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Marcus saving rates are
You might like the
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 CD Rates
Marcus requires a
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 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
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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.