20,0%
Top 3
10,0%
Top 5
7,0%
Top 10
5,0%
Top 20
1,0%
Top 40
0,5%
Top 100
0,2%
Top 100+
0,05%
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Marcus by Goldman Sachs Review 2024
Trading platform:
- Web platform
- Mobile Apps
- Marcus Invest
Supported Countries:
- USA
Supported
Currencies:
Currencies:
- US dollar
Deposit rate:
- Up to 1.90% APY
Deposit insurance:
- Individual
Summary of 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).
| 💼 Main types of accounts: | Online Savings Account, No-Penalty CD, High Yield CD |
|---|---|
| 💱 Multi-currency account: | No |
| ☂ Deposit insurance: | Yes |
| 👛️ Savings options: | Statistics on accounts, limits and notifications |
| ➕ Additional features: | Marcus Invest – investment robo-advisor |
👍 Advantages of trading with Marcus by Goldman Sachs:
- 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.
👎 Disadvantages of Marcus by Goldman Sachs:
- 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.
Evaluation of the most influential parameters of Marcus by Goldman Sachs
Table of Contents
- Geographic Distribution
- Latest Comments
- Expert Review
- Latest Marcus by Goldman Sachs News
- Analysis of Marcus by Goldman Sachs
- Dynamics of the Popularity
- Investment Programs
- Terms for Cooperation
- Detailed Review
- Banking features
- Technical Support
- Social programs
- How to open an account?
- User Reviews of Marcus by Goldman Sachs
- FAQs
- TU Recommends
Geographic Distribution of Marcus by Goldman Sachs Traders
Popularity in
99.4%
US
4.6%
Others
User Satisfaction i
2 comments
Total score:
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Expert Review of Marcus by Goldman Sachs
The digital bank is owned by Goldman Sachs, one of the largest investment companies in the world established in 1869. It is not surprising that its digital bank focuses on investing, loans and savings accounts. The platform was launched in 2016 along with the mobile app. As of now, it has never been hacked and there have not been any cases of unresolved disputes with the clients. Overall, user reviews are positive.
Marcus by Goldman Sachs offers three types of services. The first one is lending. This is mostly related to consumer loans, but individual conditions are possible in certain cases, for example, a bank’s client can take out a home mortgage, a car or a business loan. The average percentage rate ranges from 16.49% to 26.49%. This indicator is lower than average in the U.S. The final rate depends on the client’s credit score. The service is free with no additional fees.
The second service is savings accounts. As of July 2022, Marcus by Goldman Sachs offers three types of accounts with a fixed or floating rate. The money can be withdrawn from accounts at any time with no penalties. The minimum deposit for the highest APY (1.25% and 1.90%) is USD 500, and there are no minimums for the standard APY (1.20%).
The third service offered by the digital bank is investing. There is an investment platform called Marcus Invest in the mobile app of Marcus by Goldman Sachs. It is a proprietary solution developed by the company’s experts. Clients receive access to stocks and funds traded at global exchanges. They can independently buy and sell assets or use a robot, which can automatically analyze the market and build diversified ready-made portfolios with beneficial conditions.
In terms of the sum of factors, the digital bank can be recommended. However, you need to keep in mind that it does not issue debit cards or offer checking accounts.
Dynamics of Marcus by Goldman Sachs’s popularity among
Traders Union’s traders, according to 2023 data
Investment Programs, Available Markets, and Products of Marcus by Goldman Sachs Bank
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.
Important!
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.
Terms for Cooperation with Marcus by Goldman Sachs
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.
| 💼 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 |
Comparison of Marcus by Goldman Sachs with other Brokers
| Marcus by Goldman Sachs | Wise | Curve Bank | Revolut | Monzo Bank | Starling Bank | |
| Supported Countries | USA | Globally | UK and EEA | Globally | UK | UK |
| Supported Currencies | US dollar | 54 currencies | 26 currencies | 30 currencies | GBP | GBP, EUR, USD |
| Deposit insurance | Individual | No | No | Yes | £85,000 | Yes |
| Minimum deposit | No | No | No | No | £500 | No |
| Deposit rate | Up to 1.90% APY | No | No | 6.45% | 1.16%-1.50% | 15%-35% |
| Loan Rate | 16.49%-26.49% (or 6.99%-19.99%) | No | No | 0.65%-0.7% | 0-19% | 0.05% |
Marcus by Goldman Sachs Commissions & Fees
Information
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 |
| Revolut | No | Up to $350 - free - beyond $350 - 2% | 0.3% (min. $0.30, max. $6) | From 0% to 1% |
| Chime Bank | No | No | No | 3% (max.$5) |
| Marcus by Goldman Sachs | Service is not provided | Service is not provided | Service is not provided | Service is not provided |
Conclusion
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.
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:
-
1.90% – maximum APY on a savings account;
-
USD 40,000 – consumer loan amount limit;
-
6.99% – minimum APR on a loan;
-
0.25% – investment management fee;
-
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:
-
Personal loans. The neobank provides consumer loans for USD 3,500-40,000 for any purpose.
-
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.
-
Investment platform. The neobank offers a proprietary investment platform that allows clients to buy and sell stocks of large companies.
-
Robo-advisor. Marcus Invest automatically builds a diversified investment portfolio in accordance to the needs of a client.
-
Mobile app. In the app, data is aggregated on all transactions; they are conveniently grouped and users can set limits and notifications.
-
Credit card. A Mastercard card is linked to a credit account. The card can be used to shop online and offline.
-
Additional features. Marcus by Goldman Sachs offers free calculators for calculating loans, savings APY, retirement savings and other financial indicators.
Advantages:
1
Consumer loans are provided widely for almost all purposes at a relatively low annual percentage rate.
2
Several savings accounts to choose from with some of the highest APYs among U.S. banks.
3
The investment platform with an easy-to-use interface opens access to hundreds of assets of the global stock market.
4
The robo-advisor allows you to effectively diversify risks and makes the process of investing in stocks easier.
5
The neobank does not charge fees for the majority of transactions, opening and servicing of an account.
6
The mobile app is in line with the latest online banking standards; it is simply and easy to use.
7
A free Mastercard card is linked to a credit account. The card can be used to shop online and offline.
8
The bank does not charge late payment fees on loans, and the interest rate can be reduced.
9
If a bank’s client always makes timely loan payments, he/she gets an additional interest-free month.
10
Marcus by Goldman Sachs insured clients using its own fund (the insurance coverage is calculated individually).
Types of accounts for individuals and businesses
Account Type
Description
Online Savings Account
There is no minimum deposit amount, 1.20% APY. There are no fees and penalties, and there is unlimited withdrawal of funds.
No-Penalty CD
The minimum deposit is USD 500, fixed APY at 1.25%, for a term up to 13 months (other conditions are possible). There are penalties only during the first 7 days after the deposit is made.
High Yield CD
The minimum deposit is USD 500, fixed APY at 1.90%, for a term up to 12 months (other conditions are possible). There are penalties for early withdrawal.
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.
Banking features
Marcus by Goldman Sachs is somewhat different from the majority of digital banks. It also provides the standard online banking services, for example account management through the mobile app, transaction tracking, grouping, setting up notifications. However, the bank does not offer overdraft and flexes, a checking account or a business account. Marcus by Goldman Sachs focuses on consumer loans, automated investing and savings accounts. You can work with this bank, if you require one of these services. If you need a standard checking account, you don’t plan to take out loans, invest or open savings accounts, Marcus is not for you.
Technical Support
To contact customer service of the digital bank, go to its official website and find Contact Us in the footer. You will be given three options: Call Us, Email Us, Chat with Us. All three options are available 24/7. All these options are also available in the mobile app, including the live chat.
Social programs of Marcus by Goldman Sachs
Marcus strives to work only with partners that neutralize their carbon footprint. The digital bank develops its own environmental programs to improve the environment and invests heavily in green technologies. You can learn more about this in the bank’s blog on its official website.
How to open an account at Marcus by Goldman Sachs
Go to the official website of the online-only bank. In the top right corner, click on Log In.
In the next window, you will be offered to enter your username and password. At the top of the screen, find the Create an Account button for those users who haven’t registered on the platform yet. Click on it.
In the new window, enter your First Name, Last Name, Date of Birth and the last digits of your SSN. If you have a welcome code, you need to also enter it, as it will provide you and the person who referred you bonuses.
After that, you will be asked to call one of the free numbers for the manager to complete your registration. Both numbers are available 24/7. Follow the instructions of the manager to open an account.
You can manage your Marcus by Goldman Sachs accounts in your Personal Account on the website, but it is more convenient to do it in the mobile app. In order to download the mobile app, go to the homepage of the website and find the links to Google Play and App Store at the bottom of the page. Follow the link, depending on your device, download and install the app.
Or, you can just go to the app store on your device, type “Marcus by Goldman Sachs” in the search bar, and download and install the app. You can start registering in the app, but you will still have to contact the bank’s manager to verify your personal information.
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FAQs
How does Marcus by Goldman Sachs earn money?
The main income of Marcus by Goldman Sachs is from commissions. You can learn the structure of commissions in detail on the bank's website.
How does Marcus by Goldman Sachs protect its customers?
Marcus by Goldman Sachs uses two-factor authentication, data encryption and other security methods.
Is it possible to check the statistics of expenses?
Marcus by Goldman Sachs provides clients with extended statistics. You can study the detailed information about revenue receipts, expenses, split into different periods of time, etc.
Is it possible to make international payments through Marcus by Goldman Sachs?
Yes. Marcus by Goldman Sachs allows you to make payments between customers in different countries.
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