Marcus by Goldman Sachs

Goldman Sachs, a behemoth of the financial services industry, introduced Marcus by Goldman Sachs to expand its offerings in 2016. The online savings bank arm offers high-yield CDs- Certificates of Deposit, zero cost personal loans and high-yield savings accounts. The brand’s mission is to keep things inexpensive and simple.

Types of accounts from Marcus

With Marcus by Goldman Sachs, you can open three types of accounts:

  1. CD’s
  2. Online savings accounts
  3. Personal unsecured loans

Highlights of Marcus by Goldman Sachs

No minimum balance requirement

The best thing about the Marcus is it doesn’t have any minimum account balance requirement in order to enjoy the interest rate. That means you can open your saving account now with a low deposit amount and deposit more money later.

High APY

The savings account offers an impressive APY- Annual Percentage Yield. Other savings bank accounts offer 0.09 per cent APY; the Marcus accounts have a higher APY. The APY is 1.15 per cent, much higher than the industry norm.

Zero monthly maintenance fee

When you have a Marcus by Goldman Sachs online savings account, you don’t have to worry about the maintenance cost. However, if account holders transfer funds to the account, then Marcus will not be responsible for funds transfer fees imposed by the other institution.

FDIC insured

Marcus is an arm of Goldman Sachs Bank USA. The bank is insured by FDIC- Federal Deposit Insurance Corporation. That means the authority protects the account holder’s money up to $250,000 per depositor.

Better transfer limits

A Marcus saving account allows six transfers per month, including deposits as well as withdrawals and up $125,000 cash transfers per month.

Who are Marcus savings accounts best for?

It is the best saving account option for those who want to have a savings account with a higher interest rate and don’t want to move money in and out. Besides, it can be a good option for those who:

  • Want to free of cost savings account just to store their money.
  • Don’t have sufficient savings to get qualified for better interest rates with other saving accounts that typically require huge initial deposits.
  • Don’t require other checking accounts.
  • Require faster money transfers.

Marcus’ CD options

By depositing $500, you can open a CD. For one year, the yield will be 2.50 %, for three years, it is 2.60 %, and by living the savings for five years, you can get a yield of 2.80 %.

Marcus – Also a provider of unsecured personal loans

If you are looking for an unsecured personal loan with decent APR, then Marcus’ personal loans aren’t bad either. Marcus offers personal loans starting from $3,500 to $30,000. The APR ranges from 6.99 percent to 23.99 percent. The length of terms for the loan ranges from 36 months to 72 months. If you have a good credit score, you can qualify for the lesser rate and better loan terms.

What are customers saying about Marcus? 

“Marcus personal loans are just amazing, and I found it quite useful for their low APRs and fees. I have two online saving accounts with the bank and have not faced any issue till now. My overall experience is good with them.” – Steve

“I will give five stars to the bank for offering a very easy process to open a new account. On the hand, the transferring process is fast. It took just 15 minutes, and I got my new saving account. The bank is genuine, and I would definitely recommend it to others.” – Thomas Kirby

Interested people can or call 1-855-730-7283 to open a saving account. For a personal loan, they can call 1-844-627-2871.