Marcus by Goldman Sachs is the online consumer banking division of Goldman Sachs. It offers an online savings account, several 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 products and services

Here’s a look at the products offered by Marcus by Goldman Sachs:

• High-yield savings account: The Marcus Online Savings Account doesn’t charge any monthly fees or require a minimum deposit. This account currently offers 4.40% APY — nearly 10 times the national average. There is no limit on the number of withdrawals or transfers you can make from your account.

• Certificates of deposit (CDs): Marcus offers three different types of CDs — a high-yield CD, no-penalty CD, and rate bump CD that range in term from six months to six years. There’s a $500 minimum deposit required to open any CD with Marcus. An early withdrawal penalty between 90 to 270 days’ interest applies if you withdraw funds before maturity.

• Credit cards: Marcus offers three types of co-branded rewards credit cards that offer bonuses, cash back, and points on purchases with GM.

Read more: The 10 best high-yield savings accounts available today

Marcus by Goldman Sachs fees

Marcus does not charge fees for its accounts, with the exception of its early withdrawal penalty for making a withdrawal from your Marcus CD before it reaches maturity.

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:

• Competitive interest rates: Marcus by Goldman Sachs offers interest rates of 4% AY and up for its high-yield savings accounts and CDs.

• No monthly service fees for deposit accounts: Marcus does not charge any fees for monthly account maintenance.

Cons:

• No physical locations: Marcus operates solely online, meaning it doesn’t offer any physical branches for customers to visit.

• No checking account option: Marcus does not currently offer a checking account option for customers.

• 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 insights customers as well as credit card customers can reach a customer service representative 24/7, while business lending customers can call Monday through Friday between 9 a.m. and 6 p.m. ET.

Customer support is also available 24/7 via live chat for savings and insights customers, as well as rewards card customers.

The Marcus by Goldman Sachs mobile app is available for download on the App Store and Google Play and has an average rating of 4.9 and 4.3 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 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's 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.