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About the Bank
Marcus by Goldman Sachs - Goldman Sachs Bank USA is an FDIC-insured online bank that focuses on helping customers grow their money with peace of mind. Goldman Sachs Bank USA is a division of Goldman Sachs Group Inc, a leading global investment firm.
Goldman Sachs is one of the better-known financial fixtures of Wall Street and it’s making a venture into online banking and lending with Marcus. The platform offers high-yield personal savings accounts, certificates of deposit and personal loans to qualifying borrowers.
In designing its high-yield savings account, Marcus attempts to keep pace with other online banking competitors. The annual percentage yield is competitive and well above what big-name brick and mortar banking brands offer. Marcus keeps things as simple as possible, requiring no minimum deposit to open a high-yield savings account and charging no monthly fees to maintain your account. The same APY applies to all balances and accounts are FDIC-insured, making these accounts suitable for savers who are just starting out and savers who may want to transfer a larger balance from another bank.
The high-yield CD offerings also feature a generous APY. Terms range from six months to six years, meaning they’re flexible enough to save for both short- and long-term goals. Unlike the high-yield savings accounts, CD rates are tiered based on the length of the CD term. The highest APY is reserved for five and six-year CDs.
Marcus does require a minimum deposit of $500 for CD accounts and the maximum balance allowed across all your accounts is limited to $1 million. For new CD accounts, savers enjoy a 10-day guaranteed rate, meaning you earn the highest APY Marcus offers during the first 10 days of opening your account. Like other traditional banks and online banks, there is a penalty for withdrawing CD funds ahead of the maturity date.
Along with saving, you can also use Marcus to consolidate and pay down high-interest credit card debt, or obtain a personal loan for virtually any other financial goal, including home improvements. You can apply for an unsecured loan online in a matter of minutes, with borrowing limits that match what other online lenders offer. The interest rate for Marcus personal loans is always fixed, meaning your rate and monthly payments are always predictable.
Marcus never charges fees for their loans, including an origination fee or prepayment penalty. When you apply, you choose the loan amount and your preferred monthly payment and the bank gives you tailored borrowing options, based on your specifications. You have the flexibility to change your loan payment up to three times and after making 12 consecutive, on-time payments, you can defer one monthly payment.
Loan terms, including the APR and repayment period, are based on how much you borrow and your creditworthiness. While Marcus doesn’t specify the minimum credit requirements for a loan, the APR range suggests that these loans are geared towards borrowers with higher credit scores and steady income. Low interest rates are available but you’ll likely need good to excellent credit to qualify for them.
AutoPay is available for loan customers but Marcus currently doesn't offer a rate discount for customers who choose automatic payments. On the upside, the bank doesn’t charge a late fee if you miss your payment due date.
Goldman Sachs Bank USA Fees
- National Average
- Monthly Inactivity N/A $6
- Non-Sufficient Fund (Overdraft) N/A $30
- Stop Payment item $0 $27
- Return Deposit $0 $13
- Domestic Wire Transfer (Outbound) $25 $22
- Domestic Wire Transfer (Inbound) $0 $10
- Non-Bank ATM N/A $1.0
Latest Customer Reviews
Reviewed By mauricio48 May 19, 2017
Great Savings All Online!
This savings account has among the highest APRs around. Very easy interface to do online banking.
Customer service is very helpful as well although I have only needed to call once in two years.Thank you for your feedback Is this review helpful?