Goldman Sachs created Marcus in order to provide Americans with a way of accessing banking services more simply and cheaply. With Marcus, you get access to savings accounts and personal loans straight from your desktop. By operating online, Marcus saves costs, passing on most of those savings to consumers in the form of better interest rates.
These are the main reasons to choose Marcus over a traditional bank:
As mentioned above, Marcus deals solely with personal loans and savings products (for now). It doesn’t offer any other types of banking products. If you’re planning to open a checking account with an online bank—look elsewhere.
Marcus makes it easy to open and manage your savings accounts. Account holders get 24/7 access to their balance online or over the phone. Separately, Marcus also offers personal loans of up to $40,000, with zero fees, APRs from 6.99% to 19.99%, and repayment terms from 36 to 72 months.
Marcus offers multiple ways of accessing and transferring money into your savings account, including:
Marcus by Goldman Sachs offers a choice of 1 savings account, 1 no-penalty certificate of deposit, and 12 high-yield certificates of deposit ranging from 6 months to 6 years. There are no maintenance fees for any of the accounts, although early withdrawal fees do apply for some of the accounts. The following table shows the annual percentage yield for selected savings accounts and certificates of deposit, along with minimum deposit requirements.
|Online Savings Account||3.90%||$0|
|7-Month No-Penalty CD||1.30%||$500|
Marcus is different from other online banks in that it deals with savings accounts and personal loans only, with no checking accounts and no access to ATMs. To open a Marcus savings account or CD, it’s best to already have a checking account with an external bank in order to make deposits into your Marcus account.
Although it doesn’t offer day-to-day personal banking, Marcus does offer customer service to anyone looking to open an account or needing help with making a deposit. It only takes a few minutes to open an account online. Just click the “Open an Account” button on the Marcus website, enter your name, address, date of birth, and Social Security number, and link to your account at another bank to transfer funds. Alternatively, call Marcus customer service on the number below.
Phone: 855-730-7283, available Monday to Friday from 8am – 10pm ET, and Saturday to Sunday from 9am to 7pm ET.
HQ: Marcus by Goldman Sachs, 11850 South Election Road, Draper, Utah 84020
Marcus doesn’t have a mobile app. This isn’t such a big deal. Marcus only offers personal loans and savings accounts, and therefore there isn’t really any need for customers to access Marcus’s services with a mobile app. Of course, Marcus’s website is mobile-optimized and can be accessed from a web browser on your smartphone or tablet.
It’s fair to say Marcus is very security conscious, with several security features in place to protect account holders. For full information, head to the Security Center section of the Marcus website.
Here’s how Marcus protects your security:
You won’t find everyday online banking services at Marcus, but you will find some of the highest-yielding savings accounts and CDs on the internet. Goldman Sachs created Marcus to compete with traditional banks on savings accounts and personal loans. Judging by the APYs on its accounts, the Marcus by Goldman Sachs experiment has been a success. It’s rare to find a bank that can beat Marcus’ rate for a one-year CD, and those that do tend to require 4-figure minimum balances. With Marcus, you can set up your account in minutes, transfer the minimum balance of $500 from your regular bank account, and start earning high yields straight away.