Neo-Bank
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Marcus by Goldman Sachs

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About Company

Marcus by Goldman Sachs is an online banking platform that offers a variety of financial products, including the Marcus Online Savings Account. This account is designed to help account holders grow their savings with a competitive annual percentage yield (APY) that often surpasses the national average for savings accounts.

Marcus by Goldman Sachs

Key Features

  1. Security-Focused. Marcus prioritizes the security of its customers' financial data and transactions. The platform employs advanced security measures to ensure a secure and protected online banking experience.

  2. No Monthly Fees. One of the attractive aspects of Marcus is its commitment to providing a fee-free experience. Account holders do not need to worry about monthly fees, allowing them to save and manage their finances without incurring unnecessary charges.

  3. Investment Products. While Marcus is primarily known for its high-yield savings accounts, it also offers investment products. Customers have the option to explore various investment opportunities, such as stocks or other market-related options, to diversify their financial portfolio.

  4. Credit Cards. Marcus by Goldman Sachs expanded its offerings beyond savings accounts, and it now provides credit cards. These credit cards often come with competitive features, offering another avenue for customers to manage their spending and credit needs within the Marcus platform.

Pros and Cons

Pros

Competitive Rates on All Savings Products. Marcus by Goldman Sachs is known for offering competitive interest rates on its savings products, providing account holders with an opportunity to earn higher returns on their savings compared to the national average.

No Account Maintenance Fees, Service Fees, or Transfer Fees. Marcus stands out for its fee-free approach. Account holders enjoy the benefit of no account maintenance fees, service fees, or transfer fees, allowing them to save and manage their money without incurring unnecessary charges.

No Minimum Opening Deposit Requirement for Savings Accounts. Marcus makes saving accessible by eliminating the minimum deposit requirement for its savings accounts. This feature allows individuals to open an account and start saving without the need for a substantial initial deposit.

Cons

No Physical Locations or ATM Network. One limitation of Marcus is the absence of physical branch locations and a dedicated ATM network. While online banking provides convenience, some customers may prefer in-person services and access to a broader ATM network.

No Checking Accounts, IRAs, Loans. Marcus focuses primarily on savings accounts and investment products. However, it lacks offerings such as checking accounts, Individual Retirement Accounts (IRAs), loans, or debit cards. Customers seeking a comprehensive banking experience may find this limitation restrictive.

No Mobile Check Deposit Capabilities. Marcus currently does not offer mobile check deposit capabilities. This could be a drawback for those who prefer the convenience of depositing checks remotely using their mobile devices.

Reliability

Yes, Marcus by Goldman Sachs is generally considered to be a reliable and reputable online banking platform. It is backed by Goldman Sachs Bank USA, a well-established and respected financial institution with a significant presence in the global financial market.

Products

My GM Rewards Mastercard

The My GM Rewards Mastercard is tailored for individuals who have a preference for Chevrolet, Buick, GMC, Cadillac, or GM vehicles. New cardholders can earn a substantial bonus of 15,000 points by spending $1,000 within the first 3 months of card activation. This initial boost provides a notable head start on accumulating rewards.

The credit card offers a competitive points earning structure, with cardholders receiving 7 points for every $1 spent on eligible purchases with GM. Additionally, 4 points are earned for every $1 spent on purchases everywhere else, and these points do not expire, providing flexibility in building up rewards over time.

For those looking to make significant purchases or transfer balances, the My GM Rewards Mastercard features a 0% introductory purchase APR for the first 9 months. This introductory period can be advantageous in avoiding interest charges during initial usage.

One of the notable features of this credit card is its cost-effectiveness, as it comes with no annual fee. Moreover, there are no foreign transaction fees or cash advance fees, enhancing the overall affordability for cardholders.

After the introductory period, the variable APR for purchases ranges from 20.24% to 29.99%, depending on the cardholder's creditworthiness. This variable APR is subject to market fluctuations based on the Prime Rate.

GM Extended Family Mastercard

The GM Extended Family Mastercard is a specialized credit card offering exclusive benefits for employees and suppliers associated with GM. Designed to maximize the advantages of employee and supplier discounts, this card allows users to earn rewards that can be redeemed for eligible GM vehicles.

New cardholders can enjoy a welcome bonus of $100 in Earnings by spending $1,000 within the first 3 months of card activation, providing an extra incentive to start accumulating rewards promptly.

With a straightforward earning structure, cardholders receive 1% Earnings on all purchases, allowing for consistent rewards accumulation across various spending categories.

For those looking to make significant purchases or transfer balances, the GM Extended Family Mastercard features a 0% introductory purchase APR for the first 9 months. After this initial period, the variable APR ranges from 20.24% to 29.99%, depending on the cardholder's creditworthiness.

One of the key advantages of this credit card is its affordability, as it comes with no annual fee. This feature enhances the overall cost-effectiveness of the card, ensuring that cardholders can enjoy its benefits without incurring additional charges.

GM Business Mastercard

The GM Business Mastercard is tailored to cater to the unique needs of businesses, allowing them to earn rewards on their expenses and subsequently redeem these rewards towards the acquisition of a new eligible GM vehicle. This credit card offers a range of features designed to enhance the value for business users.

New cardholders are welcomed with a substantial incentive, with the opportunity to earn $750 in Earnings to redeem at GM when they spend $5,000 in purchases within the first 5 months. This initial bonus provides businesses with a head start in accumulating rewards.

The earning potential with the GM Business Mastercard extends to up to 5% toward the purchase or lease of an eligible, new Chevrolet, Buick, GMC, or Cadillac vehicle. This feature allows businesses to make the most of their card usage by directly contributing to future vehicle acquisitions.

For those businesses looking for a favorable introductory period, the credit card features a 0% introductory purchase APR for the first 12 months. Following this initial period, the variable APR ranges from 19.24% to 29.24%, providing flexibility for businesses to manage their expenses efficiently.

An additional advantage is the absence of an annual fee, contributing to the overall cost-effectiveness of the GM Business Mastercard for businesses of varying sizes. This feature ensures that businesses can enjoy the benefits of the credit card without incurring any annual charges.

Other credit cards

Other Services Marcus by Goldman Sachs Offers

  1. High-Yield CD. Marcus provides High-Yield Certificates of Deposit (CDs) with competitive interest rates. These CDs offer a fixed interest rate over a specified term, allowing customers to earn higher returns on their savings.

  2. No-Penalty CD. The No-Penalty CD from Marcus allows customers to enjoy the benefits of a Certificate of Deposit without facing penalties for early withdrawal. This flexibility provides customers with access to their funds when needed without sacrificing interest earnings.

  3. Rate Bump CD. The Rate Bump CD is another type of Certificate of Deposit that offers customers the opportunity to benefit from a one-time rate increase during the CD's term. This feature allows customers to capture potentially higher interest rates in a changing economic environment.

  4. Marcus Invest. Marcus Invest is an investments platform offered by Marcus, providing customers with the opportunity to create a diversified portfolio based on their financial goals and risk tolerance. It offers a range of investment options to help customers grow their wealth over time.

  5. Marcus Insights. Marcus Insights is a feature that provides customers with valuable tips and tools to help them manage their finances more effectively. This includes personalized recommendations and information to assist customers in making informed decisions about their money.

Conditions and Requirements

Conditions

  1. Welcome Bonus. New cardholders can earn 15,000 bonus points when they spend $1,000 within the first 3 months of opening their account. This bonus provides an initial boost to their rewards balance.

  2. Points Earning Structure. Cardholders can earn 7X points on purchases with GM and 4X points on all other purchases. This rewards structure ensures that cardholders can accumulate points quickly, regardless of where they shop.

  3. Introductory APR Offer. Marcus provides a 0% introductory purchase APR for the first 9 months after opening an account. However, after this introductory period, the variable APR ranges from 20.24% to 29.99%, depending on the cardholder's creditworthiness.

  4. No Annual Fee. One of the notable benefits of Marcus credit cards is that they come with no annual fee. This means the account holder can enjoy the perks of the card without having to pay an annual fee for ownership.

Requirements

  1. Credit Score. A credit score of 730+ VantageScore or a 720 FICO score is recommended for applicants.

  2. Income. Income requirements are not disclosed publicly. Applicants are encouraged to meet the financial criteria set by Marcus.

  3. Age. Applicants must be at least 18 years old. However, in Alabama, the minimum age is 19, and in Mississippi and Puerto Rico, it is 21.

  4. Citizenship. Marcus accounts are available to U.S. citizens, permanent residents, or individuals holding an immigration visa.

  5. Identification. A valid Social Security number is required for identity verification.

  6. Bank Account. Applicants must have a verifiable bank account to facilitate transactions with Marcus.

  7. Residency. Marcus accounts are available to residents of all states except Iowa, and it is not available to residents of U.S. territories.

Network of ATMs

Marcus by Goldman Sachs does not have its own network of ATMs, but you can still withdraw money from your account through various methods. Firstly, you can transfer money through ACH directly from your Marcus account to a linked external account. Additionally, if you have an external bank or utilize a third party, you can initiate another ACH transfer to withdraw funds. Wire transfers are also an option for withdrawing money from your Marcus account. Finally, if needed, you can request a check from Marcus, providing a traditional method for accessing your funds.

Apps Like Marcus by Goldman Sachs

  • Chime is an online neobank that offers a variety of financial services without traditional banking fees. It provides users with a spending account, savings account, and early direct deposit features.

  • Cash App, developed by Square, is a mobile payment and peer-to-peer money transfer app. Users can send and receive money, invest in stocks, and even get a Cash Card for spending. Cash App has gained popularity for its simplicity, quick money transfers, and the option to buy and sell Bitcoin.

  • Dave is a financial app that aims to help users avoid overdraft fees and manage their expenses. It provides features such as no-interest cash advances, budgeting tools, and alerts to prevent overdrafts. Dave's primary focus is on assisting users in avoiding unnecessary fees and improving their financial health.

  • Albert is an all-in-one financial app that combines budgeting, savings, and investing features. It provides personalized financial advice, savings recommendations, and the ability to invest spare change. Albert aims to help users improve their financial well-being by offering insights and tools for better money management.

Editorial Opinion

Marcus by Goldman Sachs offers a range of financial products, including the Marcus Savings Account, which boasts features such as a high-yield savings account, the ability to earn interest, and no minimum balance requirements. While the absence of physical locations may differ from traditional or online banks, the convenience of online access and the ability to link external accounts for easy money transfers can be advantageous for those seeking flexibility in managing all their finances. With a focus on providing helpful tips and an independent model, Marcus aims to support account holders in making informed financial decisions. Overall, Marcus presents a solid option for individuals seeking online banking solutions with competitive savings products and a commitment to financial security.

Important

Keeping your Debt-to-Income (DTI) ratio below 30-40% of your monthly income is crucial. This will help you avoid potential financial problems in the future. Additionally, always assess the necessity and feasibility of taking a loan, ensuring you can comfortably manage its repayment.

Methodology

At Finanso, we've carried out a comprehensive analysis of over 50 neo banks, assessing them based on 35 different parameters across six key categories: accessibility of loans, customer relations, quality of service, interest rates, and transparency of conditions.

In each category, we carefully considered the most critical factors in selecting a neo bank. These factors include the interest rates, available loan amounts, minimum credit score, minimum income, application fees, and the speed at which funds are transferred.

At Finanso, we highly value our users, which is why we also focus on the quality of customer service, user reviews, and additional features that can aid our users in making a well-informed decision.

Our ultimate goal is to provide insightful recommendations and expert advice to assist you in selecting a lender that best caters to your specific needs.

Additional Resources

  • Full Marcus by Goldman Sachs Account Review
  • Marcus by Goldman Sachs Mobile App
  • Marcus by Goldman Sachs Reviews

Sources

FAQ

Is Marcus by Goldman Sachs legit?

Yes, Marcus by Goldman Sachs is a legitimate online banking platform backed by Goldman Sachs, a reputable financial institution.

What is the interest rate at Marcus?

The interest rate at Marcus varies depending on the product. For example, the Marcus Savings Account offers a high-yield savings account with competitive interest rates.

What are the downsides of Marcus?

Downsides of Marcus include the absence of physical locations and certain banking products such as checking account, loans, and debit cards.

Who is Marcus owned by?

Marcus is owned by Goldman Sachs, one of the leading investment banks in the world.

Is Marcus app free?

Yes, the Marcus app is free to download and use for account holders, providing a convenient way to manage finances on the go.

Company documents

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© The Goldman Sachs Group, Inc.
Financial products
Marcus by Goldman Sachs
Personal Loans
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
$3,500-$40,000
Rate
i

Effective interest rate on the product

up to 19.99%
Term
i

Loan term for the financial product

up to 72 months
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
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100.00 – 20000.00 $
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5 days – 3 months
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
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100.00 – 4000.00 $
Finanso
Personal Loans
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
2000.00 – 100000.00 $
Rate
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Effective interest rate on the product

6.34 – 35.89 %
Term
i

Loan term for the financial product

2 months – 72 months
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

4.25
(20 Ratings)
Recommended FinScore™
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Rate
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Effective interest rate on the product

up to 160%
Term
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Loan term for the financial product

9-18 months
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