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Marcus Reviews

9.4

bestfor-icon Good for individuals with very good-excellent credit

bobphillips
Written by Bob Phillips

About Marcus by Goldman Sachs | Read More

9

LS Score

10

Credibility

10

Support

10

Accessibility

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Opening Hours Opening Hours drop-down-btn
Mon-Fri 8am-10pm Eastern
Sat-Sun 9am-7pm Eastern
Contact Information Contact Information drop-down-btn
  • 1-844-627-2872
  • Headquarters: 11850 South Election Rd. Draper, UT 84020
Social Media Social Media drop-down-btn
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Marcus by Goldman Sachs Online Banking Review

In 2016, Goldman Sachs introduced Marcus by Goldman Sachs, a consumer banking division aimed at expanding beyond investment banking to assist Americans with their financial management. Based in Draper, Utah, Marcus provides no-fee high-yield savings accounts, various certificates of deposit, credit cards, and automated investing services. As an online bank, Marcus lacks ATMs and physical branches.

Marcus by Goldman Sachs Online Banking Highlight

No minimum

Min Deposit

Yes

Other Fees

Online Banking Savings

No minimum

Min Deposit

3.30-4.15%

Min APY Savings

Pros & Cons

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  • con-icon No fees, no minimum opening deposit or balance requirements
  • con-icon 24/7 account access
  • con-icon Live customer care is available 24/7
  • con-icon Financial security of a Goldman Sachs company
  • con-icon No ATM card or debit card is issued
  • con-icon No physical banking locations

Account types

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  • Savings
  • Certificates of Deposit (CD)
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Features Benefits & Rewards

  • Referral bonus if you refer a new customer to Marcus
  • No minimum deposit or balance required
  • Online account management

Opening an Account With Marcus

State Availability

- Available in all states

Marcus by Goldman Sachs Certificate of Deposit Review

Marcus CDs are a good option for investors who are looking for a safe and secure way to earn a higher interest rate on their savings. The high APYs offered by Marcus make them a competitive option compared to other banks. The highest APY offered by Marcus is 4.30% for a 6, 9, or 12-month CD. The minimum deposit to open a CD is $500. Marcus offers CDs with terms ranging from 6 months to 72 months. Early withdrawal penalties apply if you withdraw your money before the CD matures.

Marcus by Goldman Sachs Certificate of Deposit Highlight

$500

Minimum Deposit

$500

Minimum Balance

None

Monthly fee

Yes

Daily Compounded Interest

Yes

Early withdrawal penalty

Pros & Cons

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  • con-icon High APYs
  • con-icon Low minimum deposit
  • con-icon No monthly fees
  • con-icon Early withdrawal penalties
  • con-icon No partial withdrawals
  • con-icon Not a liquid investment

Account types

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  • 6-Month APY 4.30%
  • 9-Month APY 4.30%
  • 12-Month APY 4.30%
  • 18-Month APY 4.10%
  • 24-Month APY 3.90%
  • 36-Month APY 3.90%
  • 48-Month APY 3.85%
  • 60-Month APY 3.80%
  • 72-Month APY 3.75%
  • No-Penalty CD 4.20%
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Marcus by Goldman Sachs Certificate of Deposit Terms & Requirements

  • CD Term: Ranges from 6 months to 72 months.
  • APY: The highest APY offered by Marcus is 4.30% for a 6, 9, or 12-month CD.
  • Minimum deposit: The minimum deposit to open a Marcus CD is $500.
  • Early withdrawal penalties: Early withdrawal penalties apply if you withdraw your money before it matures. The penalty is based on the amount of time remaining on the CD and the current APY.
  • FDIC insurance: Your money is FDIC insured up to $250,000.
  • No monthly fees: There are no monthly fees to keep a Marcus CD open.
  • Easy to open: You can open an account online in just a few minutes.
  • Customer support: Marcus offers 24/7 customer support. This means that you can get help with your account at any time of day or night.

Additional terms and requirements:

  • CD laddering: You can open multiple Marcus CDs with different terms to create a CD ladder. This can help you maximize your earnings and minimize your risk.
  • Automatic rollover: You can set up automatic rollover for your Marcus CDs. This means your CD will automatically renew at the end of its term, and you will not have to do anything.
  • Portability: You can transfer your Marcus CD to another bank if you decide to close your account.

How to Apply

Qualification Requirements

To qualify for opening a CD account, you need the following:

  • Be a U.S. citizen or permanent resident.
  • Be at least 18 years old.
  • Have a valid Social Security Number or Individual Taxpayer Identification Number (ITIN).
  • Have a checking or savings account with which to fund a CD.
  • Have a valid email address.

Here are some additional things to keep in mind when opening a CD account with Marcus:

  • The minimum deposit to open a CD account is $500.
  • Marcus CDs are FDIC-insured up to $250,000.
  • There are no monthly fees to keep a CD account open.

Withdrawal Penalty

Except in the case of a No-Penalty CD, you can’t withdraw part of your principal before maturity. If you withdraw the full principal early, an early withdrawal penalty will apply based on your CD term and principal amount.

CD Term

 Early Withdrawal Penalty
Less than or equal to 1 year 90 days interest on the original principal balance at the current CD interest rate
1 to 5 years 180 days interest on the original principal balance at the current CD interest rate
More than 5 years  270 days interest on the original principal balance at the current CD interest rate

No Penalty CD Withdrawal

You can’t make partial withdrawals from a No-Penalty CD. You can only withdraw the full balance starting seven days after funding.

State Availability

- Available in all states

bobphillips
Written by Bob Phillips linkedin-icon twitter-icon

Having spent over fifteen years helping people plan their lives financially, Bob has a vast amount of knowledge concerning personal finance. During his career, Bob mastered many different financial products to help people achieve their financial goals, including life insurance, disability insurance, mutual funds, and stocks and bonds. He earned the Chartered Life Underwriter (CLU) designation and held numerous securities licenses. Bob is an internationally published poet and is now a freelance writer living in North Texas with his wife and Doberman puppy.

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FAQ’s

Does applying for a loan with Marcus affect my credit score?

Providing your basic information to view loan options does not impact your credit score with Marcus. To determine how much you could qualify for, they conduct a “soft pull” of your credit. If you select a loan option and continue your application, they require a “hard inquiry” to verify the information you’ve provided on the application for final loan approval. This “hard inquiry” will be seen as an inquiry on your credit report.

How long does it take for my loan to be approved and funded?

Marcus’ turnaround time for approval and funding is typically under 5 business days.

What fees are associated with a Marcus loan or savings account?

Marcus does not charge any fees for its personal loans or savings accounts.

Customer Support

Marcus has an excellent reputation for customer support. It is accredited by the Better Business Bureau (BBB) and has an A+ rating. In addition, their customer service hours are longer than the industry average.

Considering how large they are, Marcus’s phone support is very prompt. When we called, we were connected with a customer support representative in under two minutes. They were very professional and happy to answer any questions we had.

Privacy & Security

Marcus has a complete privacy and security statement on its website. It is based on transparency to the consumer, as evidenced by this statement:

The Goldman Sachs financial services companies endeavor to maintain the highest standards of confidentiality and to respect the privacy of our clients and associated persons, our employees, and other individuals whose personal information we collect and process. Our commitment to privacy includes being transparent about the nature and extent of that processing and the rights that may be available to you with respect thereto.

In Conclusion

Marcus is a customer service-oriented company owned by Goldman Sachs. They offer several financial savings products and credit cards and have the financial backing of 150-year-old Goldman. Marcus has competitive rates and great customer service.

Brand Disclaimer

Marcus by Goldman Sachs® is a brand of Goldman Sachs Bank USA.

All loans, deposit products, and credit cards are provided or issued by Goldman Sachs Bank USA, Salt Lake City Branch. Member FDIC.

© 2024 The Goldman Sachs Group, Inc. All rights reserved.

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NMLS ID: 208156. NMLS Consumer Access Website: www.nmlsconsumeraccess.org