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Marcus by Goldman Sachs CDs Review

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Marcus by Goldman Sachs offers high-yield certificates of deposits (CDs) and savings accounts to help people achieve their financial goals. Marcus' CDs have APY rates above the national average and enable account holders to make money as they save. The company is a brand of Goldman Sachs Bank USA, headquartered in New York City.
 
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How is Marcus by Goldman Sachs rated?

Breakdown

0.0/5
Types of CDs
4.9/5
Term Lengths and Features
4.9/5
Minimum Deposits, Fees, and Penalties
4.8/5
Customer Experience

Overall Rating: 4.8 / 5 (Excellent)

Marcus by Goldman Sachs' high-yield Certificates of Deposit are designed to help customers who save money, make money while doing so. With APY rates above the national average, monthly earned interest can be withdrawn from accounts without penalty. The bank as a whole has received above average ratings from trusted rating companies, yet an average C+ rating from the Better Business Bureau, primarily due to its limited resolved complaints. Only 22 out of 105 complaints of the bank on the Consumer Financial Protection Bureau regard CDs, none against the actual customer service for the accounts. Overall, the Certificates of Deposits have no other fee associated with the accounts and are admirable for financial saving goals.

Marcus by Goldman Sachs Account Features

Term Lengths and Features - 4.9 / 5

Marcus by Goldman Sachs' CDs permit account holders to withdraw monthly earned interest without penalty. Those who choose to withdraw more will pay a fee, depending on their individual term. Rates are guaranteed fixed and do not fluctuate if the account maintains the minimum balance of $500.
Type of Rate (Traditional)
Fixed
Types of CDs
Traditional CD
Interest Compounded
Monthly
Term Range
Account holders can opt for terms ranging between six months to a maximum of six years.
Minimum Deposit Amount
$500
Maximum Balance Limit
$250,000
Best Rate Guarantee
Yes
CD Calculator
Yes

Marcus by Goldman Sachs Fees and Penalties

Minimum Deposits, Fees, and Penalties - 4.9 / 5

Marcus by Goldman Sach's was designed to provide customers no-fee savings and CD accounts. Aside from monthly earned interest, earlly withdrawal is not permitted. Customers who choose to withdraw from their CD before its maturity will receive a fee based on their CD's term and principal balance.
Early Withdrawal Penalty
Penalties are based on the term of CD and its principal balance.

Marcus by Goldman Sachs Financial Strength and Reputation

Customer Experience - 4.8 / 5

Goldman Sachs has received an average rating from the Better Business Bureau, where the company has resolved about 1/3 of its online complaints. The company is given above average ratings from both Moodys and AM Best financial ratings. Although not 24/7, Goldman Sachs provides customer service 7 days a week.
Year Founded
1869
Moody's Financial Rating
A3
AM Best Financial Rating
A+
Live Help 24/7
No
Customer Support Hours
8:00 a.m. - 10:00 p.m.
Contact Methods
Phone
BBB Rating
C+
BBB Total Complaints
31
BBB Resolved Complaints
11
Consumer Financial Protection Board (CFPB) Complaints
22
Date Collected
2016-12-12

Company Profile

Full Name
Marcus by Goldman Sachs CDs
Company Website
https://www.marcus.com/us/en
Headquarters
111 South Main Street, Salt Lake City, UT, 84101

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Customer Comments & Reviews

Loading Reviews ...
famcopt
2/15/2021
As the interest rates get low, Marcus bank gives the client only 10 day window to to close the CD once it is matured. Then the bank renews the CD at a ridiculous rate for a year without owner’s approval. When client realizes the situation and the money is locked for a year and prefers to close the account. There is a penalty of money which, is more than the accrued interest. This, in contrast to what used to be, when CD matures and no decision was taken, the amount of money is transferred to a saving account, until the client reaches the decision. The thread of sent emails by the bank do not explain the available options to the matured CD, regarding automatic one year renewals. It... Read More

Top Rated
Our Partner
  • 1.21% high-yield CD, 7.1X higher than national average.
  • Bank with purpose: your deposit helps us keep investing in underserved communities hard hit by the Covid crisis.
  • No fees.
  • FDIC insured.
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