Pros of Banking with Marcus

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1. Competitive Interest Rates

Marcus consistently offers some of the highest interest rates in the online banking space. Their savings account APY of 3.75% is well above the national average, and their CD rates are particularly strong for no-penalty options.

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2. No Fees or Minimums for Savings

The Marcus savings account has no monthly fees or minimum balance requirements, making it accessible to savers at all levels. This fee-free approach means you keep more of what you earn.

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3. Flexible CD Options

Marcus stands out with its variety of CD products, especially the no-penalty CDs that allow access to funds without the typical early withdrawal penalties—a rare offering in banking.

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4. Rate Guarantee on CDs

If rates increase within 10 days of opening a CD, Marcus will automatically give you the higher rate—a customer-friendly policy not commonly found at other banks.

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5. Strong Customer Service

Marcus ranked first in J.D. Power's 2024 Direct Banking Satisfaction Study among online-only banks for savings products, and offers 24/7 customer support via phone and live chat.

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6. Well-Designed Mobile App

The Marcus mobile app boasts high ratings (4.9/5 in the Apple App Store and 4.4/5 in Google Play), offering intuitive account management and financial insights.

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7. Strategic Credit Card Partnerships

With the Apple Card and GM Rewards Cards, Marcus offers credit options with competitive rewards structures that integrate well with their existing financial ecosystem.

Cons of Banking with Marcus

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1. Limited Product Lineup

Unlike full-service online banks, Marcus doesn't offer checking accounts, money market accounts, or debit cards, limiting its utility as a primary banking solution.

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2. Access to Funds

Without a checking account or debit card, accessing your savings requires transferring money to an external bank account, which can take 1-3 business days.

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3. No Mobile Check Deposit

You can't deposit checks through the mobile app—checks must be mailed in, which is inconvenient compared to competitors offering mobile check deposit.

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4. No Cash Deposits

As with most online banks, there's no way to deposit cash directly into your Marcus account.

How Marcus Compares to Other Online Banks

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Marcus vs. Ally Bank

Ally offers a more complete banking package with checking accounts, debit cards, and a larger product lineup, making it better for everyday banking. However, Marcus often edges out Ally on savings rates and has superior no-penalty CD options. While Ally offers more credit card options, Marcus's Apple Card provides unique benefits for Apple ecosystem users.

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Marcus vs. Capital One

Capital One combines online convenience with physical branches and café locations, plus offers checking accounts with debit cards. Marcus typically offers slightly higher savings rates but with less accessibility. Capital One has a more extensive credit card lineup, while Marcus focuses on just a few strategic partnerships.

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Marcus vs. American Express National Bank

Both focus primarily on savings products, but American Express offers a broader suite of financial services when combined with their credit card offerings. Marcus often has more competitive CD rates, especially for no-penalty options. For credit cards, American Express has a much wider selection, while Marcus offers the unique Apple Card with its tight integration to Apple products and services.

Who Should Bank with Marcus?

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Marcus by Goldman Sachs is ideal for:

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• Savers focused on earning high interest who already have a primary checking account elsewhere

• CD investors looking for flexible terms and competitive rates

• Fee-conscious consumers who want to avoid monthly maintenance charges

• Customers who value simplicity and don't need complex banking features

• Apple users who want to benefit from the Apple Card's integration with the Apple ecosystem

• GM vehicle shoppers looking to earn rewards toward their next automobile purchase

Who Should Look Elsewhere?

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Marcus might not be the best fit if you:

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• Need a one-stop banking solution with checking capabilities

• Require quick access to your savings through ATMs or debit cards

• Frequently deposit cash or checks

• Want in-person banking services

• Need a wide variety of credit card options beyond the Apple Card or GM Rewards cards

The Bottom Line: Is Marcus Worth It in 2025?

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Marcus by Goldman Sachs excels at what it focuses on—providing high-yield savings products with minimal fees and excellent customer service. Its strategic credit card partnerships, particularly with Apple, add value for consumers who are already in those ecosystems. If you're looking for a place to grow your savings while keeping it separate from your everyday spending money, Marcus is an excellent choice with competitive rates and a solid reputation.

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However, if you're seeking a complete banking solution to handle all your financial needs, you'll need to pair Marcus with another bank or choose a more full-service online bank instead. And if you're looking for a wide variety of credit card options, other financial institutions offer more extensive choices than Marcus's limited but targeted offerings.

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For savers who already have a checking account they're happy with, Marcus offers one of the most attractive combinations of high rates, zero fees, and flexible savings options available in 2025. The backing of Goldman Sachs adds an extra layer of security and prestige that many newer fintech companies can't match.

How to Get Started with Marcus

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Opening an account with Marcus is straightforward:

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1. Visit marcus.com or download the Marcus mobile app
2. Select the account type you want to open
3. Provide personal information and verify your identity
4. Link an external bank account for funding
5. Make your initial deposit (if opening a CD)

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With no minimum balance requirement for savings accounts and a low $500 minimum for CDs, Marcus makes it easy to begin your savings journey with minimal barriers to entry.