Goldman Sachs’ foray into the consumer banking sector in 2016 with the launch of Marcus by Goldman Sachs has been a great success. The bank, headquartered in Draper, Utah, is an online-only bank and offers no-fee high-yield savings accounts, certificates of deposits, and fixed-rate personal loans. There are no physical ATMs or branch networks associated with Marcus, but the convenience and competitive rates have made it a popular choice for Americans looking to better manage their finances.
The Marcus by Goldman Sachs review provides an overview of the personal banking products and services offered by the bank. All information included in the review, such as account details and APYs, are up-to-date as of August 2023. This review will allow customers to get an understanding of the various banking products and services offered by Marcus by Goldman Sachs and make an informed decision on which account and services best suit their needs.
Marcus By Goldman Sachs Pros And Cons
Marcus by Goldman Sachs is a great financial tool for consumers. It offers great rates on loans, high-yield savings accounts, and personalized financial advice. Here we compile some of the pros and cons:
- All savings products are competitively priced
- Fees for account maintenance, service, and transfers are not charged
- There is no minimum deposit requirement for savings accounts
- CD accounts with low minimum deposits
- Keeping track of your finances has never been easier with Marcus Insights
- There are no ATMs or physical locations
- You cannot have checking accounts, IRAs, auto loans, or credit cards
- Check deposits cannot be made via mobile devices
How Marcus By Goldman Sachs Can Help You Saving Money
The Marcus by Goldman Sachs High-Yield Online Savings Account is an excellent choice for anyone looking to maximize their savings. With an impressive APY of up to a certain limit and no fees involved, it is one of the best high-yield savings accounts available. There are no one-time fees for opening an account, no ongoing account maintenance or service fees, and no transfer fees, making it an ideal choice for those who are looking to save money without any added hassle.
It doesn’t even charge a fee for outgoing wire transfers, which the vast majority of banks do. However, the external bank account you link to your Marcus account may charge fees to transfer funds to or from your Marcus account, depending on the bank’s policies.
Unlike other high-yield online savings accounts, Marcus has no minimum deposit or minimum balance requirements. However, it does have a maximum limit of $1 million per account, not to exceed $3 million per account owner.
Marcus by Goldman Sachs is an online savings account that offers great features like no fees, no minimum deposits, and no minimum balance requirements. It also offers a maximum limit of $1 million per account, not to exceed $3 million per account owner. Moreover, Marcus by Goldman Sachs does not charge a fee for outgoing wire transfers, which most banks do. However, the external bank account linked to your Marcus account may charge fees depending on the bank’s policies. With its great features and competitive rates, Marcus by Goldman Sachs is an excellent choice for saving money and earning interest.
A Marcus online savings account can be used to store emergency funds or save up for a goal, and with rising interest rates, your savings can grow substantially.
- The Marcus by Goldman Sachs High-Yield Certificates of Deposit are available for 6 months to 6 years with a minimum deposit of $500. Interest rates are fixed depending on the term selected.
- In 2022, interest rates are fluctuating and you may be hesitant to lock in a long-term CD for fear that they will rise after you commit your money. Marcus offers a special 10-day CD rate guarantee to ease your fears.
At Marcus, you can open a high-yield CD and benefit from rising interest rates while avoiding buyer’s remorse. All you have to do is open the CD and deposit a minimum of $500 within the first 10 days of opening the account. If Marcus increases the rate for your CD term within those 10 days, you will automatically receive the new APY. It’s important to note that, like most CDs, a fee for early withdrawals applies should you need to pull any of your money out before the term is up. This fee is equal to a certain number of days’ worth of interest.
The early withdrawal fee for a Certificate of Deposit (CD) can vary depending on the term of the CD. For CDs with a term of 12 months or fewer, the penalty is the equivalent of 90 days of simple interest on the principal amount of the CD at the APY of the CD. For longer-term CDs, the penalty increases proportionally. Those who want to avoid the risk of early withdrawal fees while still earning a high APY can opt for the Marcus No-Penalty CD which requires an opening deposit of at least $500 and comes with a variety of terms and rates:
- 7 months, with an APY of 0.45%
- 11 months, with an APY of 0.35%
- 13 months, with an APY of 3.85%
A No-Penalty CD from Marcus offers the perfect combination of steady interest and flexible access to your money in a secure savings account. You have the ability to withdraw your money after just seven days, without sacrificing any of the interest you’ve earned. This makes a No-Penalty CD the perfect choice for emergency savings, saving up for a future goal, or any other savings goal that requires more flexibility. With no hidden fees and a competitive Annual Percentage Yield (APY), you can get the most out of your money with the added peace of mind that you can always access it when you need it.
Personal Loans At Marcus
Marcus by Goldman Sachs offers unsecured personal loans for a variety of purposes. Whether you want to consolidate debt, pay off credit cards, fund home improvement projects, or pursue other financial goals, Marcus has got you covered. They offer no-fee personal loans from $3,500 to $40,000 with APRs from 6.99% to 24.99%, and loan terms from 36 to 72 months. What’s more, signing up for auto-pay can reduce the APR by 0.25%, giving you even more savings.
Marcus by Goldman Sachs offers a great consumer loan experience, as evidenced by their consistently high ratings from J.D. Power’s annual consumer finance and satisfaction studies. Customers are satisfied with the loan offerings and terms, application and approval process, billing and payment, and interactions with Marcus. All loan applicants are subject to credit approval, and the monthly payment will depend on the interest rate, loan amount, and loan term. Marcus by Goldman Sachs offers an excellent consumer loan experience that customers can trust.
What Marcus By Goldman Sachs Has To Offer
Marcus provides a small range of financial products, but the quality of its offerings is outstanding. If you are looking for a high-yield savings account or CD, Marcus offers some of the best APYs around. The great thing about Marcus is that all their accounts are fee-free, and they have low minimum requirements, so it is easy to maintain an account with them. This makes them a very attractive option for those looking to save money.
Marcus is a great option for anyone in need of a personal loan. They offer up to $40,000 of unsecured loans for various purposes, such as debt consolidation, debt repayments, or home improvement projects. Furthermore, Marcus has received high rankings from J.D. Power’s annual studies of consumer satisfaction with loan providers, indicating that the customer experience and loan approval process is both satisfactory and speedy. For those in need of a personal loan, Marcus is a great option.
Marcus is an online-only bank, so it is important to remember that it does not offer the same services as a traditional full-service consumer bank. Unlike a traditional bank, Marcus does not have a network of ATMs or physical banking branches, and therefore it is not possible to deposit and withdraw cash. Additionally, Marcus does not offer many of the services that a regular bank would, such as checking accounts, credit cards, auto loans, and mortgage loans. Therefore, it is important to consider these limitations before opening an account with Marcus.
Marcus by Goldman Sachs is a great option if you are looking for competitive rates on your savings. It offers some of the highest APYs currently available for an online savings account, and there is no minimum deposit required. This is a great way for those who do not need to use a traditional bank for their everyday consumer banking needs to get better returns on their savings. With competitive rates and no minimum deposit, Marcus by Goldman Sachs is a great choice for those looking to maximize their return.
Marcus Online Access
Marcus is an innovative online bank, that provides banking services without the need for physical bank branches or ATM networks. All banking services are provided through the Marcus mobile app, allowing customers to conveniently and securely manage their finances on the go. Customers can easily link their existing bank accounts with their Marcus account, giving them access to all the features of Marcus banking from the convenience of their mobile device. With Marcus, customers can access all the services of a traditional bank without having to ever leave the comfort of their homes.
Using the app, you can:
- Keep an eye on your account balance
- Analyze transactions
- Transferring money between bank accounts
- Create a recurring deposit schedule
- Pay off your Marcus personal loan
- Set financial goals and track your progress
The Marcus mobile app recently added Marcus Insights, a new tool that allows users to track their spending and cash flow, analyze their saving and investing trends, and get a full picture of their financial situation all in one place. However, there is one downside to using the Marcus app – it does not allow users to deposit checks. To deposit a check, users must endorse the check and mail it to Goldman Sachs Bank USA in Illinois. Despite this drawback, Marcus Insights is still a great way to gain a better understanding of your finances.
Banking Fees At Marcus
Marcus by Goldman Sachs offers consumers many benefits, including no account maintenance fees, no late fees on personal loan payments, and no fees for wire transfers. Some products may have account minimums, however.
Marcus vs. Amex Savings
Both Marcus by Goldman Sachs and Amex Savings offers competitive interest rates on their savings accounts, with rates well above the national average. Neither requires an opening deposit or monthly fee, and both have straightforward access to your funds. Where they differ is in the speed of transferring money to your savings account. Amex Savings typically takes one to five business days, while Marcus can get the money to you within one business day (for up to $100,000). So if you need access to your savings quickly, Marcus by Goldman Sachs is the better choice.
If you want to keep a sizable amount of money in a savings account, the Amex savings account may be the one for you as it has a maximum balance limit of $5 million. The limit on Marcus’ savings accounts is only $1 million, which may not be suitable for all individuals.
Marcus vs. Chime®
The Chime High-Yield Savings Account offers a competitive 2.00% APY, which is higher than the national average, according to the FDIC. Like Marcus, no minimum opening deposit or monthly fees are required. What sets Chime apart is their two automatic saving features. The Save When I Get Paid feature allows you to automatically save a percentage of your paycheck with each direct deposit, while the Round Ups feature rounds each transaction up to the nearest dollar and transfers the spare change to your savings account. If you’re looking for an easy and automated way to save, Chime may be the right fit for you.
Chime does not offer personal loans, however, Marcus by Goldman Sachs does. With Marcus, you can borrow up to $40,000 with no fees and competitive APRs. Loan terms range from three to six years. Click below to learn more about Chime.
Ally vs. Marcus
Ally Bank and Marcus are two great options when it comes to investing your money. Both offer high-yield savings accounts with competitive rates and no fees, so you can be sure that your nest egg will grow. However, where they differ is in the variety of products available. Marcus offers limited accounts while Ally offers a full suite of services, including checking accounts, IRAs, CDs, auto loans, money market accounts and investments in stocks or ETFs. This means that with Ally, you can manage all your finances on one platform, which can be a great convenience.
Ally is a bank that offers personal loans, but it does not provide personal loans directly to business customers. Instead, the company works with service providers in the healthcare, auto and home improvement industries to provide financing options for qualifying business applicants. This allows businesses to access the funds they need with the convenience and security of Ally’s services. Ally’s approach makes it easier for businesses to access the funds they need without having to go through the traditional loan process.
Frequently Asked Questions (FAQs)
Is Marcus FDIC insured?
Yes, the Marcus by Goldman Sachs division of Goldman Sachs Bank USA is FDIC insured (FDIC No. 33124). As an account holder of an FDIC-insured bank, your money is protected by the federal government for up to $250,000 for each account ownership category in the case of the bank’s failure.
Does Marcus offer a debit card or ATM card for savings accounts?
At this time, withdrawing money from your Marcus account is not possible. If you would like to access the funds in your account, you will need to send the money to another bank account via an ACH transfer or wire transfer. If that is not a feasible option, Marcus can also mail you a paper check upon request.
Marcus is an online bank, so how can I make deposits to my savings account?
There are four ways to add money to your Marcus savings account:
- Direct deposit
- Transfer money into your Marcus account from an external linked bank account.
- Make a wire transfer to your Marcus account.
- Send a signed check (endorsed as “For Deposit Only”) to Marcus via U.S. mail.
How does the Marcus Insights app feature work?
Marcus Insights is a powerful tool for managing and tracking finances, allowing users to collect and view data from all non-Marcus accounts in one place. It is accessible from iOS, Android, and desktop devices, providing users with an easy and efficient way to review, analyze, and manage their money.
How safe is Marcus By Goldman Sachs?
Accounts held with Marcus by Goldman Sachs are FDIC-insured for up to $250,000 per depositor, making them just as safe as traditional brick-and-mortar banks like Chase and Wells Fargo. The annual Percentage Yield (“APY”) is variable and changes often, with no minimum balance required and only $0.01 needed to earn interest. In addition, Marcus offers two helpful savings programs – Save When I Get Paid and Round Ups – which automatically transfer 10% of your direct deposits of $500 or more and round up your debit card purchases to the nearest dollar into your savings account, respectively. With Marcus, you can rest assured that your savings are both secure and growing.