Marcus by Goldman Sachs

Marcus by Goldman Sachs

 3.7/5 (392 reviews)

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Overall Rating3.7 out of 5
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About Marcus by Goldman Sachs

Marcus by Goldman Sachs is an online lender and savings bank. It offers personal loans up to $40,000 with fixed rates and no fees. High-yield savings accounts are also available. The bank is insured by the FDIC.

    Pros & Cons


    • Fast approval
    • Customizable monthly payment
    • No fees on loans


    • No physical locations
    • High credit requirements

    Bottom Line

    Marcus by Goldman Sachs offers personal loans from $3,500 to $40,000. Loans come with a fixed APR, so your payments are always the same. It doesn't charge fees for personal loans or savings accounts.

    What is Marcus by Goldman Sachs?

    Marcus by Goldman Sachs is an online lender that offers personal loans to borrowers with good credit scores. Personal loans can be used for various needs, including paying down high-interest debt or improving your home. Since there are no physical branch locations for this bank, the loan application must be completed online. Some applications can be approved in as few as five minutes.

    Marcus interest rates and fees

    As of publishing, Marcus offers fixed APRs ranging from 6.99% to 19.99%. People seeking longer loan terms or who have lower credit scores typically receive APRs in the higher end of that range. Loan amounts range from $3,500 to $40,000 with terms from 36 to 72 months.

    For example, a $15,000 loan with a 12.99% APR would require 48 monthly payments of $402, according to Marcus. You must apply online to find out what interest rate you qualify for. During the application process, you can customize your monthly loan payment and due date to find the terms that are right for you.

    Marcus doesn’t charge any fees, including sign-up fees or prepayment penalties. You can receive a rate discount of 0.25% for signing up for autopay. With every 12 payments you make on time, you get one interest-free payment deferral.

    Marcus by Goldman Sachs FAQ

    Is Marcus by Goldman Sachs FDIC insured?

    Yes, Marcus is an FDIC member. Its accounts are insured at $250,000 for individually owned accounts and $250,000 per owner of jointly held accounts.

    Does Marcus have an app?

    Yes, Marcus has a mobile app that provides access to your accounts. This app is available on both iOS and Android devices.

    How do I close a Marcus savings account?

    You can close your Marcus savings account online or over the phone. To close your account online, go to your account details page, click the three dots in the upper right to open the menu and select “Close this account.”

    Is Marcus by Goldman Sachs safe?

    Marcus by Goldman Sachs is a safe online lender that offers fixed rates on loans up to $40,000. It doesn’t charge sign-up fees or prepayment penalties, but it does have high credit requirements for approval. Apply online to receive a credit decision in as few as five minutes.

    Is Marcus by Goldman Sachs legit?

    Yes, Marcus by Goldman Sachs is a legitimate high-yield online savings account and no-fee personal loan provider. It offers competitive interest rates and no fees on sign-ups, prepayments or late payments. We also like that you can defer one payment after making 12 or more consecutive monthly payments in full and on time.

    Marcus by Goldman Sachs Reviews

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    Page 1 Reviews 0 - 10
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    Verified Reviewer
    Original review: May 25, 2023

    Opened a 5 percent interest CD funded with 2 different bank accounts. After 1 week Marcus contacted saying that only 1 deposit was allowed. No worries huh? Marcus stated that the account needed to be closed and penalties would apply, huh? It's been 2 weeks since they kept me on the phone for hours after which I was told my deposits were refunded back to my 2 banks. I'm just off the phone with Marcus another 1 1/2 hours and was told that my money wasn't refunded as stated 2 weeks ago. The representative tried telling me "It's not that easy to refund because it's a CD," huh? I have no answers where my money is, wasted hours, lost interest potential, aggravated and belittled. If you value your time, sanity, money and expect good customer service which is necessary when dealing with an online account, I recommend looking elsewhere.

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    Verified Reviewer
    Original review: May 16, 2023

    I recently refinanced my home and chose direct payment from the title company for my personal loan with Marcus. Not only was Marcus extremely difficult with me regarding the extension of the payoff (numerous calls, emails, etc.) they went ahead and deducted my regular monthly payment in addition to the full amount ($8,000-plus) from my personal checking account. Calls to them have gone nowhere and after a particularly unhelpful conversation with one of their associates, I hung up and contacted my bank. I have obtained physical proof that they cashed an actual paper check for this amount in addition to what was deducted from my checking account. I have had to file a complaint against Marcus regarding this matter and would advise others to steer clear of them.

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      Verified Reviewer
      Original review: April 3, 2023

      When first launched Marcus by Goldman Sachs was great. It was the first high yield savings account to pay their advertised "4 times the national average" rate. This however was when interest rates at all institutions were at .01% and inflation was below 2% annually. As the Federal Reserve has hiked rates aggressively over 2022, Goldman Sachs has been extremely stingy with raising its true interest savings rate to a high of only 3.68% (3.75%APY). A simple search will show all of their peers are well over 4% APY for the same type of no frills online high yield savings accounts. For the past 75bps of rate hikes (including March 2023), Marcus has given far less of an increase in interest rates. CD Rates are at least 1% lower than regional commercial institutions and 1.5% lower in the short end than Treasury Bills.

      Customer service is appalling, especially when dealing your elder parent's money with a Power of Attorney. It takes almost a full quarter of the year to get a POA Notarized and added to an account such that you can move money in or out of Marcus. Most financial review websites inadvertently highlight the horrible savings rates at Marcus vs their peers by posting their current rate next to much higher savings rates, but will not allow the posting of rebuttal or negative reviews as they keep their websites operating via advertising dollars paid by Goldman Sachs.

      5 people found this review helpful
      Verified Reviewer
      Original review: March 12, 2023

      I have had a GM card for 30 plus years. When Marcus took over the card I have had nothing but problems. I've called many times to get my account resolved with no success!! I get the run around every time I call. They have told me a supervisor will call me back and never calls back. The last call the supervisor told me she can not make outgoing calls and can not give me a direct number to call her back!! Stay far away from this company!!

      12 people found this review helpful
      Verified Reviewer
      Original review: March 5, 2023

      This is by far the worst banking experience of my life. I tried to transfer money online to another bank account in my name and they locked my account. I spent over two hours on the phone and even drove physically to the bank I was attempting to transfer the money to and had them speak with the branch manager. My account is still locked. I would put Marcus by Goldman in the category of a communist country at this point. None of the people I spoke with on the phone really seemed to genuinely care. I was promised a gentlemen named ** would call me within 24 hours to talk with me. That never happened. If I could rate this bank on a negative trustworthiness scale I would. Take my advice and just put your money in a bank that will actually let you get it back out or move funds when you need to. Otherwise no interest rate is worth it.

      12 people found this review helpful
      Verified Reviewer
      Original review: Jan. 24, 2023

      My mother has Dementia. I am her only child. She gave me POA to take care of her bills/nursing home expenses. This bank refuses to let me use her funds to pay for her care. Believe it as a fact. --They will not let me transfer funds to her Chase checking account. They let me do this before 3 times before. Now they said the account is under review. They will not put this in writing nor give their names.

      My mom is cut off from her money per this bank. The home will evict her, and she will have to be put in a state home with very poor conditions. She needs the superior care of her current facility. ----They want a guardianship/conservatorship to move any money for her. This will take time, and they do not seem to understand or care about her situation. --I have the POA. It means nothing to them. They said it is in their contract that she signed before she gave them her money. She does not know what year it is, yet they said they will only move money for her if she approves. ---So, she may die in a poor house per this bank. ----I spent many, many hours pleading with them to deaf ears.

      Beware of this cold- hearted bank. Chase bank took only 36 hours to let me use my POA for paying her bills. ----I am going to have to sue this bank for damages, and that will cost tons of money. It will be a big uphill battle. ---If you are older, you should establish a joint account with your kids/loved ones, so you will not have these kinds of problems with bad banks. --The legal work was perfect with this POA, but this bank will put her away to her end. ---Those reading this will find it hard to believe. I called my lawyer, and they said that this happens all the time with some banks. It is also very hard to sue them for wrongful death due to them cutting off the funds to a POA. ---And things are much worse that I have the time to explain. --Avoid this nightmare bank at all costs.

      16 people found this review helpful
      Verified Reviewer
      Original review: Jan. 24, 2023

      They have locked and frozen my account four times in three months on a whim. Stay as far away as possible from these people. You will get a cryptic email to call just before with zero explanation and wait 30 minutes to talk to someone with prayers to release your savings account funds.

      13 people found this review helpful
      Verified Reviewer
      Original review: Dec. 31, 2022

      I have a certificate of deposit banking account with Marcus by Goldman Sachs. On 10/14/22 I logged into my account and changed my CD plan maturity instructions to Close CD on 12/10/2022. I received an email confirmation. On 12/23 I realized I had not received the funds and inquired why that would be. I was told that I didn’t update the instructions even though I have an email confirmation that I did just so. I spoke with Marcus by message and by phone call and they are unwilling to close the account they renewed despite my specific instruction not to renew. They did not call me by phone or make it clear that any further instruction would be necessary and did not let me know that the account was renewed. This is extremely concerning and sketchy business practices.

      I have attached my email confirmation that I did go into the account and give instruction to close the account. They said I must pay a fee to withdrawal the funds early - even though the maturity date was 12/10/2022 because they renewed the account despite my request to close the account. I will never be banking with this company again. This case should be sent in for further i investigation by the banking commission.

      When I called on 12/31 they were unwilling to close the account that was incorrectly renewed. Then when I asked to update the account instructions for it to be closed upon renewal the agent told me they couldn’t update the instructions for some reason and for me to call back or try online. I think they purposefully and sneakily do not allow you to withdrawal the funds so that it is automatically renewed and they can get withdrawal fees from you. This is the worst customer service I’ve ever received from a bank and should be illegal.

      27 people found this review helpful
      Verified Reviewer
      Original review: Dec. 19, 2022

      I tried to open a Marcus by Goldman Sachs savings account on December 13, 2022. On Monday December 19, 2022 I still had not succeeded in opening this bank account. I have never experienced such a poorly programmed website as Marcus. The website keeps going down. Customer service is horrible. They hung up on me several times. The trust is just not there.

      Before turning over your social security number and money to Marcus consider this. Goldman Sachs had the bad judgment to base their software development team in India. Other legendary screw ups Intel, Microsoft, Hewlett Packard and Samsung all moved their informational technology groups to India. And yes they are all plagued by persistent software bugs. Wow what a coincidence.

      Consequences. There has to be consequences for dishonest employees and contractors that steal your financial information. If the embezzlers are in the United States we can apprehend them, beat them and then put them in jail. However if the embezzlers are in India there is nothing we can do as the United States does not have any legal jurisdiction. If Apoo decides to impersonate you or sell your financial information what are you going to do? Marcus pays a little more interest and you take a lot more risk. Would you trust Goldman Sachs?

      23 people found this review helpful
      Verified Reviewer
      Original review: Dec. 15, 2022

      Do not sign up for any of their personal loans. Their system does not accept extra payments, is inflexible with extra funds, and the phone customer service people are moody. I will never use them again for any future planning needs.

      16 people found this review helpful

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        Marcus by Goldman Sachs Company Information

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        Marcus by Goldman Sachs