Marcus by Goldman Sachs offers online banking products like high-yield savings accounts and certificate of deposit accounts, personal loans between $3,500 and $40,000, as well as managed portfolios for investing or retirement. With Marcus Insights, a tool available through their mobile app, you can optimize your money in an automated way.
Suppose you are looking for an online bank with a high yield savings account and a high yield certificate of deposit. In that case, Marcus offers one of the best APYs, especially considering their low minimum deposits and no-fee accounts.
Marcus’ banking offering is limited, so you will have to look into other banks or financial institutions for other banking products like money market accounts or mortgages. However, it may be worth it since they offer competitive rates with no monthly fees on their accounts.
About Marcus
Marcus Goldman founded Goldman Sachs in 1869, long before the invention of the internet. Today, Goldman Sachs has become a bank holding company with a subsidiary online-only bank, Goldman Sachs Bank. Goldman Sachs was successful in the financial crisis, earning billions in profits.
Marcus by Goldman Sachs was created with the mission of helping people achieve financial well-being and bringing financial expertise to their clients. With over 150 years of financial experience, Marcus has designed online banking products and tools to help you make the most out of your money.
The deposits at Marcus by Goldman Sachs are FDIC insured through Goldman Sachs Bank USA, Salt Lake City Branch that provides all loans and savings deposit products.
Online Banking
Marcus Bank is a bank that is strictly online. The bank is best for you if you don’t need a bank branch or ATM network. Marcus does not offer a debit card or ATM card, making deposits hard to access. To access your deposits, you will have to do so through electronic transfers using a third-party or a linked external bank account, a wire transfer, or by requesting a check by phone to be sent to you.
Marcus has a mobile app for both iOS and Android that lets you connect your bank account to access mobile banking. Since mobile check deposit is not offered through the mobile app, you must use electronic transfers or automated deposits to add funds to your account, or else send a check by U.S. mail.
One of the app highlights is Marcus insights, which allows you to connect external accounts and track your saving goals and money in one location through Marcus mobile app.
If you need to reach out to customer service, you can do so by phone or live chat if you are already a Marcus customer.
High-yield Savings Account
Marcus offers an online savings account with a very competitive APY. You can open high-yield online savings accounts with Marcus with no minimum deposit or minimum balance and a maximum limit of $1 million.
CDs
Marcus offers two options for Certificate of Deposits (CDs), with very competitive annual percentage yields and a minimum deposit of $500. The rates are one of the best CD rates available, and the minimum deposit is lower than the average.
The high-yield CD offers terms between 6 months to 6 years. The longer-term CDs give you higher APYs, but also have higher early withdrawal penalties. In contrast, the no-penalty CD has a 7-month term.
Personal Loans
Marcus offers good options for a personal loan if you need to make a personal purchase, like debt consolidation, paying off credit cards, or a home improvement. You can borrow between $3,500 and $40,000 of unsecured personal loans with a monthly payment depending on the interest rate, loan amount, and loan term.
How to Get Started with Marcus by Goldman Sachs
Since Marcus is an online bank, you can start opening an account or applying for a personal loan online on their website. Bear in mind that there is no minimum deposit to open a high-yield savings account, but for CD accounts, there is a minimum deposit of $500.
