goldman sachs launched marcus

Goldman Sachs Launched Marcus in 2016 – Everything to Know

Ever since the covid pandemic occurred, the entire globe went into lockdown, with many shops having to close down due to the threat of the virus. This ushered in a new era of digitization and contactless services, leading to the rapid growth of the fintech industry.

Financial technology, or fintech for short, is an industry that saw significant growth during the lockdown and is centered on incorporating modern technology to discover new financial methods aimed toward convenience and contactless digital interaction. 

Because of this industry’s growth during the pandemic, many online platforms started integrating online services and payment methods on their websites to compete with traditional financial methods such as in-person payment and in-person banking.

Many industries started integrating newer technology with their current financial systems, marking the prominence of online banking. Nowadays, online banking has improved by leaps and bounds, with many noteworthy banks developing online banking applications.

Furthermore, many organizations which had come up with online banking options have gained quite a bit of traction due to different financial technology adaptations and new online financial services, one of them being Marcus by Goldman Sachs.

In this article we will discuss this in a bit more detail, explain when this online banking platform was founded and explore how this online financial platform specifically functions. Furthermore, we will also be discussing how their consumer lending platform works as well.

When Did Marcus by Goldman Sachs Start?

It was in 2016 that one of the most historically significant and famous investment banks to ever lay their foundations on Wall Street, Goldman Sachs, decided to diversify their portfolio and step into the world of consumer finances.

They released their online lending platform known as Marcus by Goldman Sachs. The platform’s name was inspired by one of the company’s founders, Marcus Goldman.

The products and services offered by this online consumer branch were designed to address and eliminate the paint points that a typical consumer faces, being low APY in savings accounts, low CD rates, inability to obtain personal loans at a fixed rate, and more.  

How can Marcus by Goldman Sachs Help?

With their primary focus being on clients who are planning to refinance and work towards credit card debt consolidation, Marcus offers consumers unsecured loans, which can amount to up to $30,000.

The main target that the bank primarily focuses on is the people looking to consolidate the credit card debt they have accumulated.

What differentiates Marcus by Goldman Sachs from its competition is that it offers loans without the attached complex terms and conditions. Furthermore, this lending platform does not contain any hidden fees attached to the loans.

How the Marcus platform works is that it offers loans of a fixed rate, offering a static and fixed interest rate no matter the duration of the loan.

The interest rates offered to the consumer when they take out a loan from Marcus can range from 5.99% to 22.99%, depending on the period the loan has been planned out for.

Moreover, many reviews have also deemed Marcus as a highly consumer-friendly alternative when it comes to online lending, mainly since there are no transaction fees involved, and many other reasons as well, such as flexible dates of payment and an overall simple loan process.

Should I use Marcus by Goldman Sachs?

Many people who have used this platform to secure a loan have highlighted that Marcus is a comparatively simple platform that is much more accessible than its competition. Furthermore, Marcus by Goldman Sachs also gives users an added layer of control over their finances.

However, ease of access and added convenience is not nearly enough to convince someone to take out a loan from such a banking platform.

Fortunately, mostly pros are associated with using this platform. Let us discuss this in more detail, highlighting some additional advantages of using Marcus by Goldman Sachs. 

  • Comparatively Higher Savings and CD Rates

One of the main selling points of redeeming a loan with Marcus by Goldman Sachs is that it claims to offer consumers an annual percentage yield of around 3.30% when opting for its savings account, which is known in the market to be four times higher than the average rate offered by a multitude of different banks.

To better understand how this is a considerable benefit in favor of consumers, let us first understand what APY means and how it can impact your earnings.

Annual Percentage Yield, or APY for short, is the actual amount you would earn throughout the year in the form of interest that a bank offers on the savings account.

The more APY a bank offers for their savings account holder, the better for that consumer’s finances. This is why the higher-than-normal APY is such a plus for consumers before it results in an increased interest which is returned to your savings account annually.

Not only that, but the highly reputable bank has also said to back up their claims by offering consumers a very accessible and user-friendly calculator, which contains a feature that lets you determine your yield with time, as compared to your average banks and financial service providers as well.

Furthermore, the terms and policies offered by Marcus, which are centered on CDs, also known as certificates of deposit, and the CD rate are also designed to offer a comparatively higher percentage yield.

  • No Minimum Amount to Open a Savings Account

Another great benefit of opening an account with Marcus is that they have no minimum amount, which you need to come up with if you want to open your savings account on that platform.

This means potential consumers can create savings accounts without needing to pay any deposit.

However, there are terms and conditions centered on this policy, one of them dictating that you would need to deposit some funds into your account within sixty days after you open it.

Furthermore, if you plan to opt for a certificate of deposit, you can do that through a minimum deposit of merely $500. Furthermore, Marcus also allows you ten days, within which you can deposit the minimum amount.

  • Personal Loans at a Fixed Rate and No Fee Requirement

This online lending platform allows consumers to take advantage of unsecured personal loans, which can go as high as $40,000 between 72 months and six years.

In addition to a very accessible and flexible loan scheme, another benefit associated with this platform is that it does not charge any sort of hidden fees in the form of prepayment or sign-up fees.

Furthermore, an added benefit offered by the online platform is that it offers a fixed APR, also known as the annual percentage rate, which can go up to a rate of 24%.


Marcus by Goldman Sachs is an online savings and lending platform that the globally known bank introduced in an attempt to step into the world of consumer banking. This product was introduced to address the financial needs of consumers specifically revolving around savings accounts and personal lending. 

The main purpose of Marcus was to create a product that is highly accessible to a broader audience of consumers in order to capitalize on the product segments that the general population is looking for. With the high APY that Marcus offers and the ease of access to unsecured personal loans, Marcus by Goldman Sachs has been regarded as a very good product among users since 2016.

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