Marcus by Goldman Sachs is an online-only financial institution and subsidiary of Goldman Sachs. All loans and deposit merchandise are offered by Goldman Sachs Financial institution USA, Salt Lake Metropolis Department.
Marcus presents a variety of financial savings, funding, credit score, and lending merchandise. This financial institution doesn’t, nonetheless, present debit or ATM playing cards. So prospects who wish to entry their funds should accomplish that by way of ACH or wire switch.
All charges and charges are present as of April 20, 2023, and are topic to alter.
Marcus by Goldman Sachs choices
Marcus doesn’t provide any checking accounts or money-market accounts. Nonetheless, it does provide a high-yield financial savings account and a number of other certificates of deposit (CD) choices.
Excessive-yield financial savings account
- Marcus On-line Financial savings Account
- Minimal opening deposit: $0
- APY: 3.90% APY
- Charges: $0
Certificates of deposit
- Excessive-yield CDs
- Minimal opening deposit: $500
- Charges: $0
- APY:
- 6-month CD: 4.25%
- 9-month CD: 4.30%
- 12-month CD: 4.75%
- 18-month CD: 4.75%
- 2-year CD: 4.35%
- 3-year CD: 4.30%
- 4-year CD: 4.00%
- 5-year CD: 3.80%
- 6-year CD: 3.70%
- Compounding frequency: Curiosity compounds every day and is credited month-to-month
- Early withdrawal penalty: 90–270 days’ value of curiosity relying on the CD time period
- No-penalty CDs
- Minimal opening deposit: $500
- Charges: $0
- APY:
- 7-month CD: 0.45%
- 11-month CD: 0.35%
- 13-month CD: 4.15%
- Compounding frequency: Curiosity compounds every day and is credited month-to-month
- Early withdrawal penalty: $0
- Charge Bump CD
- Minimal opening deposit: $500
- Charges: $0
- APY:
- Compounding frequency: Curiosity compounds every day and is credited month-to-month
- Early withdrawal penalty: 180 days’ curiosity on the unique principal steadiness
Different providers Marcus presents
Aside from its deposit accounts, Marcus presents just a few different services and products for patrons to select from.
- Marcus Make investments: Marcus Make investments presents customized portfolios created by Goldman Sachs specialists for as little as $5.
- Loans: Marcus presents invitation-only private loans that don’t cost any late charges or prepayment penalties.
- Bank cards: Marcus’s bank card choice features a suite of auto rewards bank cards.
The Marcus platform and buyer assist
Marcus presents a web-based banking platform, in addition to a cell app accessible for obtain on the Apple App retailer and Google Play. It has a four-star score on each digital storefronts.
For any customer support wants, Marcus representatives could be reached by way of phone, e-mail, mail, and chat. For assist with on-line financial savings accounts, CDs, bank cards, and insights, prospects can name Marcus’s toll-free line 24/7. For assist with loans, representatives can be found Monday by means of Friday between 8:00 a.m. and 10:00 p.m. ET, in addition to Saturday and Sunday from 9:00 a.m. to 7:00 p.m. ET (this line is closed on Thanksgiving Day, Christmas Day, and New Yr’s Day). Prospects who want help with their Marcus Make investments account can name the customer support line Monday by means of Friday from 9:00 a.m. to six:30 p.m. ET (this line is closed on inventory market and buying and selling holidays).
To entry the stay chat options, prospects should log into their account on the Marcus web site and choose the chat choice from their dashboard. Financial savings and insights prospects and GM Rewards bank card prospects can use this characteristic 24/7. Marcus Make investments prospects can write to a consultant by way of stay chat Monday by means of Friday, from 9:00 a.m. to six:30 p.m. ET.
Execs and cons of Marcus by Goldman Sachs
For those who’re contemplating banking with Marcus, listed here are just a few of the foremost professionals and cons to pay attention to:
Execs
- 24/7 customer support: Marcus at the moment presents 24/7 customer support for many prospects by calling its toll-free quantity or reaching out by way of stay chat.
- No charges: Apart from early withdrawal penalties for CDs, Marcus accounts don’t cost any further charges for account opening or upkeep.
Cons
- No bodily areas: Marcus is an online-only division of Goldman Sachs, due to this fact prospects do not need entry to any bodily branches.
- No checking account choices: Marcus doesn’t provide any checking account choices. For purchasers who desire a wider vary of product choices, this might be a downside.
Steadily requested questions
Is Marcus by Goldman Sachs reliable?
Sure. Marcus by Goldman Sachs is a subsidiary for Goldman Sachs, which is FDIC-insured.
How a lot cash do it is advisable open a Marcus account?
Marcus’ financial savings account doesn’t require a minimal deposit. Its CDs require a minimal opening deposit of $500.
Does Marcus pay curiosity month-to-month?
Curiosity earned in your Marcus account balances compounds every day and is credited to your account month-to-month.