Introduction
The launch of Marcus by Goldman Sachs was more than five years ago, but it is still in the spotlight in terms of online banking. Marcus offers non-traditional online banking services and comes from an investment bank giant, Goldman Sachs. Since its launch, Marcus by Goldman Sachs has had positive ratings and user reviews. In fact, J.D. Power ranked Marcus on the top best customer satisfaction on personal loans in 2019 and 2022.
Marcus online bank offers deposit accounts around high-yield savings. It offers no-fee personal loans and certificates of deposit. Marcus by Goldman Sachs has become popular and practical partly because it offers solid competitive rates.
On the downside, it lacks some features you would ordinarily find in other banks, such as checking accounts. Still, Marcus is an excellent option for customers who already have a separate checking bank account and want to leverage competitive savings rates.
Ideal Clients for Marcus by Goldman Sachs
Marcus targets customers who gravitate toward online banking. It is ideal for retailers that want to manage their banking needs in a digital environment and don’t need access to ATMs for cash. It is suited for clients that have an external backup in place and want to benefit from online banking. Marcus also works for savers who want to try banking products with competitive yields.
Savings Accounts
Marcus offers competitive APYs and high-yield online savings account. One of the defining aspects of Marcus’ online savings account is that it doesn’t require a minimum balance. Also, Marcus doesn’t charge account holders monthly or quarterly maintenance fees.
With Marcus’ online savings account, users cannot make check deposits or cash withdrawals. Instead, all deposits are digitally transferred. On any balance, Marcus’ online savings account offers 3.30% APY. Unlike most banks, Marcus doesn’t charge any fee for external wire transfers.
But understand that linking to another external bank account with Marcus’ online savings account may incur a fee when you transfer funds. But this comes down to the bank’s policies. While Marcus doesn’t have a minimum balance or deposit requirements, it has a $1 million maximum limit on each online savings account. An individual account holder cannot exceed the $1 million limit.
Many account holders use Marcus’ savings account to store emergency funds. You can use Marcus’ savings account for saving purposes like home improvement, vacation, or a car. As the interest rates continue to increase, account holders can expect to grow more savings.
What You Would Like
- Competitive APYs across all balances
- No minimum balance or deposit requirements to open a new savings account
- No monthly maintenance charges
- Same-day fund transfers of over $100,000
- Round-the-clock online customer service
What You May Not Like
- No brick-and-mortar branches
- It doesn’t support mobile check deposits
- It doesn’t support cash deposits
CD Account
Marcus offers three different kinds of CDs with highly competitive yields. From six months to six years, the terms of these CDs can vary. It requires a minimum $500 balance to ensure CDs are accessible to savers. With a bump up and high-yield CDs, early withdrawals trigger penalties.
On the other hand, no-penalty CDs offer more flexibility. You can expect the Marcus CDs to get renewed after every ten days of the grace period. Since last year, interest rates have continued to fluctuate, and you might be hesitant to opt for CDs in the long run. And to help clients navigate this issue, Marcus offers a ten-day guarantee on the CD rate.
Key Features of CD Account
- CD APY 1-year = 4.00%
- CD APY 3-year = 4.00%
- CD APY 5-year = 3.80%
- Early withdrawal fine = 90 to 120 days simple interest depending on the term
- Minimum balance = $500
- No-Penalty CD 13-month = 3.05%
- Rate Bump CD 20-month = 3.60%
What You Would Like
- 10-day automatic guarantee rate
- No matter the balance – it offers competitive APYs
- Requires low deposits of $500 on all CDs to open a new account
- Features three distinct CDs with different layers of flexibility
What You May Not Like
- Some banks have lower or zero minimum deposit flexibility to open a new account
Marcus by Goldman Sachs Banking Experience
Marcus is an online bank account without physical branches. It means you’re accessibility and flexibility is limited to its mobile app. But Marcus offers great customer service and has an interactive mobile app that leads to high customer satisfaction.
If you’re looking for an ATM network or direct check deposits, then you find Marcus online bank services and products attractive. Apart from mailing deposit checks, the top-rated Marcus mobile app has made it easier for a multitude of account holders to make instant transfers and check balances.
Transformative Instant Access
Marcus offers on-the-go online banking, which cuts out the need for customers to deal with ATM networks and brick-and-mortar bank branches. Plus, you can connect your Marcus online savings account to an external bank account. It is a good idea to use Marcus mobile app and make the most out of online banking services.
Account holders can get the Marcus mobile app on their Android and iOS smart devices. But whether you use Marcus mobile app on Android or iOS, it allows you to benefit from the same features. Account holders can check their balances, transfer funds to or from external bank accounts, and review transactions. You can also make loan payments via Marcus’ personal loan and review the progress of your financial goals.
Marcus mobile app now features Marcus Insights. It allows account holders to link with their external bank account to track spending and cash flow. Users can also analyze their investing and saving trends. It is a centralized approach to managing money and gives account holders a 360-degree view of their financial position.
No guide or review will be objective if you don’t touch on the drawbacks. And the main limitation of Marcus is that users cannot use its mobile app to deposit checks. So, how can customers deposit a check into their Marcus account? Well, they’ll need to endorse that check and send it to Goldman Sachs Bank USA via mail.
Marcus by Goldman Sachs: Frequently Asked Questions
Are the products and services offered by Marcus legal?
The offered and rendered financial services by Marcus Goldman Sachs are legitimate. Marcus by Gold Sachs features legit online banking services like personal loans and certificates of deposit, and savings account.
Does Marcus by Goldman Sachs charge overdraft fees?
Usually, you need to keep an eye on your savings account balance in order to avoid potential overdraft fees. But Marcus online bank doesn’t provide a checking account. So, you don’t have to worry about overdraft fees.
Is Marcus’ mobile app good?
Marcus’ mobile app has high ratings from users on Google Play Store and Apple App Store. Most users praise the swift navigation and control features of the app. Users also praise that the debt and savings account consolidation is simple from the app.
Are Marcus’ accounts insured?
Yes, Marcus’ online accounts have FDIC insurance coverage for a maximum amount of $250,000 for each depositor. But remember that FDIC insurance coverage doesn’t offer protection against unexpected market fluctuations. Similarly, if your account value drops, don’t expect FDIC to cover the loss.
Is the process to withdraw funds complex on Marcus’ online bank account?
If you want to withdraw funds from your Marcus savings account, you can transfer them to an external bank account. You can also wire-transfer your money.
How is the customer service of Marcus by Goldman Sachs?
Marcus offers automated 24/7 customer service to online account holders. You can reach out to their customer service agents at regular banking times. Marcus online bank also features digital customer support like live chat.
What is the current Marcus savings account interest rate?
As of 2023, Marcus’ online saving account has an interest rate of 3.30 APY.
What is the limit of funds required to open Marcus’ bank account?
One of the highlights of Marcus is that it doesn’t require minimum funds to deposit to open an online savings account. But new account holders can lose their account if they don’t deposit the money within two months of opening.
Is there a brick-and-mortar branch of Marcus by Goldman?
Marcus is an online bank and doesn’t have a physical branch. You can get its mobile app from Google Play and Apple App Store.
Conclusion
The exclusive products offered by Marcus bank are highly rated and praised. In fact, Marcus by Goldman Sachs is positioned as a highly accessible and straightforward online bank that offers added flexibility and control to clients over their day-to-day finances.
Marcus by Goldman Sachs has managed to achieve a “can do” image, which has made it more approachable than other similar financial solutions. It focuses on making it easier for people to achieve and maintain financial stability and manage money wisely.
Marcus by Goldman Sachs is the opposite of traditional banks and often calls out old school methods of competitors through catchy taglines. If you’re fine with Marcus’ lack of standard features like an ATM-based network and mobile check deposit that many online banks offer – you’ll find it an attractive option. And if you want to boost your savings, Marcus is a great choice.
