Marcus by Goldman Sachs Review: Worth it in 2024?
Marcus by Goldman Sachs
Marcus by Goldman Sachs offers one of the most popular online savings accounts. As a HYSA (High Yield Savings Account), Marcus provides you with APY rates significantly higher than traditional brick-and-mortar banks.
Although the APY rates offered by HYSAs fluctuate based on the current state of the economy, historically these rates have always been more lucrative for consumers.
In this article we will highlight some of the pros and cons of the Marcus savings account to see if it’s worth signing up for. Continue reading below or check out our video review.
What is Marcus by Goldman Sachs?
For some background, Marcus is an HYSA offering from Goldman Sachs, one of the largest financial institutions in the world. As mentioned, HYSAs are mostly online only and typically offer much higher APY rates vs. traditional brick-and-mortar banks. For this reason, they are growing in a popularity as a place to store a portion of your savings.
These online banks are able to offer such better APY rates because they do not have to worry about any expenses related to maintaining physical bank branches. As a result, their expense are lower overall meaning they can promote higher interest rates to attract customers like you.
Is Marcus by Goldman Sachs Safe?
Simply put, yes. Your deposits are FDIC insured up to $250,000. Although unlikely, if Marcus or Goldman Sachs ever failed as a bank, the FDIC would reimburse you up to $250,000. High-level there is virtually no risk to this HYSA so long as your savings are within that threshold.
Pros of Marcus by Goldman Sachs
- Competitive APY rate that adjusts to economy quickly
- Unlimited withdrawals of your money
- No monthly maintenance fees
- No minimum deposit
- Same day transfers (up to $100,000) to or from your Marcus account
- Supports beneficiary elections
- Easy to use web app and mobile app
- 24/7 customer service
Cons of Marcus by Goldman Sachs
- No physical branch locations (standard for most HYSAs)
- No checking account or debit card available (no ATM withdrawals)
- FDIC Insurance is only up to $250,000 (Some competitors partner with other banks to provide even higher FDIC insurance)
Recap
In the end, depending on the current economic conditions, HYSAs can be excellent places to store some of your savings. Whether or not Marcus is the right choice for your banking needs is up to you.
Instead of an HYSA, looking for a straightforward cash back credit card? Check out our review of Blue Cash Everyday® Card from American Express.
