential interest earnings.

Customer Service and Support

Marcus prides itself on its 24/7 customer support via phone or live chat. According to the J.D. Power 2024 U.S. Direct Banking Satisfaction Study, Marcus ranked as the top provider in overall customer satisfaction among online savings institutions. However, banks like Capital One and Ally, offering both checking and savings accounts, also received high customer satisfaction scores.

FAQs

Marcus Savings Account Review

High-Yield Online Savings Account by Marcus

Marcus High Yield Online Savings Account offers an attractive 3.90% APY. This rate is higher than traditional banks but may still fall short compared to some competitors.

If you’re seeking a straightforward savings account with a low initial deposit and zero monthly fees, the Marcus High Yield Online Savings Account could be a great choice.

That said, accessing your funds may be less convenient. Since Marcus lacks a checking account, you can’t directly transfer money into your spending account. Instead, you’ll have to initiate transfers to an external bank account, which adds an extra step.

Compare Today’s Rates

Marcus CDs Review

Marcus offers a range of CDs, including high-yield CDs, no-penalty CDs, and bump-up CDs. The CD rates vary based on the CD type.

High-Yield CD from Marcus

The Marcus High-Yield CD offers terms ranging from six months to six years. The rates are generally above average CD rates, though some online banks may still offer even better terms.

A $500 initial deposit is required for Marcus CDs, which is lower than many competitors, but still higher than some banks that require no upfront payment.

No-Penalty CD from Marcus

Marcus provides no-penalty CDs, which allow you to withdraw funds before your term ends without incurring penalties, a rarity in today’s banking landscape. With three options for term length, including 7-month, 11-month, and 13-month, Marcus stands out for those considering no-penalty CDs.

With high rates and a $500 minimum deposit requirement, Marcus makes for an appealing choice.

20-Month Rate Bump CD from Marcus

Marcus also provides a bump-up CD, allowing you to request a one-time rate increase if rates rise during your term. This flexibility makes Marcus a worthy consideration if you’re seeking a CD that can adapt.

Credit Card Review for Marcus

Marcus offers co-branded rewards credit cards through its partnership with General Motors. While these cards don’t carry annual fees, they haven’t made it to the top of the list for best credit cards.

Comparison of Marcus

Marcus vs. Ally Bank

If you want quick access to your funds, Ally might be a better fit. Their Spending Account provides seamless access to your funds without needing to transfer them externally.

On the other hand, if no-penalty CDs are your priority, Marcus is the clear winner with options for 7-month, 11-month, and 13-month terms. Ally only offers a single 11-month option for no-penalty CDs.

Marcus vs. Synchrony Bank

Neither Marcus nor Synchrony offers checking accounts. However, Synchrony provides a debit card with its savings account for easier access to your funds.

Your choice of a CD may ultimately depend on the term and your initial deposit amount. Synchrony CDs allow for $0 to open an account, while Marcus typically requires $500.

Why Trust Us: Our Review Process for Marcus Bank

Here at our organization, we adhere to strict bank account review methodologies when assessing banking products.

Our reviews assign a star rating from one to five, factoring in various features unique to each account type. For example, we closely examine early withdrawal penalties for CDs and interest rates for savings accounts, while also considering fees associated with credit cards.

We employ a weighted average system to determine our ratings, giving more weight to critical factors like interest rates and fees that significantly impact the banking experience.

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