This is a review of Marcus by Goldman Sachs. What is Marcus by Goldman Sachs? a scam or legit? Is it for you or should you look at other alternatives? This is just a few of many questions this short review helps you answer!
Name of the company: Marcus by Goldman Sachs
Official Website URL: https://www.marcus.co.uk/uk/en
Overall Rating: (4 / 5)
Recommended? : Yes
Important to mention before we go into more details of this review:
We always strongly recommend doing your own research online before you choose a company to invest with. There are so many reviews online of clients being ripped off and scammed. So please investigate thoroughly before you make your decision.
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With that being said, let´s continue with the review on Marcus by Goldman Sachs!
Today we shall focus on finding out “What is Marcus by Goldman Sachs?” You may have already heard about Goldman Sachs, owing to its proficiency in the provision of banking services. This review will, however, focus on helping create an understanding of Marcus by Goldman Sachs, and we shall do this by answering the following questions:
– What is it about?
– Who is it for?
– Which account types does it offer?
– How is it priced?
– Is it genuine?
– What are its main pros and cons?
What is Marcus by Goldman Sachs?
Marcus by Goldman Sachs exists as a high-yield savings account that allows its users to interact with the funds in it through an online platform. All those who are holders of a Marcus account can currently enjoy a 1.90% APY, which is higher than other savings accounts offered by other banking institutions such as Ally Bank.
Beyond being a high yield account, Marcus by Goldman Sachs is a no-fees account. This simply means that you will not be required to part with transfer fees and monthly maintenance fees under any circumstance.
Another lucrative feature of the Marcus accounts is that they are FDIC-insured at $250,000 for every user. With such a savings account, you cannot lose any money that you have entrusted to Goldman Sachs, regardless of the outlook of the financial market.
Who is it for?
Now that we have established that Marcus by Goldman Sachs is a high yield no fees account, we can move to find out who it can serve best. First, you should know that anyone who wants to benefit from high-interest rate savings accounts can rely on a Marcus account. This account may also be an excellent option for:
– All those who do not want to get charged any type of fee for storing money.
– Those who want to move their money via wire transfer ( quick transfers)/.
– Those who have not saved sufficient funds for them to qualify for the high yield accounts offered by other banking institutions.
What is offered on Marcus by Goldman Sachs?
This savings platform offers its users three types of accounts, as shown below:
– Online Saving accounts
– CD Options
– Personal unsecured loans
Let us discuss each type of account below :
1. Online Savings Account
Owning a Marcus Account lets you gain access to higher than average interest rates, and you can end up receiving a higher payout in comparison to your colleagues who own similar accounts with other banks. You can earn close to 2% APY on your current balance, even when it is as low as $1. As earlier on put across, you are not charged any fees for such an account. Also, there are no limits set on the initial deposit amount, as well as the ongoing minimum balance.
2. CD Options
A Marcus by Goldman Sachs account also presents some of the most attractive CD rates in the market. You can open a CD account by depositing a minimum of $500. Once you have deposited these funds, you can then begin getting the high yields. You can earn the following rates when you leave your money in a Marcus CD account for 1, 3 and 5-year terms respectively:
1-year = 2.5%
If you make early withdrawals, however, you can attract a penalty fee as shown below:
– Less than a year – 3 months of your interest
– 1 year to 5 years – 9 months of your interest
– More than 5 years- 1 year of your interest.
You can avoid such penalties by relying on a No-Penalty Marcus CD. This type of account has a 2.35% APY.
3. Personal Unsecured Loans
If you are looking for a platform on which you can get a personal unsecured loan then a Marcus account will serve you in an exemplary manner. You can access a $3500 to $40000 loan based on your credit scores as well as your income. With such loans, you are not required to pledge any collateral.
Pricing and Fees
As earlier stated, a Marcus by Goldman Sachs account is a no-fees account. Just to clarify this once more, this means that no monthly maintenance or deposit and withdrawal fees are deducted from your account, provided you uphold the set terms.
With CDs, you can end up attracting a penalty for early withdrawals.
**If you are looking to roll over your existing 401k into an IRA this company got among the lowest fees in the industry + it completely waives your fees for up to the 3 first years.
Is it a scam or legit and genuine biz?
Marcus by Goldman Sachs is not a scam, it is a genuine savings platform that presents a couple of benefits that are perceived to be better than what is being offered by Goldman Sach’s competitors. Marcus Goldman formed this bank in 1869. Most firms that were formed in the same year and century have already become extinct.
Marcus by Goldman was formed in 2017, to replace what was known as GS Bank (Goldman Sach’s online-only institution). With such a rich history, there is no doubt that a Marcus account is also genuine. There are several online reviews about this savings platform, and none of it points to it being a scam.
Pros and cons
It might be wise to compare the positives against the negatives to get a better overall view of something, right? As always in our reviews we provide you with some clear points on both sides of the spectrum:
– No monthly maintenance fees are charged.
– No minimum opening balance for savings accounts.
– High yield rates
– Low minimum deposit for CDs.
– Savings are insured
– Free wire transfers.
– You cannot use a debit card or ATM card to withdraw cash.
– No checking account to help you access funds quickly.
Do You Own or represent Marcus by Goldman Sachs?
If you are a representative, or associate of Marcus by Goldman Sachs and have found something not to be correct in this review please, feel free to tell us and I will make sure to update the info on this post. The easiest way to do it is in the comment section below or simply by sending us an e-mail to email@example.com.
Final words and verdict
Overall rating: (4 / 5)
Ok, I think that sums up the overall view of Marcus by Goldman Sachs pretty good. It is a legit service for sure, however, if it is the right one for you or not is something you have to decide yourself. It is always a wise thing to educate yourself as much as possible in the areas you are interested in. It might be a good thing for you, however, make sure to get your info from more than one source.
You made a wise decision to read this review and you are a smart person so I am absolutely sure that you will find the right company to do business with that suits your particular needs the most.
What I would recommend?
There are many great investment services out there. We have many Gold Mining investment opportunities and services, coin dealers, IRA service providers, and financial services in general listed on this website, mostly for precious metals and Bitcoin but also for other alternative investments.
You can find the best from 2 worlds that we can recommend below:
I hope you found this short review of Marcus by Goldman Sachs to be helpful and that you now have a better understanding of what it is and if it is something for you or not. Please, if you have used any of their services then share your experience in the comment section below as it can help others! Also, if you got any questions about this review I will be more than happy to answer them below!
I wish you success!
founder of: Goldretired.com