Marcus Bank by Goldman Sachs Bank Review-Is This Online-Only Bank Right for You?

If you’re looking for a new bank, you may have come across Marcus Bank. But is it the right bank for you? If so, Marcus by Goldman Sachs may b

e the perfect option for you.

In this review, we’ll explore what makes Marcus unique and how it can benefit you as a customer. We’ll also compare Marcus to other popular banks to help you decide if it’s the best choice for your needs.

So, whether you’re already familiar with Marcus or just curious about what it has to offer, keep reading to learn more!


Marcus Bank by Goldman Sachs Bank Review-Is This Online-Only Bank Right for You
Marcus Bank by Goldman Sachs Bank Review-Is This Online-Only Bank Right for You

Things to know about Marcus by Goldman Sachs Bank

When it comes to personal banking, Marcus by Goldman Sachs is a relatively new player on the market. The bank was founded in October 2016 and currently offers a suite of products that can be customized to fit your needs, including a High-Yield Savings Account, penalty-free certificates of deposit (CDs), and personal loans. Plus, there are no fees for most transactions, which is a big draw for customers.

While it’s newer than some of its competitors, Marcus is backed by Goldman Sachs – one of the largest and most well-known investment banks in the world. This gives customers peace of mind knowing their money is in good hands.

What’s more, as an online-only bank, Marcus is able to keep its costs down and offer better interest rates and other benefits than traditional banks.

What Marcus offers

Marcus by Goldman Sachs offers a range of products that can benefit customers in different ways.

For example, the bank’s savings accounts are some of the best on the market. In addition to no fees and low minimum balances, Marcus offers high-interest rates that are among the highest available. This makes it a great choice for those who want to save money.

Let’s review each product in detail.

Savings Account

Marcus’s High-Yield Savings Account is one of the most competitive options available. The account has no fees and a low minimum balance, and it offers high-interest rates that are among the best on the market.

The Interest rate on the account is currently 0.50%, which is more than you’ll find at most traditional banks. And, there’s no minimum deposit required to open the account, making it a great choice for those who are just starting to save money.

In Addition, Marcus does not require a minimum deposit or a minimum balance, unlike other high-yield online savings accounts with higher minimum deposits or balances. It has a maximum limit of $1 million per account, not to exceed $3 million per account owner.

However, Marcus’ downside too, the bank does not allow you to make cash withdrawals from ATMs. You can transfer money to another bank account, wire it overseas, or ask for a check. Same-day transfers of up to $100,000 are available through Marcus.

To deposit funds into the account, you may send direct deposits or transfers or send a check by mail or send a domestic wire transfer.

Here are the Pros and Cons of Marcus’s High-Yield Savings account:

Pros

Competitive APY: Marcus’s Savings account offers one of the best APYs on the market. The Interest rate is currently 0.50%, which is more than you’ll find at most traditional banks.

No Fees: Marcus doesn’t charge any fees for its High-Yield Savings Account, which is a big draw for customers.

No Minimum Balance: Marcus also doesn’t require a minimum balance, which is great for those who are just starting to save money. However, if you link an external bank account, Marcus has no control over whether that bank charges fees for transfers.

Customer service: During business hours, Marcus does not employ an automated phone system and has customer support based in the United States. In other words, if you call during the company’s working hours, you’ll get a real, live person in the United States on the line.

FDIC insured::  Your money is FDIC insured up to $250,000 per account.

Cons

Maximum Balance: The account has a maximum limit of $1 million per account.

No ATM Withdrawals: One downside to Marcus’s Savings account is that you cannot make cash withdrawals from ATMs. You can only transfer money to another bank account, wire it overseas, or ask for a check.

Deposit options::  You can only send direct deposits or transfers or send a check by mail or send a domestic wire transfer to deposit funds into the account. You do not have an option for a Mobile deposit.

Marcus by Goldman Sachs-CD

What’s a High-Yield CD? A high-yield CD, or certificate of deposit, is a type of savings account that offers a higher interest rate than a traditional savings account.

A High-Yield CD is a great option if you’re looking to save money and don’t need immediate access to your funds.

Marcus, offers two types of Certificates of Deposit (CDs), depending on how long you want to commit your funds.

(1). High-yield CDs: High-yield CDs are available for a minimum deposit of $500 and have a fixed rate of return, depending on the term you choose. Terms range from six months to six years, so you can find the right fit for your needs.

Unlike other CDs, with a 10-Day CD Rate Guarantee, if the rate rises during those ten days, you’ll get the higher APY whether it’s greater than or lower than the rate on the day you opened your account. So you may profit from increasing interest rates without risking buyer’s remorse.

However, like other CDs, Marcus high-yield CDs charge a penalty for early withdrawals. When you open an account with us, you’re agreeing to leave your money in the CD for the whole term.

If you withdraw any of your funds before the term is complete, you will be charged an early withdrawal penalty, which is equivalent to a certain amount of days’ worth of interest.

The rate of interest on your savings is the determining factor in how much you’ll pay to withdraw early. The penalty for withdrawing from a CD before it matures ranges from 90 days of simple interest on the principal amount of your CD at the APY to 0% for CDs with terms over five years. The number of days required increases as well.

So if you’re looking for a low-risk investment with a guaranteed return, a Marcus CD is a great option. And with our 10-Day CD Rate Guarantee, you can feel confident that you’re getting the best rate available.

(2). No-Penalty CDs:

A no-penalty CD is a great option if you’re looking for a short-term investment. This type of CD doesn’t charge a penalty for withdrawing your funds before the term is complete, making it a perfect option if you need access to your money sooner than expected.

No-penalty CDs are available for a minimum deposit of $500 and have a fixed rate of return. Terms range from six months to 72 months, so you can find the right fit for your needs.

However, the Interest rate on a no-penalty CD is typically lower than on high-yield CDs.

Warning:

Keep an eye on the maturity date of your CDs. If you do not take action to withdraw your deposit within ten days of its maturity, Marcus will automatically extend your CD for another year.

Pros & Cons of Marcus by Goldman Sachs Certificate of Depsoit.

Here are a few pros and cons to consider before opening a Marcus Certificate of Deposit:

-Pros:

  • High APYs: Marcus offers some of the highest APYs on Certificates of Deposit.
  • Low Minimum Deposit: You can open a CD for as little as $500.
  • No Fees: Marcus does not charge any fees for most transactions, including early withdrawals.

Cons:

  • Penalty for Early Withdrawal: If you withdraw your funds before the term is complete, you will be charged an early withdrawal penalty.
  • Automatic Renewal: If you do not take action to withdraw your deposit within ten days of its maturity, Marcus will automatically extend your CD for another year.
  •  Does not offer CD terms beyond six years: The longest CD term offered is six years.

So is a Marcus Certificate of Deposit right for you?

Here are a few things to consider:

  • -Are you looking for a long-term investment of more than six years?
  • -Do you need immediate access to your funds?
  • -Are you not comfortable with the early withdrawal penalty?

If the answer to any of these questions is yes, then a Marcus Certificate of Deposit may not be right for you.

However, if you’re looking for a low-risk investment with a guaranteed return, a Marcus CD is a great option. And with our 10-Day CD Rate Guarantee, you can feel confident that you’re getting the best rate available.

Checking account

A checking account is a type of bank account that allows you to easily access your money. A checking account is a great option if you need to pay bills or make purchases online.

But my bad, Marcus Bank does not offer a Checking account. There are planning to offer it in the future.

Other Financial Products Offered by Marcus by Goldman Sachs

Marcus Bank offers a high-yield savings account and No Penalty CD. The only other product offered is its no-fee personal loan. In this section, we’ll take a look at the Personal Loan product in more detail.

Personal Loans

A personal loan is a type of unsecured loan that you can use for any purpose. A personal loan is a great option if you need to borrow a large amount of money.

Marcus Bank offers personal loans with a fixed interest rate and no origination fees. You can use the money from your personal loan for any purpose, including debt consolidation, home improvement, or medical expenses.

Marcus offers personal loans amount ranging from $3,500 to $40,000. The APR on a personal loan from Marcus Bank ranges from 6.99% to 19.99% and the loan period from 36 to 72 months.

Unique features about Marcus personal loans

The Marcus offers no-fee personal loans, which is a rare find in the personal loan market. Marcus does not charge any late fees if you miss a payment, make a late payment, or underpay which is another common charge among lenders.

This can be helpful if you accidentally miss a payment or are unable to pay your full balance on time.

However, be aware that Marcus will charge more interest if you do not make a payment on time, so it’s important to stay on top of your payments.

J.D. Power’s annual consumer satisfaction studies of the top personal loan providers found that, in general, clients were satisfied with the terms and conditions of a Marcus cash loan. J.D. Power’s annual consumer satisfaction studies had ranked number one in the unsecured personal loan category in 2019.

Alternatives of Marcus Bank

The Marcus is one of the best personal loan companies and it also has a high-yield savings account. So, if you are looking for an online-only bank that has great rates and products, Marcus may be right for you.

However, if you are not comfortable with Marcus, there are other options available to you.

1. CIT Bank: The Best Alternative of Marcus Bank

Marcus Bank and CIT Bank are both online-only banks, but CIT Bank offers a wider variety of products. However, Marcus offers a high-yield savings account, which CIT Bank does not.

Let’s take a step back and look at Marcus Bank vs. CIT Bank:

=> Savings accounts:  Marcus bank offers a high-yield savings account that pays 0.50% APY APY on all balances and CIT Bank offers a savings account that pays 0.40% on all balances. Marcus does not have a minimum balance requirement, however, CIT Bank has a $400 minimum opening deposit.

=> CDs:  Both banks offer CDs, but Marcus offers No Penalty CD which allows you to withdraw your money without any early withdrawal penalty. Marcus Bank also offers 0.15% to 1.15% APY on its CDs, while CIT Bank offers 0.50% APY on its CDs.

=> Checking Account:  At the moment, Marcus Bank does not offer a checking account, however, they are planning to offer it in the future. However, CIT Bank offers a checking account that offers  0.25% APY with a $25,000+ balance and 0.10% APY on balances under $25,000

=> Money Market Account: Marcus Bank does not offer a money market account, but CIT Bank offers a money market account that pays 0.45% APY on all balances.

=> Loans: Marcus Bank offers personal loans with a fixed interest rate and no origination fees. You can use the money from your loan for any purpose, including debt consolidation, home improvement, or medical expenses. Marcus offers personal loans amount ranging from $3,500 to $40,000. The APR on a loan from Marcus Bank ranges from 6.99% to 19.99% and the loan period from 36 to 72 months. CIT Bank does not offer personal loans.

=> Overall, CIT Bank offers a wider variety of products, but Marcus Bank offers a high-yield savings account and personal loans with no origination fees. If you are looking for an online-only bank that has great rates and products, Marcus may be right for you.

My thought

Choose Marcus Bank if:

  • You are looking for an online-only bank that has great rates and products.
  • You are looking for a high-yield savings account.
  • You are looking for a personal loan with no origination fees.

Choose CIT Bank if:

  • You are looking for a checking account.
  • You are looking for a money market account.
  • You are looking for a CD.

2. American Express National bank.

Marcus Bank vs. American Express National Bank:

=>Savings Accounts:  American Express National Bank offers a savings account that pays 0.85% APY on all balances, Marcus bank offers a high-yield savings account that pays 0.50% APY on all balances. In this comparison, both banks have good offers

=>CDs:  Both banks offer CDs, but Marcus Bank offers No Penalty CD which allows you to withdraw your money without any early withdrawal penalty. Marcus Bank also offers 0.15% to 1.15% APY on its CDs, while American Express National Bank offers 0.55% APY on its CDs.

=> Checking Accounts:  At the moment, Marcus Bank does not offer a checking account, however, they are planning to offer it in the future. American Express National Bank offers also does not offer a checking account.

=> Money Market Accounts: Both banks do not offer a money market account.

=> Overall, in this comparison, Marcus Bank offers better products.

3. Ally Bank Vs  Marcus bank

Ally Bank is another online-only bank that offers a suite of products, including savings accounts, credit cards, and personal loans. Plus, there are no fees for most transactions. So is Ally right for you? Let’s take a closer look at its features and find out!

–>Savings Accounts:

Ally Bank offers a savings account that pays 0.50% APY on all balances and Marcus bank offers a high-yield savings account that pays 0.50% APY on all balances. In this comparison, both banks have good offers

–>CDs:

Both banks offer CDs, but Marcus Bank offers a No Penalty CD which allows you to withdraw your money without any early withdrawal penalty. Marcus Bank also offers 0.15% to 1.15% APY on its CDs, while Ally Bank offers 0.75% APY on its CDs. In this comparison, Marcus bank offers a better deal.

–> Checking Accounts:

At the moment, Marcus Bank does not offer a checking account, however, they are planning to offer it in the future. Ally Bank Offres best in class checking accounts which include a ton of features, such as online and mobile banking, free ATMs, and no overdraft fees. In this comparison, Ally Bank is a clear winner.

–> Money Market Accounts: Ally Bank also offers money market accounts, which Marcus Bank does not.

=> Overall, in this comparison, Ally Bank offers better products.

In conclusion, both banks are good choices for online banking, but if you are looking for a high-yield savings account, Marcus bank is the better option. If you are looking for a checking account with a lot of features, Ally Bank is the better option. And, finally, if you are looking for a CD, Marcus Bank offers a better deal.

Marcus bank customer reviews

Marcu Bank holds an A+ rating from the Better Business Bureau is a good choice for online banking. The high-yield savings account, personal loans, and no fees for most transactions are some of the reasons why customers are happy with this bank. In addition, the customer service is excellent, and the website is easy to use.

However, let’s do an independent by taking a look at some Marcus Bank customers & other reviews from around the web:

Marcu Bank Reddit review

One customer on Reddit says that he had a great experience with Marcus Bank and that the customer service was excellent. He recommends this bank to anyone looking for a high-yield savings account or a personal loan.

Another customer on Reddit says that she had a great experience with Marcus Bank and that the customer service was wonderful. She recommends this bank to anyone looking for a high-yield savings account or a personal loan.

Almost all the reviews on Reddit for Marcus Bank are positive, with customers stating that they have had a good experience with the customer service and website.

Only one customer said that they had a bad experience, he said Mint.com isn’t able to import their information into it.

How to Open an account with Marcus Bank?

If you are interested in opening an account with Marcus Bank, you can do so on their website. You will need to provide some personal information, such as your name, address, and Social Security number.

You will also need to provide some banking information, such as your bank account number and routing number. Once you have filled out the application, you will need to wait for the approval. This process usually takes a few business days.

If you are approved, you will be able to start using Marcus Bank right away. You can access your account online or through the mobile app.

Marcus Bank Customer Service

The customer service at Marcus Bank is excellent. You can reach them by phone, email, or chat. They are available 24/7 and are happy to help with any questions or concerns you may have.

Below is the Marcus Bank Customer support.

  • Savings and CDs customer service: 1-855-730-7283
  • Personal loans customer service: 1-844-627-2871
  • MarcusPay customer service: 1-833-331-6729 

Pros & Cons of Marcus by Goldman Sachs Bank  Explained

Pros:

  • Excellent customer service: Marcus Bank has excellent customer service, which is available 24/7. You can reach them by phone, email, or chat. No fees for most transactions: Marcus Bank does not charge any fees for most transactions. This makes it a great choice for those looking for an easy-to-use bank.
  • High-yield savings account: Marcus Bank offers a high-yield savings account, which is a great option for those looking to save money.
  • No monthly fees on savings accounts:: Unlike other banks, Marcus Bank does not charge any monthly fees on their savings accounts.
  • Penalty-free CDs: Marcus  Bank offers penalty-free CDs, which is a great option for those looking to save money.
  • Fixed-rate personal loans with no fees:: Marcus Bank offers fixed-rate personal loans with no fees. This is a great option for those looking for a personal loan.

Cons:

  • Limited products: Marcus Bank does not offer as many products as some of the other banks, such as Ally Bank.
  • No physical locations: Marcus Bank is an online-only bank, so there are no physical locations.
  • No checking account: Marcus Bank does not offer a checking account, which may be a downside for some customers.
  • No ATM network: Unlike some of the other banks, Marcus Bank does not have an ATM network. You can not use Marcus Bank ATMs to withdraw cash.

Who is Marcus by Goldman Sachs Bank For?

Marcus by Goldman Sachs Bank is a great choice for those looking for a high-yield savings account, a personal loan, or a CD. They have excellent customer service and no fees for most transactions. However, they do not offer as many products as some of the other banks. They are also an online-only bank, so there are no physical locations.

If any of the below points describe you, Marcus Bank may be a great fit for you!

  • You are looking for a high-yield savings account
  • You are looking for a personal loan
  • You are looking for flexibility in your CDs
  • You are looking for an online-only bank with no physical locations.
  • You’re looking for a bank with a long history and an established reputation.

Final Thought: Is Marcus by Goldman Sachs Bank Worth it?

Marcus Bank by Goldman Sachs Bank Review-Is This Online-Only Bank Right for You?

So, is Marcus by Goldman Sachs bank worth it? The answer really depends on your financial needs and goals. If you’re looking for a high-yield savings account that offers good customer service and no fees, then Marcus may be a great option for you.

Editor's Rating:
4.8

However, if you want more features or access to in-person banking locations, you may want to consider another bank. We hope this review has helped you decide whether or not Marcus is the right choice for you.

What do you think? Is Marcus by Goldman Sachs bank worth it? Share your thoughts in the comments below!

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