Marcus by Goldman Sachs is a legitimate online banking platform rooted in the renowned investment banking firm Goldman Sachs. Launched in 2016, Marcus caters to customers’ personal banking needs, offering high-yield savings accounts, certificates of deposit (CDs), and no-fee personal loans. It is a genuine financial institution that is FDIC-insured in the USA and regulated by the FCA and PRA in the UK.
High-Yield Online Savings Account
The Marcus High-Yield Online Savings Account stands out for its impressive APY and absence of fees, making it a top choice for maximising savings. It is known for its competitive interest rates and is an excellent option without the hassle of physical branch locations.
Personal Loans and CD Rates
While Marcus by Goldman Sachs® no longer accepts new applications for personal loans as of a strategic reorganization in 2022, it still remains a strong player in personal banking with its CD rates and savings accounts. Marcus allows for flexible loan payments and terms, and after 12 consecutive monthly payments, offers the option to defer a payment.
Marcus by Goldman Sachs has a rich history dating back to its formation by Marcus Goldman in 1869. It replaced the GS Bank in 2017 and has since gained over half a million customers in the US, with a recent expansion to the UK.
Goldman Sachs Bank USA, the parent company behind Marcus, is FDIC insured, reinforcing the credibility of Marcus. Moreover, with a reiteration that Marcus is not a scam, it provides further assurance to potential customers considering their banking options.
- Marcus by Goldman Sachs offers Goldman Sachs ETFs through its Smart Beta portfolio option, aimed at delivering higher long-term returns.
- To open an account with Marcus, you will require some basic personal information, including social security number or individual tax identification number, and documentation for identity and income verification purposes may be requested.
- Marcus is headquartered in Draper, Utah, demonstrating its commitment to serving the American market. For those curious about security and reliability, it is associated with one of the world’s largest banks, ensuring a trustworthy banking experience.