What is Marcus by Goldman Sachs?
Recently, Marcus by Goldman Sachs was established to cater to the middle class giving lower income earners a chance to access services that are normally geared for high net-worth clients. Marcus is a banking product established Goldman Sachs to offer clients more affordable and accessible financial products. Marcus is an online banking service that offers competitive rates on their savings accounts and cash deposits (CDs).
Their primary focus is a high interest earning savings product and a no-fee personal loan. This division of Goldman Sachs keeps thing fairly simple and inexpensive, without offering a lot of the usual complicated options. That being said, there is no checking account or debit card issued for easy spending.
Here’s a quick overview of this brand’s Pros and Cons. It is not a full-service type of bank so this may not be for everyone:
- High APY rate on savings accounts
- No Penalty CD offerings
- No minimum opening balance requirements because depositors will earn the highest rate even with just a dollar deposited
- No monthly maintenance fees and charges
- Free wire transfers, which other banks normally charge for
- The value of the Goldman Sachs reputation
- No debit or ATM card for easy cash withdrawals
- No checking account or money market account to give an easier accessibility to funds
- Limited access to mobile banking with no mobile check deposit
- Auto renewals for CDs
- There is no designated app for ease of use
Who is Marcus for?
The target of this brand are middle class income earners, who are attempting to earn more with high yield savings. In addition, these depositors may need help with debt consolidation to pay off student loans and credit cards, so they offer a low interest rate personal loan with no added fees. This is a good fit for these following types of subscribers:
- Clients who do not possess sufficient funds in their savings accounts for the highest rates offered in other banks will feel at home with this brand.
- Those who just want a fee-free savings account to keep their money will appreciate Marcus.
- Account holders that need to move money via wire transfer with no added cost can avail of this company’s services.
- Clients who don’t need another checking account for payments but desire to take advantage of the higher interest rates.
Marcus Banking Products
The simplicity of their financial accounts make Marcus a good choice for those looking for a fuss free banking alternative. Moreover, accounts with Marcus are covered with FDIC insurance to make their clients feel safe and protected. Marcus by Goldman Sachs offers these three types of accounts:
- Online Savings Account
- Several Types of Cash Deposits
- Unsecured Personal Loans
Online Savings Account
The Marcus Online savings account prides itself for being a higher-yield savings account with no high minimum deposits and no monthly fees. The company prides itself for providing significantly more yield than the standard national average rate. On top of that, they compete fairly well with other online banking services by providing the following:
- They offer 2.25% APY even on account balances that only have one dollar. Meaning clients can enjoy the highest interest rates even if they one have a dollar left in their account.
- There is no minimum initial deposit or ongoing minimum balance that must be maintained.
- Accounts can be easily funded by transferring money from another bank account, by mailing a check for deposit, or by wiring funds.
- There are no hidden fee payments, unless there is an early cash out of CD before its maturity date. There are no wire transfer fees whatsoever.
To be able to utilize this savings account, funds need to be transferred from another bank account. Marcus does not give any ATM or debit cards for withdrawal of funds. There are also no checks provided. Access the money via free and unlimited wire transfers, which all clear in one business day. Noteworthy, most banks and credit unions accept wires at no added cost. On top of all these, from within the Marcus portal, up to four external bank accounts can be linked. If that is not enough, initiation of links from other bank accounts may be done and used as a leverage because with some other known banks, they allow up to 20 linked accounts.
Marcus Cash Deposit Products
With only a minimum of five hundred dollars initial deposit, clients can avail of Marcus’s competitive rates on their CD products and the several types of CDs that they offer, which are:
High-Yield CDs: This requires clients to commit to leaving their savings in an account for a set period of time. The tenors, or length of time, is usually 6 months to 5 years. All rates quoted below accounts for compounded interest:
- 1-year CD: 2.60 percent
- 3-year CD: 2.70 percent
- 5-year CD: 2.90 percent
CD with Penalties: Like other banks, Marcus may levy an early withdrawal penalty on the highest-earning CD based on the terms:
- Less than 12 months means 90 days worth of interest.
- In between 12 months to five years is worth 270 days of interest.
- Above five years is worth 365 days of interest.
No Penalties CD: There is a No-Penalty CD product offered in Marcus. This is a liquid CD with a tenor of thirteen months that you clients can withdraw from with no penalty after merely waiting seven days from initial deposit to this type of product. It comes with a lower interest rate of 2.35%, but it gives its clients options to have access to their money in case of an emergency. The rate is still better than the standard savings interest rate.
Clients can apply for a no-fee personal loan from Marcus ranging from $3,500 to $40,000 with a fixed rate and a variety options based on the client’s credit rating. Again, there is no origination feel with a Marcus unsecured personal loan. Although they have offerings that say home improvement loans or debt consolidation loans, all Marcus loans are the unsecured type, meaning collateral cannot be pledged, and approval hinges only on credit score and income. These personal loans with Marcus start at 5.99% APR depending on the amount borrowed, the terms of the loan, and the client’s credit rating. The maximum APR can go as high as 28.99%, with loan terms ranging from 36 months to 72 months only.
Because Marcus is a product of Goldman Sachs, within their site is a a wealth of resources that gives clients advice, so they can help manage their money better. This includes articles on how to responsibly manage debt, how to build savings, and understanding the value of credit. There are also calculators on the site to help their clients see the concrete actual figures. This helps them understand the real impact and value of saving versus borrowing on their finances.
How to Open An Account
As with any financial institution, Marcus requires information to verify the client’s identity. Full name, SSN or tax identification number, address, birthday, phone details and the like are given during the initial stage of application. If a client is applying for a loan, there are forms to fill out on the landing page, along with providing the necessary basic information. On top of those, income, housing details, and other debts will be asked for in a personal loan application. The entire processes for all applications in Marcus are fairly and straightforward. Completion of all the online fields doesn’t take very long and is easy to understand.
To open an account, visit Marcus official site, or call 1-855-730-7283 (for savings), or call 1-844-627-2871 (for lending). Marcus provides phone support service to both new and existing clients during extended hours from 8am and 10pm EST from Monday to Friday. On weekends, this phone support is from 9am to 7pm. In addition, chat support is available but only to customers who are logged into their existing accounts already.
Over all, Marcus by Goldman Sachs is a good and viable option for anybody who wants a fuss-free savings account or an option to avail of a liquid CD, without too much unnecessary costs. The high yield is very attractive and is good for people who want a degree of liquidity while earning more. Marcus ascribes to secure banking methods and top of the line encryption to keep all data safe and protected. Recently, they purchased Clarity Money, so a mobile app is on the horizon along with a personal financial management software.
Other Banks to Consider
General Questions about Goldman Sachs Bank
This section covers the basic questions that people have about Goldman Sachs Bank.
Is Goldman Sachs a bank?
Yes, Goldman Sachs is a bank that specializes in investment and retail services, but offers other services as well. You may have to look for other products such as equity line of credit rates elsewhere though since there are a number of products they may not offer.
What is Goldman Sachs bank?
Goldman Sachs is a bank that focuses on investment opportunities for clients, while also offering a range of other financial services.
How is Goldman Sachs different from other banks?
Goldman Sachs is different from other banks in that its services are usually tied to and focused on investment opportunities, rather than standard personal checking and savings accounts. A Barclays online savings account might be more fitting for you if you don't care about investment options.
Is Goldman Sachs a bank holding company?
Goldman Sachs is registered as a Bank Holding Company, which means it is regulated by the Federal Reserve.
Is Goldman Sachs bank safe?
Yes, as a Bank Holding Company, Goldman Sachs must meet all Federal Reserve regulations and guidelines.
Is Goldman Sachs a commercial bank?
Goldman Sachs has only recently started offering commercial banking services.
Who owns Goldman Sachs bank?
Goldman Sachs is owned by the Goldman Sachs Group, L.P. They are a publicly traded company on the NYSE.
Is Goldman Sachs a good bank?
That depends what you’re looking for in a bank. Goldman Sachs is one of the most successful investment banks of all time. However you may also find Capital One 360 savings to be a good fit.
Is Goldman Sachs bank FDIC insured?
Yes, Goldman Sachs is a member FDIC. That means deposits are insured to a certain limit.
Is Goldman Sachs the best investment bank?
Many people think so. However, you should carefully evaluate any investment offers before making a decision. We reviewed the best investment apps in another article if that interests you. Also take a look at our Ally Invest review to compare how it sizes up to other services.
When did Goldman Sachs become a bank?
Goldman Sachs was originally founded in 1869 by Marcus Goldman in New York. It has since evolved to offer a bevy of different financial services.
Where is Goldman Sachs bank?
Goldman Sachs bank is headquartered in New York City, New York.
How big is Goldman Sachs bank?
Goldman Sachs has $933 billion in assets and 36,600 employees as of 2018.
Marcus by Goldman Sachs Services
We’ll answer the most popular questions about Marcus by Goldman Sachs in this section.
Is Marcus savings account safe?
Yes, Marcus savings accounts are safe. The accounts are FDIC insured, just like with other banks.
How to open a Marcus savings account?
It’s easy to open a Marcus savings account. Just go to their website and click the button that says open now. Enter your information and link a checking account from another bank to get started.
Is Marcus savings good?
Marcus savings offers extremely competitive interest rates of up to 2.15% APY and is backed by one of the biggest Bank Holding Companies is the world.
Is Marcus savings account FDIC insured?
Yes, Marcus savings accounts are FDIC insured up to the standard limits for savings accounts. Some are surprised to learn that a Chime bank account is also FDIC insured.
Can you pay credit card from Marcus savings?
No, you’ll need to use one of your 6 monthly transfers to move funds from your Marcus savings account to a checking account to pay your credit card.
Does Marcus savings account have referral bonus?
We couldn’t find any information that Marcus savings accounts had a referral bonus as of this writing.
Does Marcus savings account have referral code?
As of this writing we couldn’t find any information indicating that Marcus savings accounts have a referral code.
Does Marcus savings charge fees?
As it is currently structured, there is no way to incur a fee from Goldman Sachs with your Marcus savings account.
Does Marcus savings come with an atm card?
No, like with most savings accounts, you’ll need to transfer money to a checking account if you wish to access it.
How do I make withdrawals from Marcus savings account?
You need to transfer money from your Marcus savings account to a checking account if you want to access the funds in your account.
Is there a Marcus savings app?
Yes, you can get the Marcus app online or through the App Store or Google Play.
What do I need to open a Marcus savings account?
You’ll need your personal information, including social security number and an existing checking account to transfer funds from to open a Marcus savings account.
When are funds available Marcus savings?
That depends on how they were deposited. ACH transfers are available next business day. Wire transfers will be available when they receive the deposit. Check deposits can be delayed in accordance with the Deposit Account Agreement, and Internal transfers are available immediately.
When does Marcus savings account calculate interest?
Marcus savings accounts calculate interest daily based on your posted balance.
Why can I not open a Marcus savings account?
There are a few different reasons why you might have a problem opening a Marcus savings account. The most common reason is problems verifying your identity. You’ll need to contact Marcus for more information.
Can Goldman Sachs Marcus savings account be used for IRA?
There’s not currently any information about the ability to use Marcus savings accounts for IRA’s. Marcus does offer CDs which are eligible for IRA’s.
How to deposit in Marcus by Goldman Sachs savings account?
You can deposit in a Marcus by Goldman Sachs savings account through check deposit, ACH transfer, wire transfer, or internal transfer.
Goldman Sachs Accounts
This section answers your most common questions about Goldman Sachs accounts.
Does Goldman Sachs have a commercial bank?
Goldman Sachs has only recently started the process of entering into the commercial banking business.
Does Goldman Sachs bank offer online checking?
Goldman Sachs doesn’t offer standard checking accounts. They offer high-yield savings accounts and CD’s through their subsidiary Marcus by Goldman Sachs.
Does Goldman Sachs do retail banking?
Goldman Sachs doesn’t currently offer retail banking in the US, but they do in the UK. There are plans to expand these services soon.
What is Goldman Sachs merchant banking?
Goldman Sachs Merchant Banking is a subsidiary of Goldman Sachs that offers investments in corporate debt, real estate equity, real estate debt, and infrastructure across the globe.
What is the r3 banking Goldman Sachs?
The R3 refers to a group of major banks that work together to bring blockchain-like distributed ledger technology to their processes.
How to open a Goldman Sachs checking account?
Goldman Sachs does not currently offer standard checking accounts. You can get consumer banking products through their subsidiary Marchs by Goldman Sachs. However, Marcus also doesn’t offer a checking account at this time.
How to open Goldman Sachs account?
That depends on what kind of account you want to open. You can get a Marchs savings account by going online and following the procedure to open one. Other Goldman Sachs accounts require talking to a banker.
Can you have a personal trading account at Goldman Sachs?
That depends on a series of factors. You’ll need to talk to a representative or compliance officer based on your relationship to the bank.
Does Goldman Sachs checking account have debit cards?
Goldman Sachs doesn’t offer checking accounts at this time. Some customers may have debit cards that access a money market account.
Does Goldman Sachs savings account have monthly fee?
The Marcus by Goldman Sachs savings accounts do not have any kind of fees associated with them.
Is the Goldman Sachs savings account cumulative?
There’s no public information about whether or not Goldman Sachs savings accounts are cumulative. It likely depends on your specific account. You should talk to a representative for more information.
What is a Goldman Sachs PSA account?
The PSA account is a Personal Savings Account, which is offered by Goldman Sachs’s subsidiary, Marcus by Goldman Sachs.
Why can't I open a Goldman Sachs Money Market account?
Goldman Sachs doesn’t offer public information about their qualifications for money market savings accounts. You’ll need to talk to a banker or representative for the company to get more information.
Other Questions About Marcus by Goldman Sachs
We’ll answer questions that don’t fit into our other categories in this section.
Does Goldman Sachs bank have a referral bonus?
Goldman Sachs may offer referral bonuses based on specific situations, but they don’t have a publicly available referral bonus plan.
Does Goldman Sachs bank have an app?
Yes, you can download the Marcus by Goldman Sachs app from the Play Store or the App Store.
How to see Goldman Sachs bank routing number?
Goldman Sachs’s bank routing number for Marcus is 1240-6526-0.
Is Goldman Sachs bank a Fortune 500 company?
Yes, Goldman Sachs has spent more than 20 years on the Fortune 500 list.
What did Goldman Sachs bank used to be?
Goldman Sachs bank has been an investment bank since the 1860’s. The bank has expanded its services and acquired other firms over the years.
What does the investment bank do at Goldman Sachs?
The investment bank at Goldman Sachs focuses on finding opportunities for investors to maximize their investment profits and directs investors towards long and short term investment strategies that meet their needs.
Can Quicken track Goldman Sachs Marcus accounts?
Yes, you’ll just need to enter in the information for your Marcus account the same way you would for any other bank account.
Does Marcus come with credit monitoring?
We couldn't find any information on Marcus.com about credit monitoring or indentity theft services. You may want to talk to them directly about this. In the meantime we also review the top identity theft protection services on our site. We covered a couple such companies in a recent Identity Force vs Identity Guard review.
Does Marcus do refinancing?
If you're talking about mortgages judging from their site it doesn't look likethey offer this product. However you can look at current refinance mortgage rates with other banks and companies.