More than two in five Americans (43%) couldn’t cover a $1,000 emergency expense with their savings, according to a U.S. News survey. One in three don’t have enough saved to pay even one month of living expenses.
Personal loans have become a common way to handle credit card debt, medical bills, and other large costs. Marcus by Goldman Sachs personal loan reviews may have come up in your search.
So, if you’re considering Marcus by Golden Sachs, this article details what to expect from this bank.
Personal Loans No Longer Available
By 2022, the division had lost more than $3 billion since late 2020. CEO David Solomon admitted on the January 2023 earnings call that the firm had “tried to do too much too quickly.” Goldman exited unsecured personal lending shortly after.
- January 2023: Marcus stopped accepting new loan applications. The personal loan pages on marcus.com shifted to informational use for existing borrowers only.
- Mid-2023: Goldman sold roughly half of the outstanding loan portfolio to funds managed by Rithm Capital and Varde Partners. The rest wound down as borrowers paid off their balances.
- Loan terms preserved: Borrowers whose loans were sold kept their original interest rates and the no-prepayment fees policy. Nothing changed on their end.
What Is Marcus by Goldman Sachs?
Marcus by Goldman Sachs is a consumer banking platform under Goldman Sachs Bank USA. With $644 billion in assets as of September 30, 2025, Goldman Sachs ranked as the seventh-largest bank in the country.
The firm traces back to 1869, founded in New York by Marcus Goldman, which is where the platform gets its name. Goldman Sachs launched Marcus in 2016 as its retail banking division, built entirely online with no branches or ATM network.
Marcus offers high-yield savings accounts and certificates of deposit. Since there is no checking account option, the platform focuses on savings rather than everyday banking.
Pros and Cons of Marcus by Goldman Sachs
Marcus keeps its product lineup focused, and a few details are worth reviewing before opening an account.
Pros
- Competitive rates on savings accounts and CDs, with no monthly fees.
- Phone-based customer service is available 24/7 for any account questions.
Cons
- Cash deposits are not an option, which makes it impractical for people who regularly handle physical money.
- Marcus operates fully online, so there is no branch access.
- Everyday banking needs go unmet here since there is no checking account offered.
Marcus Reviews and Reputation
Here is what customers say about Marcus across the major review platforms.
Better Business Bureau (BBB) Reviews
Marcus by Goldman Sachs holds an A+ BBB rating and has been accredited since 2018. Customer reviews average just 1.06 stars across 219 ratings, with most giving the lowest score possible.
Common complaints include account lockouts, blocked transfers, and savings accounts closed without any prior notice.
Marcus received 1,671 BBB complaints over three years, with 478 complaints closed in the last 12 months alone.
Of 1,366 responses logged, only 305 complaints were marked fully resolved.
Trustpilot Reviews
Marcus by Goldman Sachs holds a 1.2-star score on Trustpilot across over 100 reviews. Fund access is the top complaint, with transfers blocked or delayed up to three business days.
Customers also report locked accounts with no resolution path and scripted, unhelpful customer service responses. CD renewals and maturity instructions were frequently mishandled, frustrating long-term savings account holders.
Competitive rates get occasional mentions, but positive feedback is far outnumbered by operational complaints.
Reddit Reviews
Has anyone had a good experience with Marcus Goldman Sachs accounts?
by
u/Allthefragrancesmoke in
Banking
Reddit discussions on r/Banking about Marcus show a mostly negative sentiment with a few positive outliers. Some users report years of smooth experience using Marcus’ high-yield savings accounts for emergency funds.
Horrible experience with Marcus by Goldman Sachs withdrawing my money
by
u/Creative_Purpose8797 in
Banking
The most common issue involves frozen accounts and blocked transfers, often with no explanation from Marcus. One thread features users describing scripted customer service and unresolved issues with fund access.
Filing a complaint with the CFPB is the most frequently recommended step for borrowers facing access issues.
Marcus vs. Alternatives
Since Marcus personal loans are no longer available to new applicants, here are some alternatives to consider.
| Lender | Loan Amounts | Pros | Cons |
|---|---|---|---|
| SoFi | $5,000 to $100,000 | Co-borrowers accepted, competitive rates, large loan amounts, same-day funding available | Requires good-to-excellent credit, high loan minimum, lowest rates may require accepting an origination fee |
| LightStream | $5,000 to $100,000 | No fees, low starting APR, Rate Beat program, joint applicants accepted | High loan minimum, no prequalification option, strong credit history required |
| Achieve | Up to $50,000 | Low starting APR, fast funding, 640 minimum credit score, joint loans accepted | Charges origination fees, high loan minimum, not available in every state |
Who Should and Shouldn’t Use Marcus?
Marcus may be a good fit if you:
- Want a high-yield savings account or CD with competitive rates and no monthly fees.
- Plan to leave your savings untouched and don’t need frequent transfers.
- Have good credit and want a fee-free savings platform as a secondary bank account.
Marcus may not be the right choice if you:
- Need a personal loan, since Marcus stopped accepting new loan applications in January 2023.
- Move money in and out of your account regularly, as multiple reviews flag transfer and access issues.
- Need a checking account, cash deposit options, or in-person banking access.
- Require a joint bank account or have a financial situation that depends on reliable, fast fund access.
Is Marcus by Goldman Sachs Legit?
Yes. Marcus operates under Goldman Sachs Bank USA and Goldman Sachs & Co. LLC, a firm founded in 1869 and regulated at the federal level.
Read More:
Frequently Asked Questions
Is my money safe with Marcus Goldman Sachs?
Yes. Marcus deposits are FDIC-insured through Goldman Sachs Bank USA, covering up to $250,000 per depositor per ownership category. Coverage applies automatically to savings accounts and CDs, with no application process required.
Who took over Marcus personal loans?
Goldman Sachs sold approximately $1 billion of Marcus loans to Varde Partners and $1.4 billion to Rithm Capital in July 2023. Existing monthly payments and repayment terms remained unchanged after the transfer. Borrowing money through Marcus is no longer possible, as new approval odds are moot with the program closed.
Which bank is best for a personal loan?
The best personal loan depends on your income, credit profile, and repayment terms you need. Comparing approval odds, late fees, and application processes across multiple lenders helps you find the most suitable option. Other factors like loan amounts and funding speed also vary between lenders and can affect your decision.
Final Verdict
Marcus by Goldman Sachs offers competitive rates on savings accounts and CDs with no monthly fees.
Personal loans are no longer part of the product lineup, so borrowers seeking that option will need to look at other lenders. Comparing interest rates and loan options across multiple platforms helps you find what suits your financial situation.
Marcus can be a reasonable savings platform, but reviewing your options before opening an account is always worth doing.
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