Brief Look at Marcus by Goldman Sachs
Marcus by Goldman Sachs is an online-only bank offering the services of financial management, consumer loans and investing. It operates on the territory of the U.S.; the residents of other countries cannot open accounts at his bank. The neobank does not issue debit cards, only credit cards (Mastercard). Client servicing is free, no commissions and fees are charged. The standard APR ranges from 16.49% to 26.49% depending on the credit score. The investment service of the digital bank is integrated in the mobile app. A robot consultant called Marcus Invest offers portfolios according to the client requests, while the minimum deposit is only USD 5. Also, clients of the neobank can open savings accounts at up to 1.90% APY (the conditions depend on the account type).
- Easy-to-use mobile app for full control over your finances.
- Mastercard credit cards with a relatively low APR (determined by the credit score).
- Several types of savings accounts with one of the highest APYs among the digital banks in the U.S.
- A robo-advisor developed with participation of financial experts that builds portfolios with predetermined risk scores.
- No limitations on using the credit card to pay online or offline.
- You don’t need to visit a physical office to become a client of the bank; you can register on the website or in the mobile app.
- The digital bank offers quick customer support that is available 7 days a week.
- The digital bank does not offer debit cards, only credit cards. You can use the cards to pay online and offline, but you cannot withdraw cash from an ATM.
- The only way to deposit money to your credit or savings account is by electronic payment or automatic deposit. Mobile check deposit or other options are not available.
- Marcus by Goldman offers a limited choice of financial products: only credit cards, savings accounts and investing. The bank does not offer many other online banking features.
TU Expert Verdict
Chief Analytics Officer
Marcus by Goldman Sachs is an online-only U.S. bank that offers consumer loans, three types of savings accounts with APYs up to 1.90%, and an integrated investing platform through the Marcus Invest robo-advisor. Clients can access credit cards Mastercard with APRs ranging from 16.49% to 26.49% based on credit score, and manage all services via an easy-to-use mobile app. The bank charges no fees for opening or maintaining savings or credit accounts, nor for most standard transactions, while investing through the robo-advisor costs a 0.25% management fee. Deposits are insured, customer support is available daily, and registration does not require visiting a physical office.
Some disadvantages include the absence of debit cards and checking accounts, restrictions on depositing funds only through electronic payments or automatic deposit, no ATM cash Withdrawals, and limited financial products focused on savings, credit cards, and investing. Marcus by Goldman Sachs is best suited for U.S.-based individuals seeking no-fee savings and investment solutions but is not suitable for those needing broader banking features or cash access.
Marcus by Goldman Sachs Summary
| 💼 Main types of accounts: | Online Savings Account, No-Penalty CD, High Yield CD |
|---|---|
| 💱 Multi-currency account: | No |
| 💵 Deposit terms and conditions: | Up to 1.90% APY |
| 💳 Loan terms and conditions: | 16.49%-26.49% APR (or 6.99%-19.99%) |
| ☂ Deposit insurance: | Yes |
| 👛️ Savings options: | Statistics on accounts, limits and notifications |
| 📋 Types of payment: | Electronic payments, automatic deposit |
| ➕ Additional features: | Marcus Invest – investment robo-advisor |
Marcus by Goldman Sachs does not provide a checking account. Clients can accept transfers to their credit cards, transfer funds, pay with the card at online and offline stores. The funds on the cards of the clients are held exclusively in the US dollars. Payments received in another currency are converted at the market rate without additional fees or conditions. Marcus by Goldman Sachs works only with individuals, and therefore is not suitable for businesses. However, you can take out a loan under individual conditions. All personal and technical issues are easily resolved by customer support that operates around the clock and even on holidays. The basic conditions of working with the neobank are listed in the table below.
Marcus by Goldman Sachs Commissions & Fees
Marcus by Goldman Sachs offers loyal fee conditions. A savings account and a credit card are opened for free. Participation in an investment program is also free, but there is a 0.25% management fee (the fee is not charged if a client trades assets independently and does not use the services of the robo-advisor).
There are no fees for transfers made from the credit card. There is also no monthly fee for savings accounts. Therefore, Marcus by Goldman Sachs does not charge the majority of fees that are standard for digital banks. However, all individual services are paid for additionally, for example this applies to investment advice under the Goldman Sachs Personal Financial Management program.
The operation of the neobank is 100% transparent. Marcus by Goldman Sachs warns its clients about all fees in advance; they are shown in the Personal Account or mobile app before a specific action. Since the fees are fixed, the clients of the bank always know how much they will have to pay and for what.
The table below shows comparison of basic fees of Marcus by Goldman Sachs with fees of other digital banks.
| Broker | Overdraft fee | ATM Withdrawal Fee | International transfer fee | International exchange fee |
| Marcus by Goldman Sachs | Service is not provided | Service is not provided | Service is not provided | Service is not provided |
| Chime Bank | No | No | No | 3% (max.$5) |
| Revolut | No | Up to $350 - free - beyond $350 - 2% | 0.3% (min. $0.30, max. $6) | From 0% to 1% |
The fee schedule of Marcus by Goldman Sachs is more loyal than the absolute majority of the competitors, with many services provided for free. For example, a client does not pay a fee for opening and servicing a savings account. No fees are charged for transactions with securities (purchase and sale); there is only 0.25% management fee. All standard transactions (accepting transfers, online and offline payments) are not charged with fees. This makes working with the digital bank even more beneficial.
Account Types
An investment account is opened separately. You can use the website, the mobile app or AutoPay. The same applies to the credit account: the bank provides one type of such an account, but it is flexibly set up to fit the needs of the client. The data from all accounts is aggregated in the mobile app.
Investment Options
Using the bank’s mobile app, a client can open an investment account, and earn a profit by trading independently in the global securities market. However, it is much better to use Marcus Invest. It is a robo-advisor, where a user enters data on his/her savings, goals and risk level. Based on this information, the robo-advisor offers various types of investment portfolios to the user. The clients of the bank can use the portfolio built by the robo-advisor or adjust it, by adding/removing certain assets.
You can start investing with USD 5. Marcus Invest is fully automated. The robo-advisor adapts to the changes in the market sentiment, buys and sells assets according to the trend and the predicted price movement. Marcus Invest takes into consideration many factors of technical and fundamental analysis. We cannot say that it traders better than a professional trader, but certainly better than a novice investor. It is an intelligent, self-learning system.
The bank does not charge transaction fees, like brokers do. Instead, there is a fixed management fee – 0.25%. The fee covers the entire range of services, including automation of investing, market monitoring, adjustments, advice and notifications. The Neobank offers Goldman Sachs Personal Financial Management program to professional investors who want to work on individual conditions. An application for the program is filled out separately, and a personal financial advisor is assigned to the client. The cost of the service is discussed separately.
If you are a large investor and plan on investments over $10,000, contact us at vip-invest@tradersunion.com or by the feedback form on our website. Our professional team will take you through all the intricacies of the deal and all the steps from signing up to withdrawal of profits.
Contacts
| Foundation date | 2016 |
|---|---|
| Official site | https://www.marcus.com/ |
Detailed review of Marcus by Goldman Sachs
Marcus by Goldman Sachs is an online-only bank that focuses on providing consumer loans to individuals. It also offers an excellent investment platform, the operation of which is backed by the parent investment conglomerate, one of the largest in the world. This is also the reason for favorable conditions for savings accounts: high percentage yield, no minimum deposit and penalties for early withdrawal of funds on certain account types. Marcus conditions are unique in many ways. For example, no other bank allows you to take out a loan at 6.99% APR. Of course, for this you need to fulfill a number of conditions and have the highest credit score.
Marcus by Goldman Sachs in figures:
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1.90% – maximum APY on a savings account;
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USD 40,000 – consumer loan amount limit;
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6.99% – minimum APR on a loan;
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0.25% – investment management fee;
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USD 0 – monthly fee.
Many users rightly consider the absence of debit cards a disadvantage. The bank also does not allow you to open a checking account, which is another limitation. However, you must keep in mind that Marcus by Goldman Sachs is a specialized neobank. It is designed for providing loans to individuals and opportunities for growing their equity by using savings accounts and investing in securities. In these segments, the company ranks among the top in the U.S. market
Useful features by Marcus by Goldman Sachs:
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Personal loans. The neobank provides consumer loans for USD 3,500-40,000 for any purpose.
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Savings accounts. The annual percentage yield depends on the account type (up to 1.90%). There is no minimum deposit amount or penalty for withdrawal of funds on the standard account.
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Investment platform. The neobank offers a proprietary investment platform that allows clients to buy and sell stocks of large companies.
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Robo-advisor. Marcus Invest automatically builds a diversified investment portfolio in accordance to the needs of a client.
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Mobile app. In the app, data is aggregated on all transactions; they are conveniently grouped and users can set limits and notifications.
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Credit card. A Mastercard card is linked to a credit account. The card can be used to shop online and offline.
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Additional features. Marcus by Goldman Sachs offers free calculators for calculating loans, savings APY, retirement savings and other financial indicators.
Advantages:
Consumer loans are provided widely for almost all purposes at a relatively low annual percentage rate.
Several savings accounts to choose from with some of the highest APYs among U.S. banks.
The investment platform with an easy-to-use interface opens access to hundreds of assets of the global stock market.
The robo-advisor allows you to effectively diversify risks and makes the process of investing in stocks easier.
The neobank does not charge fees for the majority of transactions, opening and servicing of an account.
The mobile app is in line with the latest online banking standards; it is simply and easy to use.
A free Mastercard card is linked to a credit account. The card can be used to shop online and offline.
The bank does not charge late payment fees on loans, and the interest rate can be reduced.
If a bank’s client always makes timely loan payments, he/she gets an additional interest-free month.
Marcus by Goldman Sachs insured clients using its own fund (the insurance coverage is calculated individually).
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