Marcus by Goldman Sachs is a direct bank that offers personal loans and rewards savers with high-yield account options.
Savers looking for a new CD or savings account enjoy access to competitive interest rates.
Minimum deposit and balance requirements for CDs and savings accounts are relatively low.
The bank recently launched a mobile app with a range of features.
No access to branches or in-network, fee-free ATMs.
Few products are offered by the bank, and there is no checking account.
Marcus in January 2020 launched an app for iOS devices. With the app, you can access all of your Marcus accounts, including savings accounts, CDs and personal loans. You can also check your balances, transfer money and make loan payments. The app so far is rated 4.9 out of 5 stars. A version will be available for Android devices in the spring, according to the Marcus website.
You can also call customer support seven days a week. Savings specialists are available on weekdays from 8 a.m. EST until 10 p.m. (EST) and on weekends from 9 a.m. EST until 7 p.m. (EST). You can also chat with savings specialists once you log in to Marcus.com during those same hours.
In 2018, Goldman Sachs bought Clarity Money, a fintech company that lets users track their finances across all of their accounts. You can open Marcus by Goldman Sachs savings accounts from the Clarity Money app.
Marcus Goldman founded a financial firm in 1869, and a decade later the firm was renamed Goldman, Sachs & Co., after Goldman joined forces with his son-in-law, Samuel Sachs and his son, Henry Goldman. Over time, their company came to be one of the premier investment banks in the United States.
Goldman Sachs became a bank holding company during the financial crisis. Years later through the acquisition of GE Capital Bank’s online deposits in 2016, Goldman Sachs launched GS Bank, an online-only institution. In late 2017, GS Bank became known as Marcus by Goldman Sachs, a brand already being used by the firm’s personal loan platform. In addition to loans, Marcus by Goldman Sachs offers certificates of deposit (CDs) and an online savings account.