Goldman Sachs Marcus reviews

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Marcus by Goldman Sachs offers a few different types of financial products, including high-yield savings accounts, Certificates of Deposits (CDs) and no-fee fixed-rate personal loans. The Goldman Sachs name is well established, but how does this bank fare in the eyes of its customers? In this article, check out some Goldman Sachs Marcus reviews to give you an idea.

Overview of Marcus by Goldman Sachs

High-yield savings

Marcus offers a high-yield Online Savings Account with an Annual Percentage Yield (APY) of 1.85%. This APY rate is higher than the National Average (four times higher according to the Marcus website), potentially making it a good place to grow your savings. With this account, you can withdraw funds up to six times per monthly statement period – handy if you need to access your money quickly.

High-yield Certificates of Deposits

CDs are also available from Marcus, with terms ranging from 6 months to 6 years. With a CD, you can’t access your money until the CD matures, so you need to be prepared to have your money “locked in” for the set duration. In an emergency, you could withdraw the entire amount, but an early withdrawal penalty fee will apply.

As you lock in your money, you’ll also lock in a high rate too – a 12-month CD carries a 2.55% APY, while you’ll get a 2.65% APY with a 3-year term. If you can put your money away for even longer, let’s say six years, you’ll benefit from a 3.15% APY.


Additionally, there are several no-fee loan products that Marcus offers, such as debt and credit card consolidation loans, unsecured loans and home improvement loans. It may be possible to borrow up to $40,000 with loan terms from 36 to 72 months. Interest rates start at 6.99% APR (for creditworthy applicants), increasing to 24.99% APR.

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Marcus by Goldman Sachs reviews

Marcus loan reviews

The loans from Marcus receive an overall 4.9 / 5 on Credit Karma with 324 individual customer reviews received so far. The application process and customer service both receive 4.5 / 5.

Several of the loan reviews reflect on how fast and easy it is to apply and get approved for a loan. One debt consolidation loan customer said it took all of 7 minutes to apply for a loan and receive approval. Once this person was accepted, the process of setting up payments to pay off existing credit cards was straightforward.

Another borrower said that after being denied by their bank for a consolidation loan, they were then approved for one with Marcus and benefitted from a good rate and repayment terms – the funds were received within two days.

Marcus savings account reviews

Moving on to the savings accounts offered by Marcus, there are 136 customer reviews to check out on where scores 3 / 5 overall.

Many reviewers have had a positive experience with Marcus/Goldman Sachs. A common theme to the reviews on this site revolves around the interest rates for the savings accounts as being very competitive. One saver did quite a bit of research online before settling on Goldman Sachs because this bank offered a much higher rate of interest with no fees. Opening an account online is easy, and the customer service is excellent according to this particular reviewer.

Recent negative reviews relate to the website’s functionality. To give some background, it seems the website has changed since Goldman Sachs Bank USA rebranded to Marcus by Goldman Sachs. According to some customers, the updated site is more difficult and slower to use than the old one. One unhappy reviewer said they have to keep scrolling up and down the screen to see minor details of their account.

Other reviews relating to customer service is a mixed bag with some customers saying it’s great and some saying they’ve had problems.

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How to open Goldman Sachs account

You must be 18 years or older, have a social security number or Individual Taxpayer Identification Number and have a physical address in the U.S. to apply for a Marcus savings account or loan. (With that said, you must be 19 in Alabama and 21 in Puerto Rico and Mississippi to apply for a Marcus loan).

The first step is to visit the Marcus website, select which product you want to apply for and fill in the online application form. You’ll be asked to input your personal details, and if you’re applying for a loan, you may be asked for additional information, such as bank statements, pay stubs, or W2 documents so that your income can be verified. You may also be asked for photo ID too.

It’s not clear how long it takes for an application for a savings account to be processed, but for loan applications, approval can be more or less instant if you’re approved. If you’ve been declined for a loan, you’ll receive a rejection letter in the mail within 7-10 business days.

Goldman Sachs mobile app

Marcus by Goldman Sachs doesn’t yet have a mobile app. Instead, customers need to manage their account through the Marcus website, which works with Chrome, Safari, Microsoft Internet Explorer and Firefox.

The Marcus website has lately received some criticism according to the reviews we’ve seen as mentioned above. However, you may be able and willing to put up with a less-than-stellar online user experience if you want to take advantage of the high-yield savings accounts or fast, fee-free loans associated with Marcus.

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