Marcus by Goldman Sachs Review: Unveiling the Details

Introduction: Marcus by Goldman Sachs Review

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.

Top Rated For:

Best Online Banks

Pros and Cons

Pros:

• Competitive interest rates on high-yield 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

Marcus: By Goldman Sachs

What is Marcus by Goldman Sachs?

Marcus by Goldman Sachs is an online consumer banking platform, or neobank, 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 and investing service, 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. While also protecting your banking details with state of the art security.

Marcus by Goldman Sachs Competitors

There are so many new banks and neobanks available in the market today. I've outlined a few below and if you are thinking about switching, check out our comprehensive guide to switching banks and everything you should consider before switching.

• 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.

Features

• Investment Accounts

• 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

Marcus: By Goldman Sachs App

Marcus by Goldman Sachs Feature Details

Investment Accounts

Marcus has recently released their Investment Account offerings to users. They have extremely competitive fees and a forthcoming landing page helping you compare them to the competition.

High-Yield Online Savings Account

Marcus delivers a compelling proposition through their high-yield online savings account (check out current rates here), which features a strong interest rate (current rates can be found here). Customers are drawn to this account thanks to its high Annual Percentage Yield (APY), coupled with the absence of minimum deposit requirements or service fees. It's a winning formula for those keen on boosting their savings with zero added expenses.

Fixed-Rate Certificates of Deposit (CDs)

Marcus provides an appealing selection of fixed-rate CDs with various terms, which can range from several months to multiple years. Competitive interest rates accompany these CD terms, promising a guaranteed return over a set period. This makes Marcus CDs a dependable investment choice for customers seeking stability.

No-Penalty CDs

The no-penalty CDs available from Marcus offer customers the advantage of accessing their total balance penalty-free, provided a certain number of days have passed since account opening. This feature brings flexibility, enabling customers to tap into their funds without impacting their interest earnings, even if their financial circumstances evolve.

Rate Bump CD

This is a cool offering. This type of CD offers a fixed rate, though no withdrawals are available. But, during the CD life, you can update the terms. You can increase the rate a set number of times based on the original term of the CD. This offering takes advantage of rising interest rates from the Fed.

Personal Loans

Marcus is known for offering unsecured personal loans that serve various needs – whether it's debt consolidation, home improvements, or large expenditures. The enticing mix of competitive interest rates and flexible repayment options makes it simpler for customers to manage their loans and meet their financial objectives. As of this writing, September 22, 2023, they are no longer taking applications for personal loans.

Marcus Pay

Marcus has now built "lay-away" or the ability to pay off big purchases over time via monthly, fixed-rate loan payments. The APR ranges from 8.99%-29.99%, more details here.

Credit Card

Marcus also provides a credit card equipped with cashback rewards and benefits, all with no annual fee. This perk enables customers to earn rewards on routine purchases, all the while benefiting from the comfort and security of a fee-free credit card.

Financial Tools and Insights

Marcus equips its customers with a wealth of financial resources and tools, including insightful articles, user-friendly calculators, and additional content aimed at enabling informed financial decisions. Such resources are highly beneficial for customers keen on improving their financial acumen and optimizing their money management strategies.

Marcus Bank Customer Service

Marcus by Goldman Sachs offers comprehensive customer support via various platforms, including phone, email, and chat. Their customer service team is proficient and swift in resolving customers' issues and answering queries. However, customers should be prepared for possible long wait times during peak hours.

Marcus by Goldman Sach Phone Number

1-855-730-7283

Marcus by Goldman Sach Email

1-855-730-7283

Marcus by Goldman Sach Chat Link and Hours

You can chat with Marcus through this link

Savings: 24 hours a day / 7 days a week

Marcus Invest: Monday to Friday, 9 am – 6:30 pm ET

GM Rewards Cards: 24 hours a day, 7 days a week

Loans: Monday to Friday, 8 am – 10 pm; Saturday to Sunday, 9 am – 7 pm ET

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.