Marcus does one thing: grow your savings. No checking account, no debit card, no investing platform. Just a 3.90% APY savings account and competitive CDs with zero fees. If you want simplicity and a rate above Ally’s current 3.10%, Marcus delivers.
Marcus by Goldman Sachs is the consumer banking arm of Goldman Sachs, one of the most prestigious investment banks in the world. Launched in 2016, Marcus offers a focused set of products: high-yield savings, CDs, and personal loans. No checking account. No debit card. No brokerage.
That simplicity is both its strength and its limitation. Here is exactly who it is right for.
- Marcus pays 3.90% APY as of May 2026 — 0.80 percentage points above Ally Bank (3.10%) and among the higher rates at a major institution. On $25,000, that difference is $200/year. On $50,000, it is $400/year. Marcus wins on raw rate among established banks; smaller banks and credit unions may offer more, but Marcus pairs the higher rate with Goldman Sachs institutional stability and FDIC insurance.
- Marcus is savings-only. There is no checking account, no debit card, and no ATM access. You cannot use Marcus as your primary bank. Every withdrawal requires a 1 to 3 business day ACH transfer to an external checking account. This is the defining limitation of Marcus, and it is the reason most people use Marcus as a secondary savings account alongside a primary bank like Ally, Chase, or a local credit union.
- The Marcus No-Penalty CD requires a 14-day waiting period before withdrawal (vs Ally’s 6-day period). This is a meaningful difference if you consider the No-Penalty CD for your emergency fund. Ally’s 6-day waiting period is functionally immediate for emergencies; Marcus’s 14-day window is longer. For non-emergency savings you are confident will sit for at least two weeks, this distinction does not matter.
- Marcus personal loans (fixed rates from 6.74% APR, $3,500 to $40,000) are among the more competitive unsecured personal loan options for debt consolidation. No origination fee, no prepayment penalty. For someone carrying $15,000 in credit card debt at 24% APR, refinancing at 10 to 12% APR through Marcus saves $1,500 to $2,100 per year in interest. The savings account and loan can coexist in the same Marcus account for users using both products.
- Marcus does not organize savings into buckets or sub-accounts. If you use sinking funds (separate labeled pools for vacation, car maintenance, emergency, etc.), you need to track your Marcus allocations externally using a spreadsheet or budgeting app. Ally Bank’s Buckets feature handles this automatically in a single account. This is the primary reason sinking fund users choose Ally over Marcus despite Ally’s lower APY.
What Marcus offers
High-Yield Online Savings Account: 3.90% APY (variable, as of May 2026). No minimum balance to open or earn APY. No monthly fees. No transaction fees. Interest compounds daily and credits monthly.
CDs:
- High-Yield CD: Terms from 6 months to 6 years. Fixed rates that are competitive with or above the savings account rate. Early withdrawal penalty applies — 90 days of interest for terms under 12 months, up to 365 days for longer terms.
- No-Penalty CD (7, 11, or 13 months): Lock in a fixed rate and withdraw the full balance any time after 14 days with no penalty. Rates are slightly lower than standard CDs. Best for savings you want rate protection on but may need access to.
Personal loans: $3,500 to $40,000 with fixed rates from 6.74% APR. No origination fees, no prepayment penalties. Terms of 3 to 6 years. Useful for consolidating high-interest credit card debt.
Fees
| Fee type | Marcus charge |
|---|---|
| Monthly maintenance fee | $0 |
| Minimum balance requirement | $0 |
| Minimum deposit to open | $0 |
| Transfer fees | $0 (ACH transfers only) |
| Wire transfers | Not available |
| Early withdrawal penalty (standard CD) | 90 to 365 days of interest depending on term |
| No-Penalty CD early withdrawal | $0 (after 14-day waiting period) |
Marcus charges zero fees on savings and CD products. The only potential cost is the early withdrawal penalty on standard (not No-Penalty) CDs.
See what your savings earns at Marcus
Savings Interest Calculator
Compare Marcus 3.90% APY against Ally Bank and a traditional bank.
Personal loan interest savings calculator
Debt Consolidation Savings Calculator
See how much a Marcus personal loan could save you on high-interest debt.
Marcus vs. Ally: which is right for you?
Marcus or Ally? Quick Picker
The two most common choices for online savings — which fits your situation?
Q1: What matters most to you?
Key features in detail
Goldman Sachs backing
Marcus is the consumer arm of Goldman Sachs, which manages over $2.6 trillion in assets. Your deposits are FDIC insured up to $250,000 per depositor. The institutional backing matters primarily for confidence — Goldman Sachs is not a startup HYSA that might change rates drastically or shut down. The tradeoff: Goldman Sachs is a large institution with investor obligations, meaning Marcus may not always be the first to raise rates when the Fed increases them (larger institutions tend to be slower to pass rate increases to consumers than smaller online banks).
No-Penalty CD (7, 11, or 13 months)
Marcus offers No-Penalty CDs in three terms: 7, 11, and 13 months. You can withdraw the full balance any time after 14 days from opening with no early withdrawal penalty. The rate is fixed for the CD term. This is useful when you believe rates will fall — locking in today’s rate protects your return even if Marcus’s savings APY drops during the CD term.
Key comparison with Ally: Ally’s No-Penalty CD has a 6-day waiting period; Marcus requires 14 days. For true emergency fund savings, Ally’s shorter waiting period is meaningfully better — you could access funds within 6 days of an emergency arising. For non-emergency savings you are confident will sit for at least two weeks, the distinction is minor.
Rate lock on CD applications
When you apply for a Marcus CD, you receive a 10-day rate lock. If Marcus raises its CD rates during that 10-day application window, your account opens at the higher rate. If rates fall, you keep the rate you locked. A small but thoughtful feature for CD savers who worry about rate changes between application and account opening.
Personal loans
Marcus offers fixed-rate personal loans from $3,500 to $40,000 at rates starting from 6.74% APR. No origination fee (unlike many competitors who charge 1 to 8% of the loan upfront). No prepayment penalty — you can pay off early at no cost. Terms of 3 to 6 years. Loan rates are fixed, meaning your payment does not change with Fed rate movements after you lock in.
The personal loan is the most underappreciated Marcus product. For someone consolidating $15,000 in credit card debt at 24% APR down to 11% APR at Marcus, the total interest saved over 5 years is approximately $4,900. Use the debt consolidation calculator above to see the exact savings for your balance and rates.
Simple interface
The Marcus app and website are intentionally minimal. There is one savings account, one set of CD options, and personal loans. No brokerage platform to navigate, no investment products, no credit card upsells. If the simplicity of a focused savings product appeals to you — and you already have investing handled elsewhere — this design is a feature, not a limitation.
Marcus vs. Ally: full comparison
| Feature | Marcus | Ally Bank |
|---|---|---|
| Savings APY (May 2026) | 3.90% | 3.10% |
| Checking account | No | Yes |
| Debit card / ATM access | No debit card | 43,000+ Allpoint ATMs |
| Savings organization | None | Buckets (30 labeled goals) |
| No-Penalty CD | Yes (7, 11, 13 months; 14-day wait) | Yes (11 months; 6-day wait) |
| Standard CD terms | 6 months to 6 years | 3 months to 5 years |
| Personal loans | Yes ($3,500 to $40,000) | No |
| Brokerage / investing | No | Ally Invest (mediocre, skip it) |
| Transfer speed (external) | 1 to 3 business days | Instant (internal) / 1 to 3 days (external) |
| Customer service hours | Business hours | 24/7 |
| Mobile app rating | Good | Excellent (4.7 iOS) |
| FDIC insured | Yes (Goldman Sachs Bank USA) | Yes |
Best strategy for serious savers: Use both. Keep your primary banking (checking, everyday spending, emergency access) at Ally. Move your long-term savings balance — the money you will not touch for months — to Marcus for the higher 3.90% APY. Internal Ally transfers are instant; the 1 to 3 day Marcus-to-Ally transfer timeline only matters if you need the money urgently, which is what your Ally account handles.
Frequently Asked Questions
Is Marcus by Goldman Sachs FDIC insured?
Yes. Marcus is operated by Goldman Sachs Bank USA, which is an FDIC-insured institution. Your deposits are insured up to $250,000 per depositor (individual account), $500,000 for joint accounts, and separately up to $250,000 for IRA deposits. Goldman Sachs Bank USA has operated since 1999 and has never had a failure or missed FDIC obligations. For depositors with balances over $250,000, a joint account structure or spreading deposits across multiple FDIC-insured institutions extends coverage.
How long do Marcus transfers take?
External ACH transfers between Marcus and an external bank account take 1 to 3 business days each direction. Marcus does not offer wire transfers or instant transfer options. This transfer timeline is the primary operational limitation for people using Marcus as a primary savings vehicle. If you might need emergency access to your savings quickly, either keep an Ally checking account (instant internal transfers to savings) or maintain a separate emergency buffer in a local bank account. Standard ACH timing means: if you initiate a transfer from Marcus to your checking account on a Monday, funds typically arrive by Wednesday. Weekend initiation adds 2 extra days.
Can I use Marcus as my primary bank?
No — Marcus is designed as a savings-only platform. There is no checking account, no debit card, no check writing, no bill pay, and no ATM access. You need a separate primary bank (Ally, Chase, a local credit union) for everyday spending and cash access. Marcus works best as a secondary savings account: you maintain your primary checking elsewhere and ACH transfer money to Marcus for higher-yield savings on amounts you will not need immediately. This two-bank setup is how most Marcus customers use the platform, and it is the setup Marcus itself is designed for.
How does the Marcus No-Penalty CD work?
The Marcus No-Penalty CD locks in a fixed rate for your chosen term (7, 11, or 13 months) and allows you to withdraw the full balance any time after 14 days from opening — with no early withdrawal penalty. You cannot make additional deposits after opening (unlike a savings account). Withdrawals must be of the full balance; partial withdrawals are not allowed. The rate is fixed for the full term regardless of what happens to Marcus’s savings APY after you open. Best use case: if you expect savings rates to continue falling (as they have been since late 2024), locking in today’s No-Penalty CD rate protects your return. If rates rise, you withdraw after 14 days and open a new CD at the higher rate. Compare Marcus’s current No-Penalty CD rate to its savings account rate before opening — the CD rate should be at or above the savings rate to justify the minor liquidity restriction.
How does Marcus compare to SoFi for savings?
SoFi currently offers 4.50% APY on savings (with direct deposit requirement), meaningfully above Marcus’s 3.90%. SoFi also offers checking, a debit card, and Vaults for savings organization — making it a more complete banking platform than Marcus. The SoFi rate requires setting up direct deposit (your paycheck or government payment must be deposited there to unlock the 4.50% rate — without direct deposit, the rate drops significantly). Marcus requires no conditions — any depositor earns 3.90%. For depositors who can set up direct deposit at SoFi, SoFi offers both a higher rate and more banking features. For depositors who do not want to change their direct deposit setup, Marcus’s unconditional 3.90% is simpler.
Does Marcus affect your credit score?
Opening a Marcus savings account or CD does not involve a credit check and has no impact on your credit score. The Marcus savings and CD products are deposit accounts, not credit products. The Marcus personal loan application begins with a soft credit pull (checking your rate) that also does not affect your score. Only if you formally accept and proceed with a loan does a hard inquiry occur, which may temporarily lower your score by a few points. The hard inquiry impact typically disappears within 12 months and is minor relative to the interest savings from consolidating high-rate debt.
Should I keep my emergency fund at Marcus?
Marcus can hold your emergency fund but with one important consideration: the 1 to 3 day ACH transfer time means you cannot access the funds instantly in a true emergency. If your emergency requires immediate cash (car breaks down, urgent medical bill), you would need to wait 1 to 3 business days for the transfer to reach your checking account. The solution most people use: keep 1 month of expenses in an Ally savings account (instant internal transfer to Ally checking), and keep the remaining 2 to 5 months of emergency fund in Marcus for the higher 3.90% APY. This hybrid approach gives you immediate access to a buffer while earning the higher Marcus rate on the bulk of your emergency savings.
What credit score do I need for a Marcus personal loan?
Marcus does not publish a minimum credit score requirement, but most approved borrowers have FICO scores of 660 or above. The best rates (starting at 6.74% APR) go to borrowers with scores of 720 or higher with strong income. You can check your rate at marcus.com without affecting your credit score (soft pull). The soft-pull rate check shows you the exact APR Marcus would offer before you formally apply. If the offered rate is lower than your current debt APR, the loan saves money. If it is similar to or higher than your current rate, the consolidation makes no sense. Always run the debt consolidation calculator above with your actual Marcus offered rate to confirm the savings before proceeding.
The bottom line
Marcus by Goldman Sachs is the best pure savings account at a major institution in May 2026. At 3.90% APY, it pays more than Ally (3.10%), more than the national average (0.38%), and significantly more than any traditional bank. Zero fees, institutional stability backed by Goldman Sachs, and a clean No-Penalty CD product with multiple term options.
The limitations are real: no checking account, no debit card, no savings organization, and 1 to 3 day transfer times. Marcus is not a primary bank — it is a high-yield savings destination for money you will not need immediately.
The optimal setup for most people: primary banking at Ally (checking, instant access, Buckets for sinking funds) with a Marcus savings account holding your longer-term savings for the 0.80% APY premium. Two accounts, both free, covering everything.
Related reading:
- Want full banking alongside your savings? Read our Ally Bank review — the best all-in-one online bank to pair with Marcus for full banking coverage.
- Looking for the highest savings rate available right now? Read our high-yield savings account guide — current rates from SoFi, Marcus, Ally, Discover, and top smaller banks compared monthly.
- Using a Marcus loan to pay off credit card debt? Read our credit card debt payoff guide — the debt avalanche and snowball strategies that work alongside a consolidation loan.
