May. 17, 2021

4 min read

Marcus Summary

Marcus, a new personal loan provider by Goldman Sachs, offers loans that are fee-free and can be tailored to suit each individual customer. Fast funding is also a crucial component of the Marcus strategy, and many Marcus customers receive funds in as little as 5 days.

Pros

No origination, processing, or prepayment fees
Many Marcus customers receive funds in as little as 5 days

Cons

High credit score required to be accepted
Late payment policy can mean higher interest rates

Marcus View Rates

Overview

Marcus is a new personal loan solution- backed by over 150 years of Goldman Sachs' financial experience. This recently-launched branch of the venerable investment bank is currently testing its new approach to personal lending and debt consolidation on a smaller audience, but anyone can now borrow without a special invitation. In a fresh spin on an old system, loans from Marcus are fee-free, and offer more flexibility thanks to unique loan features. Fast funding is also a crucial component of the Marcus strategy, and many Marcus customers receive funds in as little as 5 days. In order to offer its customers good loan options, only the most creditworthy applications qualify for the largest loan amounts and lowest rates.

Suitable For?

Marcus is recommended for borrowers with debt from several creditors, consolidating outstanding obligations under a single loan may be a good idea. Marcus makes it easy to put all these debts under one manageable banner. Others who simply need the cash to complete a home improvement project, buy an engagement ring, or handle a personal matter are also welcome. Generally, those with healthier credit have a better chance at obtaining a loan from Marcus. Marcus is flexible and lets you choose the length of your term, as well as the monthly payment you'd like.

Loan Features

Marcus does not place any restrictions on its loans, which can be used for debt consolidation, home improvements, and many other alternatives. You can personalize your repayment terms and monthly payments along with loan amounts. Marcus also does away with fees, instead offering fixed-rate loans with no hidden surcharges or additional costs. Customers can apply for loans directly online with no need for visits to a branch or calls to representatives. Additionally, Marcus rewards responsible repayments, allowing customers to defer one payment after 12 months of on-time payments without a penalty or extra charges. The company provides a range of repayment terms, and allows customers to pay out their loan early without penalty.

Highlights for Marcus:

Most creditworthy applications qualify for the largest loan amounts and lowest rates
Rapid funding - Many Marcus customers receive funds in as little as 5 days
Adjustable range of loans, terms, and monthly payments
Absolutely no fees
Personal loans for debt consolidation and more
Competitive interest rates
Late payment feature lets customer earn the ability to defer payments
Reasonable range of loan amounts
Solid foundation in Goldman Sachs, a centuries old institution

The Application Process

The first step of the application process is to fill out a form that asks for basic details and financial information. Once completed, one of the more unique offerings makes its appearance: two sliders that let the applicant choose their term and monthly payment. After answering a few more questions on income and other demographic information, Marcus performs soft credit check on the applicant, which does not impact their score.

To be approved for a loan, Marcus asks that applicants meet the following requirements:

Be a citizen or legal permanent resident of the US
Be 18 years or older (must be 19 years old in AL, 21 years old in PR & MS)
At least 36 months credit history

Additionally, applicants are recommended to have the following documents ready to expedite the approval process:

Recent bank statements
Proof of income such as pay stubs or tax returns
A driver’s license or similar photo ID
Proof of citizen/residence such as a passport

Loan Terms

Unlike many of its competitors, Marcus is focused on providing customers a more versatile lending experience. When applying, customers are asked to provide a range of preferable loan terms and monthly payments. The company takes these selections into account during the approval and funding process, giving customers an approximation of their preferences. This sets it apart from many industry mainstays that give customers set terms without choices.

Thanks to its slightly higher approval requirements, Marcus can offer customers more favorable terms and loan amounts, along with the ability to set their own preferences. The company offers borrowers loans as low as $3,500, reaching as high as $40,000. What really sets the company apart, however, is its fee structure and benefits. The company does not charge any origination, prepayment, or even late fees. Customers who miss payments or cannot cover the full amount in a given month will simply have interest added to their final payment. However, customers who pay on time for 12 months can defer up to 3 payments for no extra interest, with the missed installments simply added to the end of the loan.

Repayment Terms

It takes anywhere from 36 months to 72 months, or between 3 and 6 years to pay off a Marcus personal loan, with unique intermediate terms on offer. Borrowers can get approved for as low as $3,500 or as much as $40,000, and can choose to pay their loan back on a schedule that is as relaxed, or as stringent, as they like. During repayment, there are absolutely no fees involved for any customer service process, and a unique feature of Marcus reveals itself after just a year. After 12 consecutive months of consecutive on-time payments, the borrower earns a credit that allows them to make a late monthly payment at any time in the future, without incurring additional interest charges. Customers may also configure their repayment date on any day of the month and can change it up to three times over the course of repayment. Marcus impressed us with their creativity in creating this incentive, and we can see customers appreciating the feature.

Privacy & Security

Opting for a Marcus loan is one of the safest choices you can make. With nearly 150 years in the finance industry, a solid reputation, and consistent backing, you can be confident that you won’t have the issues you would with some other lenders - such as not getting paid, hidden fees, aggressive marketing techniques, or problematic practices. Everything that runs through Goldman Sachs is legitimate and provides quality, reliability, and integrity regardless of your financial standings.

Help & Support

During our exploration of Marcus and its services, we encountered a friendly and informed customer service team. While Marcus may be a new entry into an established market, the representatives we spoke with were experienced. Staff members responded to our inquiries via email and phone within a reasonable amount of time. We waited just a few minutes before speaking with a friendly support team employee, and for email we were returned to within a single business day. Additionally, the “Insights” section of the Marcus website holds a thorough FAQs list and a collection of frequently-updated articles on debt.

FAQs

Does Marcus charge any fees?

Marcus does not charge any fees for originating a loan. The company doesn't charge late fees either, and if you miss a payment or can’t cover your entire payment in a given month, Marcus will simply add interest to your final payment. You can also defer up to 3 payments with no extra interest if you have made your payments on time for 12 months. Finally, if you decide to pay off your loan early, Marcus will not charge you a prepayment penalty.

What are the credit score requirements?

The credit score requirements with Marcus are a bit higher than that of many competitors. When you’re applying for a loan with Marcus, the company will do a soft credit check, which has no impact on your credit score. It also provides customers with free tools for improving their credit and reducing debt.

What can I use my loan for?

Marcus does not place any restrictions on what you use the loan for. You can use the extra cash flow for debt consolidation, home renovations, a family vacation, or really whatever your heart desires.

How long does the process take?

The application process on Marcus is easy and straightforward, and you never have to head down to your local bank branch. Many Marcus customers receive funds in as little as 5 day, according to Marcus.

Summary

For people who are looking for a personal loan, Goldman Sachs-backed Marcus provides a quick solution. The absence of fees and flexibility makes a Marcus loan worthwhile and effective. Borrowers can choose their monthly payment, term length, and use their good performance to make late payments at no extra cost. With low APR and long terms, Marcus is taking advantage of their access to inexpensive credit to give borrowers a better alternative than credit cards.

Marcus View Rates

Disclaimers

*After making 12 or more consecutive monthly payments, you can defer one payment as long as you have made all your prior payments in full and on time. We will waive any interest incurred during the deferral, and extend your loan by one month (you will pay interest during this extra month). Your payments resume as usual after your deferral. Advance notice is required. See loan agreement for details.

*Your loan terms are not guaranteed and are subject to our verification of your identity and credit information. To obtain a loan, you must submit additional documentation including an application that may affect your credit score. The availability of a loan offer and the terms of your actual offer will vary due to a number of factors, including your loan purpose and our evaluation of your creditworthiness. You may be required to have some of your funds sent directly to creditors to pay off down certain types of outstanding unsecured debt. Rates will vary based on many factors, such as your creditworthiness (for example, credit score and credit history) and the length of your loan (for example, rates for 36 month loans are generally lower than rates for 72 month loans. Your maximum loan amount may vary depending on your loan purpose, income and creditworthiness. Your verifiable income must support your ability to repay your loan. Marcus by Goldman Sachs is a brand of Goldman Sachs Bank USA and all loans are issued by Goldman Sachs Bank USA, Salt Lake City Branch. Applications are subject to additional terms and conditions.

Written by

Michael Dinich

Michael has worked in personal finance since 1999. He shares unique insights on how to save money, increase income and prepare for retirement. Michael is a sought-after expert in the areas of taxation, personal finance, and health insurance planning. He writes for BestMoney and enjoys helping readers make sense of the options on the market.‎

Trustpilot reviews

See what some costumers are saying about Marcus

Average

•

Reviews 250

Excellent

44%

Great

Average

Poor

Bad

37%

lynne sweeney

19 hours ago

Christalla went above the call of duty…

Christalla went above the call of duty and could not have done it on my own as I was diagnosed with a Brain Tumor . Christalla was patient , understanding and nothing was too much trouble.

david

7 days ago

They claim to use faster payments more like slower payments

They say they do faster payments but where as other faster payments go into your account immediately Marcus seems to occasionally take a very long time and I have been waiting over 40 mins on this occasion for something that should be instant especially as it is a working day around 2pm. Therefore it is not faster payments so I will take my money elsewhere.

hugh g rection

16 days ago

love marcus

Fricken love marcus, clapped a hostage

emily h.

a month ago

I’ve really liked having my money in my…

I’ve really liked having my money in my Marcus account. It’s safe and easy to use. My only negative is the rates have been a little inferior to alternative savings accounts BUT the experience is great.

it's me

a month ago

The website and app looks nice

The website and app looks nice, but one would think with their name, it would over a better Interest Rate and APY than it does compared to other banks. For instance, Newtek Bank, Primis Bank and even Lending Club offers a much better interest rate than Macrus by Goldman Sachs does. With such a trusted name, gives so little to the people who save money with them .

elizabeth

a month ago

The app doesn't work

Unable to access account via app or computer. Have had to resort to telephone calls to complete transactions recently. Not good enough.

ian thomson

a month ago

Total rogue entity. They should be closed down NOW!

I wasted time phoning and getting the run around trying to close my accounts so I enrolled the help of Consumer Financial Protection Bureau. They were fantastic and Marcus assured everyone that my accounts would be closed and monies refunded. My bank cannot clear the checks as “the clearing bank as the clearing bank states there is a “MISMATCH ROUTING NUMBER”!!, Yet another ploy by Marcus by Goldman Sachs to hold my money. Disgraceful!!!!

greg marlowe

2 months ago

Without doubt consistently and over…

Without doubt consistently and over many years running THE worst customer service ever experienced from a bank. And here I'll not expend the time to recount several other of this bank's administrative deficiencies. Rather at this particular juncture I'll reference only the most recent example of a client REPEATEDLY unable to have Marcus Bank fulfill even a very simple task, including having first written to an address in Utah, followed by having twice during phone calls having received assurances of prompt forthcoming action which also NEVER eventuated. The documented record as as follows. One, in a letter dated 1-19-23 I asked that I be sent written confirmation of the identified change of beneficiary status for my accounts. Nary a reply. Two, I phoned on 2-21-23 and again requested such a letter, and in turn was told the solicitation would be fulfilled. Never happened. Third, again by phone on 3-14-23 representative declared the needed missive would be posted immediately. Also has never transpired. Gee, is it any wonder that the entire Marcus operation--meaning not just the bank portion, but its collective divisions last year lost well more than$1 BILLION?

elle b

2 months ago

Surprised about other reviews

I am really surprised about the other reviews. I've been saving with Marcus for about 4 years - in that time I have grown the amount substantially (transferring each month), then taken a large portion out to pay for the house deposit, which required me to call them to instruct the transaction, it all went very smoothly. I then had to ask them to provide letters for proof as requested by the solicitors for the house purchase etc - all done without any issues at all. I have always been very happy. Any transfers I make back to my main account are pretty instantaneous too. All in all, one very happy customer. Except that their interest rates are now not the top of the game!

geraldine

2 months ago

Online service is screwed up

Tried to open a CD online as their rates are the best. They said they sent me a 6 digit code to continue. No code came despite 4 requests. (Not in spam, not anywhere. )They told me to wait 30mins. I waited over two hours but no code came. It said my account was locked. I called back five times. Each time got confusing and confused 'specialist'. I gave up at that point and went to another place for the CD.

dmg

2 months ago

It’s as bad as the other reviews say

As per other reviews on here. Too difficult to get your money out. ISA transfer process is manual/by post/by cheque. Obviously, it’s deliberate that they haven’t moved to electronic transfer and payment. They clearly have little care and protection for the customer. Too slow to raise rates with base rate increase and you have to manually opt into the bonus. Used to be able to transfer larger sums of money in a day, but they go rid of that feature too. There are better companies with better rates who are easier to do business with. Go elsewhere because when you realise you are not getting a good deal, it’s too hard to get your money out.

neil

2 months ago

Marcus does not allow electronic transfer out of your ISA to another ISA provider

In the 21st century, it is incredible how many banks do not allow electronic transfer of ISAs from one bank to another! Marcus is one such bank. They are very happy to accept your funds electronically when you open an ISA. This means that the entire application process is completed online electronically without having to complete a paper based form and having to post it. Once your ISA is open and you wish to move your ISA to another provider, as you complete the online application for your new provider, you will asked to provide the details of your current ISA provider and the account details. At this point you find out that Marcus is not on the list. When you contact them, they inform you that they are not part of the scheme that allows electronic transfer of ISAs. This means that you have to complete a paper form from your new provider and take it to their local branch or put it in the post. This process is a long drawn out process whereby the new provider posts your completed form to Marcus. Marcus then issues a cheque with your ISA funds and sends it by post to your new provider. Imagine all the data protection and security issues associated with such an unnecessarily lengthy process and the amount of time it takes to do an ISA transfer. I raised a complaint with Marcus to ask why they do not mention when I apply for an ISA that they will not allow it to be transferred electronically when I wish to move to a new provide. Apparently this information is there somewhere in its FAQs. I asked if they would place that information somewhere where it is easily visible at the time of application. I was told that they would only do it if they had enough complaints about it! In short, they cannot be asked to do anything about it. It is not a long stretch to imagine that such a poor process is deliberately designed to hold on to your funds for as long as possible! In summary don't waste your time opening an ISA with Marcus if you want to be able to transfer your ISA to a new provider quickly and easily!

mick h

2 months ago

Holding funds after Death...

A family member died in December and as executor of the will I needed access to the funds to cover various costs. Marcus will not allow funds to be released if over 20k without a probate certificate......which takes 3-6 months so useless having the funds with them. All other banks were happy with death certificate and copy of will in order to release funds. Appalling service from Marcus plus to top it all it takes 18 minutes plus for someone to answer the phone. I'll be avoiding them in future.

henry

2 months ago

I thought it was brilliant until I was…

I thought it was brilliant until I was abroad, not only can I not access my account I can’t even access anything to do with their website. I am abroad for about 3 months, please can someone contact me and tell me how I can access my account 😡

anonymous

2 months ago

Don't let the high interest lure you.

They make it so easy to deposit, but place a lot of obstacles for you to gain access to your own money. Since the online platform is limited, you reach out to speak to a rep. Very frustrating so when you call, they tell you need to refer to a "back office" person. Takes a great amount of your time, only to end the call with your issue unresolved.

jon b

2 months ago

Simple

Simple, easy to use App. A little frustrating that the bonus rate needs to be applied for - why isn't this simply included in the rate so nobody misses out?

shaun clarke

3 months ago

Fantastic Telephone Support

Had to call to get account details, not only was the guidance clear on your app as to what I can do but Roger on your phone lines clearly and concisely went through the step by step process. Fantastic service

david nicholson

3 months ago

Don't bother trying to withdraw at the weekend

No problem putting money in but god help anyone trying to withdraw over the weekend. It all looks fine however doesn't appear in your linked account until the next working day. Waste of time and my money will be moved out next week.

adam

3 months ago

Very disappointing indeed

Used to be good, and I happily kept my money there for many years. However, the interest rate is currently a woeful 2.4%, where my bank offers 3.5%! So, Marcus, you snooze you lose, I moved all my money out and won't use you again until you pull your finger out and offer something half decent.

alice garcia

3 months ago

Can't get your money out once you put it in there

I had opened a money market savings account well over a year ago and never had any trouble putting money in. This week, I had to make two transfers out in order to pay my taxes and they locked my account. After sitting on hold for well over 30 minutes on two separate occasions, I am still unable to get MY $80,000 out of MY account.

tim

3 months ago

US citizen with account opened in US

US citizen with account opened in US. Travel all the time. Can't login to accounts while overseas. Just stupid

debbie c

3 months ago

Terrible company

Terrible company! So easy to deposit but almost impossible to transfer out to a land bank. I’ve read this in many reviews now that I’m having trouble. Customer Service rep can’t help. Only back office knows what they are doing and no communication with them. Every time I call - someone will get back with me in 1 to 3 business days. We are going on 7 days and my online log in shows my accounts closed but they haven’t wired the money and no one will return my call. This bank is a scam of a company.

peter carlson

4 months ago

Good rates but lousy service

I've had a Marcus account for about a year, and I've had to contact customer service on a few occasions. Most recently it was due to an error message while in the middle of an online transfer - this is a common problem. It's always the same story: indifferent (bordering on hostile) customer service reps who don't even bother to listen to me as I explain my issue. They talk over me, the phone connections are so bad I often wonder if they can even hear me, and in general, treat me as if I am an annoyance they are only too eager to be rid of. They have never resolved an issue for me, and I always end up waiting a few days and then checking both my Marcus account and my bank account to see if I have to initiate the transfer again. I understand that for people who probably deal in millions of dollars' worth of transactions every day, my measly $10 or $20K transfers are insignificant, but they are very big deal to me, and when I get an error message in the middle of a transfer, I'd like to know what happened to my money. My issues have been minor thus far - mostly technical support issues - but it really makes me wonder what would happen if I had a serious issue. I gave them 2 stars because they do have good rates, and when things go well I have no complaints.

andy m

4 months ago

Been pretty happy with Marcus

Been pretty happy with Marcus. My only criticism is that you have to opt in for the bonus rate on savings. Otherwise it does what I need it to do.

nicholas yearsley

4 months ago

Re the bonus interest rate on savings

Re the bonus interest rate on savings. I've lost a lot money because I didn't opt in earlier. Why the need to opt into a bonus rate, the company should just raise the underlying rate... and then if necessary reduce it back down in the future. It's sharp practice. Yes, you send emails but many people do not pay too much attention to them once their money is in the account. You rely on this to save money! People expect to be getting the best rate possible without the need to opt in to anything. Why the need to do this!! Really annoyed.

cheryl hynds

4 months ago

I wanted to change my surname following…

I wanted to change my surname following my marriage. I uploaded the required documents and the name change was effectuated the same day. Other Companies were far more difficult to deal with. Why can’t other companies be so helpful?

wa girl

4 months ago

Marcus Does Not Release Funds

Marcus took long unreasonable holds on money I brought in. I was unable to purchase T-Bills from the treasury. They kept reverifying the sources of funds. They were transfer ACHs from my own accounts. Then the holds came off Feb 3, 2023. However, they still did not send the funds to another of my own institutions for purchases of a 6 month CD at 5%. I was told ready to go subject to verification of my receiving institution. While they had me on hold they disconnected. Then I called back and went through more verifications. Finally, they tried callling and other EST institution closed. Told to try back Monday morning. No call from them, so I called back. They said I was verified. Late in afternoon an Emett from fraud called stating "only way they are releasing my funds is if returned to originating institutions. Yes, that is from 3 or so. They also kept asking about returning to an institution, I had cancelled the incoming transfer to do to Marcus's unreasonable delays. I checked my account and it said cancelled outgoing wire. This series of events occurred Jan 24 - Feb 7 2023.

stja

4 months ago

Bad customer service

Bad customer service. Inconvenient and cumbersome process to close account. Gets funds stuck for too long.

stefan accorsi

4 months ago

la cattiva società di investimento non…

la cattiva società di investimento non investi ti consiglio per il tuo processo di reimbursement, segnali Rec’ovi,ng •0r g

paul

4 months ago

Used for years with no problems...

Bit surprised to see so many negative reviews here. I’ve had a Marcus savings account for a few years now. I joined when it offered the leading rate but recently it’s rates lag behind it’s peers and the BOE rate. I’ve never needed to access Customer Support so my experience is purely regarding transferring money in or out which is usually completed faster than I can log on to the other site. My only criticism is the rates are so far behind the BOE base rate but that’s true of all Banks so I won’t dock them a star for that….

mdm

4 months ago

Limited tech support, Customer Service not available

I tried accessing my account but my login details did not work. Requested to have my password reset (still had attempts available). Received the passcode to proceed with the reset and instead of being directed to reset the password my screen showed my account got locked and i need to contact their customer service by phone. Worse thing is that Customer Service is only available Monday-Friday 8-8pm. "Your account is locked You'll need to call us on 0800 085 6789 to speak to someone who can help you. Our lines are open Monday to Friday, 8am to 8pm." I got locked out at 8.30pm. Now I have to wait until the morning, call and speak to their customer service in order to unlock the account. Ridiculous tech enablement from an American Bank. It's all branding, will close this and move my savings to another bank that has better account management online services and more accessible customer service.

hazel timpe

4 months ago

Furious

Furious. Locked out of my account. No UK phone number to call. Terrible service.

toni g.

5 months ago

Funds locked up for months

They locked savings account twice after instigating an outgoing transfer. A notarized "identity affidavit" was submitted per their request and 6 weeks later, account is still locked. All subsequent calls end with "call back again" for one reason or another. Their customer service consists of people with no authority to help. Infuriating!

marzanna

5 months ago

Waiting for my money

It's not instant access - despite what they say, it sometimes takes several hours/days for them to send your money. You can't contact them at weekends to sort it out. These days, instant access should mean payment immediately. Other banks manage it.

ian thomson

5 months ago

A TOTAL SCAM!!!! A CLASS ACTION LAWSUIT IS REQUIRED.

I opened On Line Savings & a 9 Month CD accounts….No problem BUT trying to have these closed and my money returned???!!!!! Forget it or so Marcus by Goldman Sachs hopes I will. On the phone for at least 80 minutes each call and I’m making them daily. The record is 102 minutes and got nowhere. The 1st level is of no use but they repeat the same script…..”I’m speaking to a specialist on your behalf.” Then…..”Call back in 3-4 days when the specialist has reviewed your account.” Ask to speak with the next level, you get the same response. And no chance of speaking with anyone involved with your accounts. I notice Marcus by Goldman Sachs also opened 2 accounts in my name without my approval! They have now BLOCKED my accounts and I’m led to believe dumped them into the UNCLAIMED ACCOUNTS SECTION!!!! TOTALLY DISGRACEFUL. I’m in contact with the CONSUMER PROTECTION BUREAU with regards to my Marcus by Goldman Sachs accounts and I urge every dissatisfied Marcus by Goldman Sachs client to do the same and/or is there an attorney wanting to start a CLASS ACTION LAW SUIT??? Bank robbers used to work outside the banks but now work for Marcus by Goldman Sachs! I stand by my true statements above and can confirm all by recorded and written facts.

elrow

6 months ago

I can see some pretty bad reviews here…

I can see some pretty bad reviews here but my own experiences have been good. Have had their instant access saver for a few years now. The app is a bit slow but never had a problem transferring funds in or out. Only thing is on a weekend transfers take over a day to appear at the other end . When my phone was stolen the Customer Service team was very helpful in assisting me to reset my log in etc. I would def recommend if you want a straight forward account for savings but do near in mind at a weekend your funds aren’t instantly accessible

will

6 months ago

Locked me out of my account and won't help me unlock

I recently signed up for an account with Marcus and they locked me out. I called their customer service and they are completely useless and put me on hold for a combined 1 hour in total. They have my money held hostage and won't unlock my account. I am taking legal action and filing a criminal complaint. I have given them all of my personal identification verification information and they still won't unlock my account. Despicable company.

christian lehmann

6 months ago

They remember the scandal of Goldman &…

They remember the scandal of Goldman & Sachs. Fraudulent bank managed by East of Europe. It is a nightmare the app and the service!

marzanna

6 months ago

Still waiting for withdrawal

Tried to withdraw money from my Marcus account to my bank account. One day later I'm still waiting for my money. No explanation as to reason for delay (e.g. is it a fraud check?). Money is meant to arrive immediately or within 1-2 hours. Not possible to contact Marcus outside of week days. I need my money now (it's my money they're holding on to!). There seems to be nothing I can do but wait.

customer

6 months ago

No Customer Service

They give a pretty good rate of return, but their customer service is virtually non-existent. I asked to speak to someone about a problem with the online history of my account, and their robot said someone would call me, but that was the end of it. You can interact with their website, or talk to a robot. That's it.

paralegal shawn flaherty's off

7 months ago

Marcus should be sanctioned. Avoid opening a CD if you ever want to get your money out!

I am the Court appointed guardian for my mother, who has a CD with Marcus with most of her life savings in it. When I attempted to close it in order to pay her nursing home bills, Marcus repeatedly gave me PO Box numbers in PA to send certified copies of the same documents over and over again. Each time, even if USPS tracking numbers, the documents were lost in the mail rooms of Marcus. When you call, you can spend literally hours (2-4) getting the run around and being told to call back. You then start the whole process again, and get canned responses from the reps who claim they have no way to communicate with the legal department and everything takes 7-10 days. I was even told that maybe I should retain an attorney to assist with the process. They have no interest in honoring a request to close a CD, even if your loved one is being threatened with eviction from the nursing home. I have been trying since May to close a CD! This is insane, and they should not be allowed to get away with this!

tallyman

7 months ago

Very slow

I've tried to transfer a couple of ISAs from Marcus. It's a painfully long experience.

john.

7 months ago

No problems with savings accounts thus…

No problems with savings accounts thus far, but not as good at raising interest rates as once was.

brynn barge

7 months ago

Beware unfair penalties!

After investing a large sum in a CD for five years, I proceeded to cash out. I started the process of wiring the money into my personal credit union with plenty of time before the CD matured. A telephone operator incorrectly inputted my credit union account number for the trial deposit causing a delay in closing the CD. The CD automatically renewed which cost me $1200 in early withdrawal penalties. I requested that my case by reviewed by upper management to get a reimbursement for the penalty which was not my fault. The recorded phone calls can easily prove the case in my favor, however my case was denied and I got stuck with the penalty. It's just wrong, and a classic case of the big corporation taking advantage of the little guy.

rick gardner

8 months ago

Their customer service is horrible

Their customer service is horrible, and you cannot rely on statements made by customer service. I have been promised they would fix errors or waive feed charged in error only to be lied to.

austin quinn

8 months ago

Low interest rate

Out of all my bank accounts, Marcus is now paying the lowest rate @ 1.99% (easy access saver) and this includes their so called “bonus”. 0.25%, BIG DEAL! It used to be my best account for interest. Perhaps that was the intention - to sign customers up and not keep up with the market rate. Typical, greedy American banking institution in my opinion. Withdraw your cash and get yourself a better deal is my advice.

c kough

8 months ago

We have a GM credit card from Capital…

We have a GM credit card from Capital One that was bought out by Goldman Sachs. A couple of months later we headed to San Diego by car. Our card was declined more than accepted on the trip. We called and it made no difference. If we were ever late with a payment I would understand but WTH!!! Anyhow it continued when we got home so we concluded they don't want anyone who pays their bill each month. I wouldn't recommend Goldman Sachs to pick up dog crap from my yard.

alexander n

8 months ago

Beware! You won't get your money back and loose hours of your time dealing with customer support..

I closed my online savings account with a substantial amount of $ with Marcus more than 3 weeks ago and I still have not received my money back, the funds remain with them. Since then I had almost 10 phone calls (no ticketing or email system) with customer support and they still have not sorted this out, they are unable to give an explanation. I have been on the phone for hours now. This is unacceptable for a financial institution which claims to be affiliated to Goldman Sachs. I wonder if they do not have the funds any more? This makes me believe that they are yet again in trouble and soon to be bailed out.

mrs harding

7 months ago

Problems transferring my ISA out of Marcus!

I am transferring my ISA (x2) to another provider as their rates are so low! This bank is not on the electronic transfer list (BE WARNED) so the new ISA company had to WRITE (DELAY!) to them on the 29/9/22 to ask them to transfer in the money.. I have called them 3 times and each time Marcus have said they have NOT received any transfer letter from either accounts.. I spoke again to the new provider who have said for the 3rd time that it HAS been sent. Marcus said they may have sent it to the wrong address (they didn't as I checked!). Their 15 days are up on the 19/10/10 ... If by then my ISA has NOT been transferred I will be contacting the Financial Ombudsmen so they can look into what went wrong! This is such a simple operation, but is seems that it is not being carried out! Shame on you Marcus you should not be causing anxiety to your customers! Hours on the phone I will not get back !!! It is now 27/10/22 - another hold for 50 minutes... my husband sent the letter in nothing to say they had received the letter!

8 months ago

Very positive experience

I have always had a wonderful experience with them. The customer care is great. I feel safer with them than with any other bank. I love MARCUS!!

nigel pridham

8 months ago

Missing interest

On the evening of the 3rd of the month interest has not been added to my account.In this technical age I think this is slack or perhaps worrying?

mike mercieca

8 months ago

Treat customers with contempt!

Awful customer service, they do not listen to customer concerns and simply 'cut and paste' textbook responses! I am a retired IT professional and despite my telling them that my browser is set up to automatically clear cache and cookies on exit and that the browser remained active throughout the session experiencing error messages from their system and not being able to make any transactions, their response is the standard pass the buck back to the customer saying "cookie or browser related" - utter tosh, they simply will not own up to something unscheduled at their end! They insult the intelligence of their customers and show the contempt they have for their customers!

smokey bean

9 months ago

Very crafty company two months in a row…

Very crafty company two months in a row increases the interest rate hours before the Bank of England released interest rates and yes shortchanged us instead . Used to be at the forefront years ago but not now . Will be looking elsewhere to put my savings

demon williams

9 months ago

WORST CARD & CUSTOMER SERVICE…

WORST CARD & CUSTOMER SERVICE (PATRICIA) EVER, WARNING!!!!!!! WARNING!!!!! STAY CLEAR OF THIS HIGH INTEREST HEADACHE I NEVER SIGNED UP FOR THIS CARD TO MAKE THINGS CLEAR, SINCE CAPITAL SOLD THIS CARD TO MARCUS BY GOLDMAN SACHS THIS HAS BEEN TROUBLE AS FAR AS INTEREST, I PAID THE BALANCE IN FULL A WEEK LATER I OPEN THE CARD AND ITS A INTEREST FEE, I WAS TOLD I HAD TO PAY THE BALANCE FOR TWO MONTHS STRAIGHT (SOME GARBAGE THAT MADE ABSOLUTELY NO SENSE @ ALL, CONSIDERING I PAID IT OFF BEFORE THE INTEREST EVEN HIT THE CARD, I JUST END UP PAYING THE REMAINING INTEREST JUS TO PUT THIS BEHIND ME BUT I WILL NOT USE THIS CARD FOR NOTHING BUT SMALL PURCHASES JUS TO KEEP IT OPEN SO IT WONT HURT MY CREDIT, IN MY OPINION THIS IS A COMPLETE SCAM CARD.

mr. robert eastwood

9 months ago

From Hero to Zero

With the recent increases in the Bank of England Base rate. Marcus were in the first instances reasonably prompt in raising their interest rate but of late Marcus it seems you are lulling behind the marketplace.

jonathan cruickshank

9 months ago

Great bank

Great bank - you get inetrest and customer service - Lloyds please take note!

katerina

9 months ago

Uncompetitive interest rate

From an operational perspective, my experience with Marcus has been very good. Transfers are super fast and the set up is easy and uncomplicated. However, whilst the Marcus saver started off as a market leader with the best interest rate, they have not kept this up and the interest rate is now uncompetitive. There are several other providers offering significantly better interest rates. Unlike them, Marcus is very slow to pass the recent Bank of England base rate increases onto its customers, whereas the challenger banks have been quick to increase their interest rates above the base rate. As such, Marcus is no longer my main go to provider for easy access savings, which is a shame. Ultimately, as ever, it would seem the bigger the bank, the less they need to make an effort to keep their customers.

donna

9 months ago

Credit Card Points Held Hostage!!

HELP! MY GM POINTS ARE BEING HELD HOSTAGE BY MARCUS! I don't know if Marcus UK is same as Marcus USA, but this is my review of Marcus Goldman Sachs USA. I have had a General Motors Capital One credit card for several years, which Goldman Sachs/Marcus took over. I never had a bit of problem when the GM card was handled through Capital One. The slow tedious process of the transfer from Capital One to Marcus was the least of my complaints. I have been notified of late payments 3 times since March (when I received my card), although I set them up to be paid online and on time through my credit union. After numerous calls with several Chase customer service employees, I found out that Marcus Goldman Sachs only processes ACH payments electronically from Goldman Sachs Bank. All other ACH payments (which is the way my credit union transfers the payments) from other non-Goldman Sachs financial institutions are MAILED to GS from ACH. This is the reason why my payments have been late, even though according my CU, the money transfer was sent out ACH and the payments should have been received on time. GS would not wave the interest and late fees, even though I always pay my card in full (and what I expected to be on time). I suppose somewhere in the fine print there's a notice about ACH payments not originating from GS and the additional time required (I was told 10-12 days!!!) to process. This is highly infuriating to me, as now I likely am showing late payments on my credit reports. I might add that Marcus/Goldman Sachs is the only company I have had a problem with ACH transfers being later than my CU says they will be received. I would happily cancel my Marcus card, but hope to purchase a new GM vehicle in the next year or two, and don't want to lose my accrued points!

mr spooble

9 months ago

Appalling utterly contemptous attitude…

Appalling utterly contemptous attitude to the customer, they really don't give a stuff. Characterised by automated inhumanity. If GS care that little why bother ? Save yourself the Kafkaesque stress and go elsewhere.

auau64

10 months ago

Bad customer service

I recently tried to log into the Marcus app , it was really important as I needed to move some funds right away . fingerprint log in didn't work , my password didn't work , tried to reset the password and the account was locked . I had to phone the bank to try and unlock my account. The UK customer service team are terrible . I was put through to complaints which took over 30 minutes . The complaints team are very patronising! I made my complaint and then you have to wait for a written response from these people. When I eventually received there response they had basically not put any of the relevant important information into there findings. I phoned the bank again and once again your put on hold for ages before being able to speak to complaints. Once again I had to go through my complaint. You wait for another written response and once again all the key issues are missing. . This bank has changed ,!!! Terrible customer service I will be taking my £59,000 and putting it somewhere it will be appreciated! Update Marcus Goldman Sachs have seen this review and closed my account moving all my funds to a registered account without my acknowledgment or permission

nicole jones

10 months ago

Extremely quick, efficient & positive experience

After many long hours of researching and reviewing several loan consolidation platforms, Marcus was our second runner up & won’t mention the first since we were turned down in less then a minute. After typing in my personal information and submit, the process was quick and efficient. Marcus made us feel like human beings & not just a “number”. Extremely happy to get our finance’s back on track with this loan. Look no further there the best at what they do and have to offer

johnnymack

10 months ago

Interest rates

Interest rates, why do customers have to renew there own bonus Interest rate? If they don't they do not receive it, is this just a way of saving your company money. Why not up the Interest rate accordingly and forget about the customer having to click a button on your web page, disgraceful company, shame on you.

mark

10 months ago

Stay far away from this scam of a bank

Wow, where do I begin? Aside from the customer service issues (what kind of bank doesn’t have online chat these days?) they also do not let you log into your account while outside the US. That’s right: need to transfer money to a checking account and withdraw cash while on vacation? Tough luck! I spent $10 in international charges to CALL and request a transfer, after which I promptly closed the account. Even in the US, it was a nightmare to transfer funds out of Marcus. I added a new Citi account, completed the trial deposit verification process, and initiated a transfer only for Marcus to manually reverse it due to ‘potential fraud.’ When I called, they said I needed to call to inform them I had added a new account to transfer money (like they’re a nosy parent). Making the trial deposit process useless! Stay away, stay away. No interest rate is worth this incompetence.

michael brierley

a year ago

transfer money

i have just transfered money to nominated account as mine was getting low,always very quick never had problems with marcus,good service all round

dbmaul

a year ago

Stay away from Marcus by Goldman Sachs!

Stay away from Marcus by Goldman Sachs at ALL COSTS. Seriously, if you take any honest review to heart and look for a different product, this is the one. My experience has been absolutely horrendous and I want to save others from the headache of dealing with a company still operating in the dark ages. If you don't believe me, check out the wall of 1 star reviews here: depositaccounts com/banks/reviews/marcus-goldman-sachs.html This company is horrible. It does not empower its employees with the ability to do anything helpful for business customers. Business customers can only contact customer service through one line, via phone - not email, chat, etc - and the phone representatives have no power to make anything happen other than tick buttons in a system and tell the customer on the other end of the line that they're actually doing something. There is no email when you close your account. There is no email when you make your final payment. There is no email with a pay-off letter, often needed to unlock certain items. Everything is by snail mail. Everything is antiquated. Everything requires you wait 2+ weeks to even know if something has been done. I will NEVER recommend Marcus, and I will ALWAYS recommend people RUN.

s854

a year ago

Transfers can be slow

I'm pleased with the interest rate on my account however they need to do something about the money transfer times which can be very slow. Weekends tend to be partcularly bad and I've had transfers out of my account that took over 6 hours before. This morning I transferred some money in and it took over half an hour to show up. Most banks I've used transfer money in a few seconds.

john strickland

a year ago

Excellent service once again

Excellent service once again. While on holiday with little or no wifi I received an email about an increase in the interest bonus. I was unable to action it. Today I get a reminder which I've actioned. I don’t get this with other online banks.

new york

a year ago

Highly recommend

I've been with Marcus a few years and very impressed with the service. Withdrawals from the account take seconds and always back in my bank account in less than 5 minutes. Amazing service and I shouldn't think they're a clearing bank either. Not sure how they achieve that speed. Very good reports too. Just wish they offered fixed rate bonds. Not surprised as they're owned by Goldman Sachs. UK challenger banks need to learn from the Americans. Next will be Chase part of JP Morgan

gill ellis

a year ago

Excellent bank

I'd like to assure Richard Kosinski (29 Apr 2022) that this is not a fake review. I have had a Marcus account since summer 2019. I can't speak for their customer services because I have never needed to ask for it. I love this bank. I'm so impressed that they have increased the interest rate on my savings account several times recently - including offering a better bonus rate than before - without me having to ask. It's nice to be told by a bank that they are giving you money without you having to drag it out of them. They are part of the 'faster payments' system so transfers in and out are always really quick. The only disadvantage with this account is that you can only transfer to and from one linked account but that's not a hardship. Very happy to recommend.

janin campos

a year ago

Mark was excellent and super helpful in…

Mark was excellent and super helpful in dealing with a large payment we needed made towards our house purchase. It is refreshing to deal with a knowledgeable, helpful and pleasant professional that is truly service orientated,. Thanks Mark and Marcus

lynne sweeney

a year ago

Samantha

I dealt with a young lady called Samantha and nothing was to much trouble. I recently suffered from a Brain tumour and how she handled my enquiry was above the call of duty.

gene hobdy

a year ago

Save yourself some frustration and…

Save yourself some frustration and DON'T get this card. Won't give a confirmation number when you make a payment.. Unable to do anything.

andrew jinman

a year ago

Truly excellent customer service.

Whilst I have switched to Chase, with a higher deposit interest rate, I have not found a more competent customer service team. Although, I have only had the need to speak to them on two occasions. Special mention must be given to Cecil who dealt with our query today with competency and sympathy. Which is rare! Another bonus is I was connected in under a minute. Will return if the deposit interest rate is competitive.

robertog

a year ago

Marcus Bank are very good at making…

Marcus Bank are very good at making things easy. Absolutely no trouble opening and operating my account, makes me wonder why other banks have so many difficulties. "Does what it says on the tin" banking. Excellent!

bri the master

a year ago

Marcus is just very good

Been with Marcus for just over 2 years. Everything seems very efficient and professional. The website is clear and easy to navigate and use. I have had no problems with them. I have sought information from Customer Services on one or two occasions and a) they answered very quickly (amazing these days) b) they treated me like a human being, were pleasant and answered my queries in non-banking language. Good simple communications and better interest rates than many.

malcolm chester

a year ago

Always excellent, highly recommended

Always excellent. Have moved funds elsewhere on a few occasions but soon returned as none were a patch on Marcus for service, speed and efficiency. Thoroughly recommend them

charlotte

a year ago

I really like this bank BUT why can you…

I really like this bank BUT why can you not transfer an ISA in?

a year ago

Reliable service over many years

I have used Marcus Bank for a number of years now, and have had problem-free service and a fair rate of interest that doesn't penalise loyalty. Yes, they offer a straightforward and more simple service compared to some other banks, but what they do, they do well.

richard kosinski

a year ago

What a pack of lies

What a pack of lies. All these reviews are fake. Marcus bank is horseshit

lizee barry

a year ago

A brilliant company to deal with

Excellent, friendly customer service from every staff member I have dealt with. My Dad passed away in December and had an account with them, which I have been in the process of closing. They have made everything so simple, every step of the way. All of the staff are polite, informative and also have all been sympathetic to my circumstances and my loss. I would definitely look to use Marcus again for future savings accounts and can’t recommend them highly enough.

lenka

a year ago

Excellent Service

I have been with Goldman Sachs for several years now. I can only agree with reviews below. Excellent website and brilliant customers services. Happy customer

ray

a year ago

Gold standard

Everything about Marcus is top-notch and very professional. The website is clear and easy to navigate and use. The Customer Services people are helpful and knowledgable....and you don't have to wait an hour to get to speak with them! Fair to existing customers with good communications and fair interest rates. Thank you and keep it up.

angelchops

a year ago

Professional

Marcus are the most straightforward savings company you will ever deal with. Great website which works and now an excellent app. Good for POA managed accounts too. I feel comfortable dealing with them.

jane perry

a year ago

They don't penalise loyal customers

I've been with Marcus for easy access savings since they started. They don't always have the highest possible rate, but I like that they update it automatically for existing savers, without prioritising new clients or putting you through hoops to claim the latest rate. The website is clean and easy to use, I've never had to call anyone, it's hassle-free in my experience.

joshua satishram osborn

a year ago

Glad to be back

Open this account for saving now have to use it as an savings account for emergency out of blue situation like tonight but my goal is to try and save as much money as possible.

dcomedian

a year ago

Excellent customer service

I've been using Marcus since they first launched in the UK, and have kept my savings with them for most of this time, as they have usually offered amongst the best interest rates available. Transferring money in and out to/from a linked account has never been an issue. This weekend a transfer took longer than usual, and I phoned their customer service line, where Karen was very helpful and reassuring. Although a competitor is now offering a higher rate of interest, I would have no hesitation in going back to Marcus if they make their rates competitive again.

organic dad

a year ago

Were good, now average

Have used Marcus for a few years. They started competitive but have fallen behind others such as Atom and Chase. My main concern is transactions over a weekend take ages - we live in a digital age - I don't see this with my other online banks and this prevents me transacting how I want. Never had a need to call them. Losing 1 star for rates, and another star for slow weekend transfers.

keiran parker

a year ago

Closed my account even though been with…

Closed my account even though been with them 3 years, obviously wasn't enough of my own savings to benefit from interest... absolute disgrace of a company.... Go elsewhere or stick with the high street names. Fools

ennyw m g-r

a year ago

DELIBERATELY REFUSING TO RECOGNISE…

DELIBERATELY REFUSING TO RECOGNISE CHANGED NOMINATED ACCOUNT FOR TRANSFERS. THEY CHANGE THEIR PROCEDURE EACH TIME TO MAKE IT IMPOSSIBLE TO ACCESS INVESTED FUNDS - INVESTEC PREFERRED. I have to say they have treated me with contempt. I told them I wanted to transfer £50000 which they refused for up to 7 days - My advice is not to consider Marcus - Frankly they are not fit to hold your money. If they delay my withdrawal I shall have to inform the Financial Ombudsman - Remember they are an American firm too. A SCUM SAVING COMPANY - SAGA IS IN THEIR COMMAND TOO - DOES GOLDMAN SACHS SAY ANYTHING TO MAKE YOU AVOID THEM ?

meaghan ryan

a year ago

Poor customer service and restrictive use of the card

I'm brand new to Marcus, as my GM card was transferred from Capital One to Marcus. They have declined recurring charges and I have to wait in excess of 40 minutes to speak with a representative, who is uninformed as to the company's policies. Looks like I'm in the market for a new credit card company!

harry

a year ago

Standards have dropped.

Standards have dropped. Interest rates have not been updated. No support.

keith

a year ago

Worst customer service ever..

Worst customer service ever... On hold for more than an hour. Have to call back numerous times because the customer service reps are incompetent to complete the job. I had Capital One. These people bought them out and now nothing but trouble. I have accumulated GM points that I am going to forfeit because I can't deal with this company. They call themselves "specialists". LMAO instead. I hope this company somehow falls in this economy. Applying for a new CC asap. Avoid this company. They blow!!!!!!!!

shaun

a year ago

Blocked from accessing own money!

Marcus will not allow me to access/transfer my own money! Ombudsman, legal action/police await!

tom

a year ago

Incompetent (or evil) at credit card transition

This company took over my brand of credit card a few days ago. They require me to link my bank account so I can make payments, but my attempts to do so fail repeatedly on their website. They have extended the deadline for payments due, but I don't like cutting it close and I doubt they'll have their act together in time, anyway. I outlined my problem on a popular social media platform. Someone from the company then responded there that I should call their customer support line. But when I do so I am put on interminable hold with the same 13-second recording playing over and over in an obvious attempt to make callers hang up. And last time they just randomly disconnected me before I could get connected to anyone. If I were more paranoid, I would guess that they are attempting to single out card users like me who have amassed a large pile of "rewards" for this card and simply want me to cancel the card and leave. If their prevention of me paying my balance ends up impacting my credit score, a large lawsuit is headed their way.

pac

a year ago

Excellent, easy to use

Excellent, easy to use. Responsive and helpful. There interest rate is down at the moment but they move money fir you instantly unlike other financial instituitions

drew

a year ago

Poor rates

2 bank of England interest rise and rates not passed on. Bye Marcus !

sarah

a year ago

Responsive and easy to communicate

The interest rate was great when I opened it! It has dramatically decreased but isn’t that the way at the moment! Their comms are great - whenever you need to call them they answer quickly and are great. So responsive and comprehensive and human. I highly recommend.

gavin wood

a year ago

Marcus by Goldman Sachs

Excellent instant access account. Competitive interest rate. Excellent customer support.

jorge valvert

a year ago

Account closed without any reason

Account closed without any valid reason, my funds were retained indefinitely. It was more than a month since Goldman Sachs (Marcus) closed my account and after several customer service absurd long calls, I was not able to get my funds back. Please don't put your money there. UPDATE: After 3 months of waiting and several long calls , my funds were returned to my original account. Reasons for the account closure were never disclossed but actually not interested to know. There are a lot of better savings options in market.

reinold guzman

a year ago

No Amortization Schedule? Hummm...

- USA customer - They "don't have the capability" to provide an amortization schedule? that sounds super shady. I have taken loans before and all of that offer some kind of schedule to know how much you'll be paying every month towards your balance and how much towards your loan. That way you can see very transparently the current state of your loan and see in a glance how much you can save by paying off the loan early. The process of getting the loan is fairly smooth and the disbursement was super fast. But unfortunately won't be using them in the future because of the lack of transparency.

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