Two years later David Solomon took the helm at the investment bank and Marcus took a backseat for a moment. Ultimately, what has happened to Marcus was potentially down to two issues. Over-eagerness on the part of the bank, or a lack of strategic planning.

Boost your savings with a Marcus Online Savings Account Backed by the financial expertise of Goldman Sachs. No Fees. No Minimum Deposit.

Annual Percentage Yield (APY) is 5.20% with an interest rate of 5.07% as of October 14, 2023. Interest rate and APY may change at any time before account is opened and funded. For more information regarding interest rate calculation, please refer to our Deposit Account Agreement.

Marcus by Goldman Sachs consistently rates highly according to Bankrate's analysis of savings and CD accounts because of its competitive savings and CD rates, but it doesn't offer checking or money market accounts.

That's because many of the decisions Solomon made over the next four years - along with aspects of the firm's hard-charging, ego-driven culture - ultimately led to the collapse of Goldman's consumer ambitions, according to a dozen people with knowledge of the matter.

The bank said this year that it had lost more than $3 billion tied to those efforts since December 2020. The bank is still unwinding most of the business, at a loss, and it may expect more ugly headlines until that is finished.

Marcus offers no fees whatsoever: no minimum deposits and no monthly fees.

No minimum balance requirement: Marcus by Goldman Sachs Online Savings Account doesn't have a minimum balance or minimum opening deposit requirement in order to earn the stated interest rate.

Two credit unions pay over 7% APY on accounts right now: Landmark Credit Union and OnPath Rewards High-Yield Checking. However, these are both checking accounts with limitations on eligible balances. Plenty of high-yield savings accounts pay over 5% APY on your total balance without making you jump through hoops.

There is no minimum deposit required to open a Marcus by Goldman Sachs High Yield Online Savings and users can start earning interest with just a low minimum of $1 in their account. If you want to really maximize the higher APY, however, we recommend having more than just a dollar in your account.

Cons Explained The lack of checking accounts also means you will need to connect your Marcus account to another institution for many banking options, such as deposits and withdrawals. No ATM network: You will not be able to easily access the money in your Marcus accounts, as there is no ATM network whatsoever.

FDIC insured: Marcus by Goldman Sachs Online Savings Account funds are covered by the same FDIC insurance as traditional savings accounts. This covers you for as much as $250,000 per depositor, per institution, in the event of a bank failure.