Marcus Bank Review 2023 – DIGIWIZ CENTRAL

Marcus Bank Review 2023

Our experts answer readers’ banking questions and write unbiased product reviews (here’s how we assess banking products). In some cases, we receive a commission from our partners; however, our opinions are our own. Terms apply to offers listed on this page.

The bottom line: Marcus is a good online bank if you’d like to get a savings account or CDs, and it has some of the best no-penalty CDs out there. There are no checking or money market accounts, though, so you’ll have to transfer money to an external account to access your savings.

Marcus saving rates are Marcus by Goldman Sachs High Yield Online Savings Account – APY. The Marcus by Goldman Sachs High Yield Online Savings Account pays a higher interest rate than what you’ll find at a brick-and-mortar bank, but you may still find even more competitive rates elsewhere.

You might like the Marcus by Goldman Sachs High Yield Online Savings Account if you’d prefer to open a savings account with a low initial deposit and zero monthly service fees.

Accessing your savings can be tricky. Marcus doesn’t have a checking account, so you can’t simply transfer money from savings to checking and spend the money immediately. You’ll have to transfer funds to an external bank account, which means you’ll have to take extra steps instead of directly depositing money into your account.

Marcus Savings Rates Review

Marcus CD Rates

Marcus High-Yield CD terms range from six months to six years. 

Marcus requires a Marcus by Goldman Sachs High-Yield CD initial deposit, and although this is lower than many competitors’ required opening deposits, you can still find banks that don’t ask for any money upfront.

Marcus by Goldman Sachs No-Penalty CD

Marcus offers no-penalty CDs, which are CDs that don’t charge a fee when you withdraw money before your term ends.

Few banks offer no-penalty CDs, and Marcus is one of the top places to open one. Most banks only have one term length option for no-penalty CDs, but Marcus has three term lengths: 7-month, 11-month, and 13-month.

Rates are high, and the Marcus by Goldman Sachs No-Penalty CD minimum deposit is lower than what most banks require.

Marcus 20-month Rate Bump CD – Product Name Only

Marcus also has a rate bump CD, which allows you to request a one-time rate increase if you see that Marcus CD rates are rising during your term. Not all financial institutions offer these types of CDs, so Marcus might be worth considering if you’re looking for a flexible CD. 

How Marcus Works

Marcus by Goldman Sachs is an online-only institution, so there are no physical branch locations. Its website is easy to navigate, and its mobile app has received 4.8 out of 5 stars in the Apple store, and 4.4 out of 5 stars in the Google Play store.

If you have questions, you can call or chat online with a live customer representative Monday through Friday, 8 a.m. to 10 p.m. ET, and Saturday and Sunday from 9 a.m. to 7 p.m. ET. Marcus’ phone hours are fairly standard for online banks, but many competitors have 24/7 online chat if you have questions.

Marcus doesn’t offer a checking or money market account, and it doesn’t provide a debit card for its savings account or CDs. To access your savings, you’ll have to transfer funds to an external bank account, which could take a few business days.

Marcus accounts are FDIC insured for up to $250,000, or $500,000 if you have a joint account.

Marcus: Pros and Cons

ProsCons

Solid interest rates on CD 

Variety of CD terms

No-penalty CD terms

Low minimum opening deposits on savings and CDs

Can’t open a checking accountHave to transfer money to an external bank account to utilize savings

Marcus Trustworthiness and BBB Rating

The Better Business Bureau gives Marcus by Goldman Sachs an A+ rating. A strong BBB score indicates a company responds effectively to customer complaints, is transparent about company practices, and is honest in its advertising.

Marcus hasn’t had any public scandals. Between the good BBB grade and clear history, you may decide you’re comfortable banking with this company.

Marcus vs. Ally – Product Name Only

You might prefer Ally if you want quick access to your savings. Ally has a checking account, so you can just transfer money between Ally accounts and spend money immediately.

You might prefer Marcus for no-penalty CDs. Marcus has 7-month, 11-month, and 13, month terms. Meanwhile, Ally only has one no-penalty CD option.

Marcus vs. Synchrony

Marcus and Synchrony don’t have checking accounts. Synchrony sends you a debit card with your savings account, though, which makes it easier to access your savings quickly.

If you’d like to open a CD, the best option for you may ultimately depend on the term you choose and how much money you have for a minimum opening deposit.

Marcus: Frequently Asked Questions (FAQ)

What is Marcus by Goldman Sachs?

Marcus by Goldman Sachs is an online financial institution. It has a high-yield savings account, CDs, investment services, personal loans, and credit cards.

Is Marcus by Goldman Sachs good?

Marcus by Goldman Sachs might be a good option if you find online-only banking convenient. It also might be worth exploring if you’re searching for a high-yield savings account or CD.

You’ll want to consider another online bank if your goal is to open a checking account or money market account. It also may not be the best option if you prioritize having direct access to your savings. If you need to withdraw money from an account, you’ll have to transfer money to an external bank account and then take it out of that account.

Is Marcus by Goldman Sachs FDIC insured?

Yes, Marcus by Goldman Sachs is FDIC-insured. You can deposit up to $250,000 in an individual bank account and that money will be secure.

Does Marcus by Goldman Sachs have a checking account?

No. It doesn’t have a checking account. 

Does Marcus by Goldman Sachs have a debit card?

No. You won’t be able to get a debit card with your savings account. 

How do I transfer money to Marcus?

You’ll need to link a bank account from another financial institution to transfer money to a Marcus savings account or CD.

 

Read the original article on Business Insider
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