Goldman Sachs is not a traditional bank for most people
Goldman Sachs operates a bank, but it does not work the way your current bank probably does. The company is primarily an investment bank and trading firm. Its consumer banking arm, Marcus by Goldman Sachs, offers savings accounts and personal loans, but there is no branch network, no checking account, and no debit card. If you are looking for a place to deposit a paycheck or pay bills, this is not it.
The real question is whether Marcus makes sense for what you actually want to do with your money. That depends on whether you are interested in a high-yield savings account or a personal loan, and whether the rates and terms fit your situation better than other options.
Key Takeaways
- Marcus by Goldman Sachs offers only savings accounts and personal loans—no checking, no branches, no debit card.
- The savings account is online-only and pays interest rates that change monthly; you can move money in and out but cannot spend directly from the account.
- Personal loans through Marcus range from $500 to $40,000 and are unsecured, meaning you do not pledge collateral, but interest rates depend on your credit score and income.
- You cannot use Marcus for everyday banking like paying bills or receiving direct deposit, so most people keep another bank account open alongside it.
What Marcus savings accounts actually do
A Marcus savings account is a place to hold money and earn interest on it. You open the account online, link it to a checking account at another bank, and transfer money in or out through ACH transfers—the same system that moves money between most banks. Transfers take one to two business days.
The interest rate changes monthly and is set by Marcus, not by you. The rate is the same for all customers; you do not negotiate or get a better rate for keeping a larger balance. As of late 2024, the rate is competitive with other online savings accounts, but rates move constantly and you should check the current rate on the Marcus website before opening an account.
You cannot write checks from a Marcus account, set up automatic bill payments, or use a debit card. The account exists to hold money separate from your spending account, which some people find useful for saving toward a goal or keeping an emergency fund in a place where it is slightly harder to access on impulse.
Personal loans and what the rates depend on
Marcus also offers unsecured personal loans—money you borrow without putting up a house, car, or other asset as collateral. Loan amounts range from $500 to $40,000. You receive the money as a lump sum and repay it in fixed monthly payments over a term you choose, usually between 36 and 84 months.
The interest rate you receive depends on your credit score, income, and debt-to-income ratio. Two people explore on the same day will get different rates. Marcus publishes a range—for example, 7.99% to 19.99%—but your actual rate only appears after you provide financial information and Marcus pulls your credit report. This is called a hard inquiry and it temporarily lowers your credit score by a few points.
Personal loan rates from Marcus are competitive with other online lenders and banks, but not always the cheapest. If you have excellent credit, a credit union or your current bank may offer lower rates. If your credit is poor, Marcus may decline you entirely. The only way to know is to check your rate, which requires the hard inquiry.
Why people choose Marcus and why they leave
People open Marcus savings accounts because the interest rate is higher than what a traditional bank pays. A big bank might pay 0.01% on savings; Marcus typically pays 4% to 5%, depending on the month. Over a year, that difference adds up if you have several thousand dollars sitting in savings.
People take Marcus personal loans because the process is fast—often approved within minutes—and the money arrives within one to three business days. There is no branch visit, no paperwork to mail, and no waiting for a loan officer to call you back. If you need cash quickly and your credit is decent, Marcus moves faster than many alternatives.
People leave Marcus because it is not a full bank. If you want one institution to handle checking, savings, loans, and bill pay, Marcus cannot do that. You will always need another bank. Some people also leave because the interest rate drops—Marcus adjusts rates monthly, and if rates fall, your savings earn less. There is no penalty for closing the account, so people move to whichever bank is paying the highest rate that month.
How Marcus compares to other online banks and traditional banks
Online banks like Ally, Discover, and Charles Schwab also offer high-yield savings accounts with no branches and no monthly fees. They all pay similar interest rates because they all face the same market conditions. The difference is usually in small details: whether they offer checking accounts (Ally and Charles Schwab do; Marcus does not), whether they have a mobile app you like, and whether the customer service is responsive when something goes wrong.
Traditional banks—the ones with branches—pay much lower interest on savings, usually under 0.5%. They offer checking accounts, debit cards, and the ability to deposit cash and checks in person. If you need those things, a traditional bank is still necessary, even if you also use Marcus for savings.
Credit unions sometimes offer competitive savings rates and personal loans, and membership is often free or costs a small annual fee. If you belong to a credit union, it is worth comparing their rates and terms to Marcus before deciding.
Fees and what happens if something goes wrong
Marcus charges no monthly account fee, no overdraft fee (because there is no checking account to overdraft), and no fee to close the account. For personal loans, there is no prepayment penalty—you can pay off the loan early without extra charges.
If you need to dispute a transaction or if money disappears from your account, Marcus is a bank regulated by the Office of the Comptroller of the Currency, which means your deposits are insured by the FDIC up to $250,000. If Marcus fails, the government backs your money. This is the same protection you have at any other bank.
Customer service is available by phone and through the mobile app. Response times vary, and some people report long wait times during busy periods. There is no branch to visit if you have a problem in person.
Whether to use Marcus alongside your current bank
Most people who use Marcus keep it as a second account, not a replacement for their main bank. You might use Marcus for a savings goal—a vacation fund, an emergency fund, or money you are saving for a down payment—and keep your checking account and bill pay at your current bank.
This setup works because moving money between banks takes one to two business days. If you need cash today, you cannot pull it from Marcus. But if you are saving for something months away, that delay does not matter.
If your current bank pays almost no interest on savings and you have money sitting there, moving some of it to Marcus is straightforward. You lose nothing by trying it—there is no fee to open or close the account. If the interest rate drops or you find a better option, you move the money again.
Frequently Asked Questions
Can I get a debit card or checkbook with Marcus?
No. Marcus offers only savings accounts and personal loans. You cannot spend money directly from a Marcus account. You must transfer money to a checking account at another bank if you want to use it for everyday purchases or bills.
What happens to my money if Goldman Sachs goes out of business?
Your deposits are insured by the FDIC up to $250,000. If Marcus fails, the federal government guarantees your money. This is the same protection you have at any other bank.
Can I set up direct deposit to Marcus?
No. Marcus does not accept direct deposit. You must transfer money from another bank account using ACH transfers, which take one to two business days.
Is the interest rate may provide to stay the same?
No. Marcus changes its savings account interest rate monthly based on market conditions. The rate you earn today may be different next month. You can close the account anytime without penalty if the rate drops.
How long does it take to get approved for a personal loan?
Most decisions happen within minutes of submitting your process. Money typically arrives in your bank account within one to three business days after approval. The exact timeline depends on your bank's processing speed.