Marcus by Goldman Sachs is an online-only high yield savings account, that has a competitive rate of 0.50% for its annual percentage yield, provides no minimum deposits on savings, low deposit, no penalty cds, and offers reliable and unsecured personal loans.
What is Marcus by Goldman Sachs?
Marcus by Goldman Sachs online savings account offers a 0.50% annual percentage yield (APY), a significantly higher offer than most traditional savings accounts. With Marcus savings account, you can secure much higher returns. However, as a smart investor, you would always want to consider the limitations and what else Marcus Online Savings Account has to offer.
For instance, Marcus online savings account does not offer a checking account or ATM access.
With this, it will be challenging to handle some of your banking needs and transactions, limiting your liquidity options. You will have to connect your Marcus online savings account to other financial institutions to access options they can’t provide at the moment.
Despite having limitations compared to other savings account, Marcus by Goldman Sachs is recognized as one of the best online savings accounts with some of the best CD rates in the market.
On top of that, their personal loans won the no. 1 spot in personal loan customer satisfaction in 2019, awarded by J.D Power. These are unsecured personal loans ranging from $3,500 to $40,000.
Impressed by the annual percentage yield but does the limitation weigh more than the benefits? Feel free to use this review to determine what Marcus by Goldman Sachs can do to help you with your financial goals.
Who is ‘Marcus by Goldman Sachs’ best for?
With its benefits, Marcus by Goldman Sachs attracts people who need to build funds quickly but want to make sure they are dealing with a trusted name and knows investment banking by heart. Moreover, Marcus is best for those who:
- Simply want to earn a good rate.
- Plans to open a savings account with no minimum deposit required.
- Are looking for flexible CDs.
- Want a savings account that’s hard to access.
- Want to avoid bank fees.
- Are okay with having external accounts elsewhere.
- Who need unsecured personal loans with no fees and a fixed rate.
Perks and Limitations
Just like any fintech product, Marcus by Goldman Sachs has both perks and limitations. Here are the things you need to understand before you decide to go for it and see if it will help you with your financial goals.
1. 0.50% Annual Percentage Yield
Having an APY that is beyond the 0.06% national average rate, is what makes Marcus by Goldman Sachs attractive. The 0.50% APY is significantly a much higher offer compared to other brick and mortar banks. High yields savings accounts offer great interest rates than traditional savings accounts.
2. No monthly fee
Fees could be seen as one of the challenges investors encounter when dealing with traditional banking. With Marcus savings, you can ease all the worries of having to pay for any fees such as monthly fees or penalty fees.
However, since Marcus has no physical branches and access to ATM, you have to link with an external bank account to access other bank options. In this case, Marcus will not have any control over transaction charges the third party might require.
3. No minimums to open an account
With Marcus by Goldman Sachs Accounts investors are allowed to open their savings with no minimum balance or minimum deposit required.
However, it is important to take note that the account holder should fund it anytime within the first 60 days. If savings account holders wait beyond the given period, the bank may close their account.
4. FDIC insured
One of the unique benefits you can get when you decide to create a Marcus savings account is the peace of mind that you are dealing with a fintech mobile app that is directly supported by a trusted bank like Goldman Sachs Bank (USA). The funds you will put in your Marcus savings account are covered with $250, 000 per depositor, per institution, just in case a bank failure will occur in the future.
5. Excellent customer service; not AI
Automated answers are helpful but a lot of times limited. Marcus by Goldman Sachs gives importance to real-time conversations between customers and actual tech support, so they can thoroughly discuss and clarify any concern. If you sign up with Marcus, expect to be guided by real tech support personnel during their business hours.
6. Basic Budgeting Feature
Marcus is defined by some users as quick and simple online savings account with a small budgeting feature. With the Marcus mobile app, you are able to see how your money moves. It gives you a snapshot of how much you have at hand and where your money is going.
1. No mobile check deposit
What Marcus by Goldman Sachs can improve is their deposit option. As of now, investors have two options if they want to deposit a check: transact through mail or deposit it into an external account.
2. No ATM card access
As of the present, Marcus by Goldman Sachs doesn’t have an access to ATM card. Although the electronic transfers to and from the Marcus account are free, it might be inconvenient for some if they can’t access their money through an ATM.
If you think this would be an issue for you in the future, it’s wise to check out other high yield savings accounts and compare where you can be most comfortable.
How to access your money
Despite its limitations, there are still ways for you to fund your account and withdraw money when you need it.
You can fund your account for free through electronic funds transfer, direct deposit, wire transfer, or mailed check. Although as for the last option, it’s natural that you will be charged for the mail stamp and envelope for snail mail. Marcus has no mobile check deposit capabilities.
You have two options to withdraw your money out of Marcus online savings account: you can do it via electronic bank transfer, a wire transfer, or through check. It’s worth taking into consideration that as a standard rule with any savings account in the U.S, you are only allowed to do six withdrawals or transfers per monthly statement period.
How does Marcus by Goldman Sachs compare with other banks?
Although the perks Marcus has to offer guarantee favorable reviews, you might want to check other savings accounts available in the market.
Related: Best Bank Bonuses
|Bank name||APY||Monthly Fees||Minimum Balance||Bonuses|
|Marcus by Golden Sachs Savings Account (Member FDIC)||0.50%||No monthly maintenance fee||0 minimum balance||N/A|
|American Express High Yield Savings Account||0.40%||No monthly maintenance fee||0 minimum balance||N/A|
|Axos Bank High Yield Savings (Member FDIC)||0.61%||No monthly maintenance fee||0 minimum balance||N/A|
|Ally Bank Savings Account||0.50%||No monthly maintenance fee||0 minimum balance||N/A|
|Live Oak Bank High Yield Online Savings||0.50%||No monthly maintenance fee||0 minimum balance||N/A|
Other Things about Marcus by Goldman Sachs You Need to Know
1. Is Marcus FDIC insured?
Quick answer: Yes
As mentioned above, some fintech apps need to partner with other banks in order to get FDIC insurance. Marcus savings account is directly under the supervision of Goldman Sachs Bank (USA), which makes them 100% FCIC insured. It’s a great edge, as they know pretty well how things work in the investment banking industry.
2. Is Marcus by Goldman Sachs legit?
Quick answer: Yes
Marcus by Goldman Sachs offers a legitimate set of financial and banking products. In fact, the name “Marcus” came from no less than the founder of Goldman Sachs himself, Marcus Goldman. Launched in 2016, this savings account promises to give people simple and accessible online banking options that will help people facilitate their personal finances.
Goldman Sachs Bank USA has been a star player in the banking industry for about 152 years. If you’re curious about the bank’s reputation, you can read any Goldman Sachs bank review from reliable financial review sites.
3. What is the interest rate for the Marcus online savings account?
Quick answer: The latest APY is at 0.50%
With Marcus, your interest rate is compounded on a daily basis and credited monthly to your account.
4. How to withdraw money from Marcus online savings account?
Quick answer: You got three options: Electronic bank transfer, wire transfer and check
Under Marcus, savings account holders are allowed to withdraw money remotely through electronic bank transfer or via free wire transfer that is linked to another bank. If you like withdrawal by check, you can send them a request and have it mailed to you.
5. Does Marcus by Goldman Sachs have branches?
Quick answer: No
Marcus is an online-only savings account. Take note that Goldman Sachs is not a consumer bank that doesn’t have access to ATMs or any brick-and-mortar banks where you can go to make money transactions.
6. How much money do I need to open an account with Marcus?
Quick answer: There is no minimum deposit to open an account
You can open an account and fund it anytime within the first 60 days. However, your account may be subjected to closure if you wait longer than two months.
- Marcus by Goldman Sachs online savings account offers a 0.50% annual percentage yield (APY), a significantly higher offer than most traditional savings accounts. With Marcus savings account, you can secure much higher returns.
- What Marcus by Goldman Sachs can improve is their deposit option. As of now, investors have two options if they want to deposit a check: transact through mail or deposit it into an external account.
- Marcus by Goldman Sachs is for those who want to earn a good rate, plans to open a savings account with no minimum deposit required, want a savings account that is difficult to access.
Finding the best savings account that will perfectly jive with your needs requires a lot of research and comparison. For average investors or those who are starting to build their funds, it is best to get information from trusted sites that can simplify the pros and cons, so you may easily understand the policies and conditions.
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