Marcus by Goldman Sachs Review: Unveiling the Details

Welcome to our comprehensive review of Marcus by Goldman Sachs, a renowned online bank offering competitive products and services to its customers.
In this article, we will explore various aspects of Marcus by Goldman Sachs, such as its history, leadership, competitors, and more.
What is Marcus by Goldman Sachs?
Marcus by Goldman Sachs is an online consumer banking platform established in 2016 by the renowned investment bank Goldman Sachs. The platform was named after the bank's founder, Marcus Goldman, and is led by CEO David Solomon.
Marcus by Goldman Sachs aims to provide customers with simple, transparent, and valuable financial products and services, such as high-yield savings accounts, personal loans, and investment accounts.
How does Marcus by Goldman Sachs Work?
Marcus by Goldman Sachs operates as an online bank, which means customers can manage their accounts, make transactions, and access customer support through the platform's website or mobile app. This allows Marcus by Goldman Sachs to offer competitive interest rates and lower fees compared to traditional brick-and-mortar banks.
Marcus by Goldman Sachs Competitors
Chime: A mobile banking platform offering fee-free checking and savings accounts with features such as early direct deposit and automatic savings.
One Finance: A digital banking platform with a focus on helping users save money through innovative features such as Pockets and Auto-Save.
Ally Bank: A well-established online bank offering high-yield savings accounts, checking accounts, and other financial products.
SoFi: A financial services company providing banking, investing, and lending services through its online platform.
Pros and Cons
Pros:
Competitive interest rates on savings accounts
No minimum deposit or account maintenance fees
Mobile app for convenient account management
Access to customer service through multiple channels
Cons:
No physical branches
Limited product offerings compared to traditional banks
No checking account option
Features
High-Yield Online Savings Account
Fixed-Rate Certificates of Deposit (CDs)
No-Penalty CDs
Personal Loans
Loan Payment Deferral
Credit Card
Financial Tools and Insights

High-Yield Online Savings Account Review
Marcus offers a competitive interest rate (check out current rates here) on their high-yield online savings account, with no minimum deposit or fees. This account is an attractive option for customers looking to grow their savings with a high APY and no additional costs.
Fixed-Rate Certificates of Deposit (CDs) Review
Customers can choose from a variety of CD terms at Marcus, ranging from a few months to several years, with competitive interest rates. These fixed-rate CDs provide a guaranteed return over a predetermined period, making them a secure investment choice for customers.
No-Penalty CDs Review
Marcus offers no-penalty CDs that allow customers to withdraw their full balance without any penalty after a certain number of days from the account opening. This flexibility provides customers with the option to access their funds without sacrificing interest earnings if their financial needs change.
Personal Loans Review
Marcus provides unsecured personal loans for various purposes such as debt consolidation, home improvement, or major expenses. They offer competitive interest rates and flexible repayment terms, making it easier for customers to manage their loans and achieve their financial goals.
Loan Payment Deferral Review
Customers experiencing financial hardship can request a loan payment deferral for a specific period at Marcus. This feature helps customers navigate temporary financial challenges while maintaining their loan repayment schedule in the long run.
Credit Card Review
Marcus offers a credit card with cashback rewards and benefits, with no annual fee. This feature enables customers to earn rewards on their everyday purchases while enjoying the convenience and security of a credit card with no additional cost.
Financial Tools and Insights Review
Marcus provides resources and tools for financial education, including articles, calculators, and other content to help customers make informed decisions about their finances. These resources are valuable for customers seeking to improve their financial knowledge and make better decisions in managing their money.
Marcus Bank Customer Service Review
Marcus by Goldman Sachs provides customer support through various channels, including phone, email, and chat. Their customer service representatives are knowledgeable and responsive, addressing customers' concerns and questions promptly. However, some users have reported long wait times during peak hours.

Marcus vs Ally Bank
When it comes to choosing an online banking platform, both Marcus by Goldman Sachs and Ally Bank are popular options. In this section, we will compare and contrast the features, products, and services offered by both banks to help you make an informed decision.
Savings Accounts
Marcus: Marcus offers a high-yield online savings account with competitive interest rates, no minimum deposit, and no fees. This account is an attractive choice for customers looking to grow their savings with a high APY.
Ally Bank: Ally Bank also provides a high-yield online savings account with competitive interest rates, no minimum deposit, and no fees. Ally's savings account offers similar benefits as Marcus, making it a strong contender in the online savings space.
Certificates of Deposit (CDs)
Marcus: Marcus offers fixed-rate CDs with various terms and competitive interest rates. They also provide no-penalty CDs, which allow customers to withdraw their full balance without any penalty after a specific number of days from the account opening.
Ally Bank: Ally Bank offers a range of CD options, including fixed-rate CDs, raise-your-rate CDs, and no-penalty CDs. Their CD products come with competitive interest rates and various term options, providing customers with flexibility and choice.
Personal Loans
Marcus: Marcus offers unsecured personal loans for various purposes, such as debt consolidation, home improvement, or major expenses. They provide competitive interest rates and flexible repayment terms, making their loans accessible and easy to manage.
Ally Bank: Ally Bank does not offer personal loans. However, they provide a range of other lending products, including auto loans and home loans.
Checking Accounts
Marcus: Marcus does not offer a checking account option, which may be a drawback for customers looking for a comprehensive online banking solution.
Ally Bank: Ally Bank offers an interest-bearing checking account with no monthly maintenance fees, no minimum deposit, and a wide range of features such as mobile check deposit and bill pay. This makes Ally Bank a more comprehensive banking solution for customers seeking both savings and checking products.
Customer Service
Marcus: Marcus provides customer support through various channels, including phone, email, and chat. Their customer service representatives are knowledgeable and responsive, though some users have reported long wait times during peak hours.
Ally Bank: Ally Bank offers 24/7 customer support through phone, email, and chat. They are known for their responsive and helpful customer service, making it easy for customers to resolve issues or get assistance when needed.
Conclusion
In conclusion, Marcus by Goldman Sachs is a reliable and user-friendly online banking platform that offers competitive interest rates and low fees for its savings products and investment accounts. While it lacks some features found in traditional banks, such as checking accounts and physical branches, Marcus by Goldman Sachs excels in providing value to its customers through its high-yield savings account, CDs, and investment services.