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5 Common Misconceptions About Banking With Marcus

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Once a novelty, online banks have grown in popularity over the last decade. Rather than having to drive to a physical branch and step up to a teller’s window, you can perform simple transactions – like withdrawing or transferring money – at the click of a mouse or with a few taps on your mobile device.

Despite their convenience and attractive features (typically, lower fees and more competitive rates), not everyone has come around to the idea of online banks due to some popular misconceptions about digital banking.

Here are a few common ones about Marcus that we want to help dispel.

1. Opening or managing an account online with Marcus is complicated

If you’re a customer of a brick-and-mortar bank, you’re probably already doing most of your everyday banking online – whether you’re logging in to pay a bill or transfer money.

Banking with an online bank like Marcus is not as different or as complicated as you may think. For instance, at Marcus, you can complete an application online and open a deposits account in minutes. All it takes is a device with internet access. And once an account is open, you can manage it online or with the Marcus app.

2. I need to have a lot of money to open a savings account with Goldman Sachs

Marcus is backed by the financial expertise of Goldman Sachs, but that doesn’t mean you need to have a lot of money to open an account. In fact, our Online Savings Account has no minimum opening deposit or minimum balance requirement.

Good to know: Marcus Online Savings Accounts and CD accounts are provided by Goldman Sachs Bank USA, an FDIC member. This means your deposits are insured up to the maximum allowed by law, which is currently $250,000 per depositor, per FDIC-insured bank, per ownership category.

3. With no physical branches, it’s hard to transfer or withdraw money from a Marcus account

There’s no need to drive to a physical bank to move money in or out of your Marcus account. With our Online Savings Account, you can link accounts, add money, make a withdrawal, schedule and track transfers, and review your transactions all at the convenience of your fingertips by logging in online or using the Marcus app. And the best part? There are no fees – Marcus does not charge fees for transfers to or from your savings account.

4. With an online-only bank, I won’t be able to get in touch with customer service if I need help

There are several ways to get in touch with us to get your questions answered! Marcus has a 24/7 contact center for our deposits customers. You also have the option to chat with us online to get the personalized help you need.

5. Marcus doesn’t offer competitive rates

Backed by the financial expertise of Goldman Sachs, our primary goal is to consistently offer highly competitive rates across our deposit products, including our Online Savings Account and CDs. With our Online Savings Account, you can expect to earn a rate that’s 8x the national average*. And with our CD accounts, you can choose from a variety of terms to find one that works for you and your goals.

In addition to our competitive rates, we strive to bring value to our customers, delivering insightful financial education content, useful tools and timely macroeconomic intelligence to help you navigate your finances.

*The national average is from the FDIC's published National Rates and Rate Caps for Savings deposit products, accurate as of September 18th, 2023. See the FDIC website for more information.

This article is for informational purposes only and is not a substitute for individualized professional advice. Articles on this site were commissioned and approved by Marcus by Goldman Sachs® but may not reflect the institutional opinions of Goldman Sachs Group, Inc., Goldman Sachs Bank USA or any of their affiliates, subsidiaries or divisions.