Marcus by Goldman Sachs has no minimum balance requirement on its Online Savings Account and charges no monthly fee. You can open the account with $0 and maintain it at any balance without penalty. Marcus CDs require $500 to open, which is higher than the $0 required by Ally and American Express. Marcus does not offer a checking account.
Marcus Account Minimums at a Glance
| Account | Minimum to Open | Ongoing Minimum | Monthly Fee |
|---|---|---|---|
| High-Yield Online Savings | $0 | $0 | $0 |
| CDs (all terms) | $500 | $0 after opening | $0 |
No Minimum Balance on the Savings Account
Marcus Online Savings Account requires no minimum balance and charges no monthly fee. The same APY applies to all balances with no tiered structure. A customer depositing $10 earns the same annual percentage yield as a customer depositing $100,000. Interest compounds daily and is credited monthly.
Marcus is a savings-only product from Goldman Sachs, designed for customers who want a simple, high-APY savings account without the overhead of a full banking relationship. There is no checking account, no debit card, and no ATM access.
Savings Account Features
The Marcus savings account supports transfers to and from linked external bank accounts via ACH transfer. Transfers initiated from Marcus typically take 1 to 3 business days to settle. There is no outbound wire transfer service. The account does not include a debit card. To access funds, you must transfer them to a linked external checking account.
For current Marcus savings rates, see the Marcus savings account guide.
Marcus CD Minimum Balance
Marcus CDs require a $500 minimum opening deposit. This is lower than the $1,000 minimum at most traditional banks but higher than the $0 minimum offered by Ally and American Express. CD terms range from 6 months to 6 years. There are no ongoing balance requirements after opening. Early withdrawal penalties apply and vary by term length. Marcus also offers a No-Penalty CD that allows withdrawal without penalty after 7 days of funding.
What Marcus Does Not Offer
Marcus is a savings-only bank. There is no checking account, no debit card, no money market account, and no mobile check deposit. Customers who need an integrated checking and savings product should consider Ally, Capital One 360, or Discover, which offer both types of accounts with $0 minimums. Marcus is appropriate as a supplemental savings account linked to a primary checking account at another institution.
For a full overview of Marcus by Goldman Sachs products and rates, see the Marcus complete guide.
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