Marcus by Goldman Sachs Reviews - What Is It?
DO NOT USE Marcus by Goldman Sachs!!! You Must Read This Review!
Fully Researched: Price, User Feedback and More!
Goldman Sachs is a global investment firm that has existed since the late 19th century. It is wrong to think of pleasantly looking white-collar stock traders on Wall Street when getting an image of this company in your imagination and we will find out why. In recent years, this firm has launched a new arm of the company known as GS Bank, which would provide customers with internet-only savings accounts. The company also launched Marcus by Goldman Sachs, rebranding their business of savings accounts. Currently, through Marcus, a line of personal loans, one can find three product offerings: savings accounts, personal loans, and CDs. Today, the Marcus account offers a 1.5% APY, online only. This puts the account ahead of online powerhouses like Alliant Credit Union and Ally Bank both of which offer 1.45% APY. One vital feature of the Marcus account is that it has no fees, no transfer fee, no monthly maintenance fee, or any other fee about this account. It is nice that such a high-fee bank is keeping savings account fees out.
The account from Marcus is FDIC-insured up to $250,000, which means that you will not lose any of your money even in case of a finance crisis. Generally, FDIC insurance is a widely spread practice, but it is better to check its presence. A savings account is good but it is useless without money in it. To my mind, setting up an automatic savings deposit is the only way to start a savings habit. The Marcus by Goldman Sachs account helps to set up automatic transfers for you to save cash with no need to rely on memory. The company promises to offer generous transfer limits up to six transfers per month including deposits or withdrawals. You will not have to pay a fee in case if you go over the limit, but your transfer may be prevented from going through. It is good that the Goldman Sachs allows up to $125,000 in transfers per month online. You can perform unlimited transfers by calling. There are no mobile check deposits, which is a great drawback to this account. You can mail a check into the company for deposit, but it is clunky. It is better to deposit the finances to your checking account, and initiate an online transfer to your savings account.
Customer Reviews - Does Marcus by Goldman Sachs Really Work?
Marcus by Goldman Sachs is a wealth management firm, but their work online means that the bank is offers savings options beyond the Marcus account. Having $500 will allow you to open a CD with a yield from six months to six years. The interest rate on a one-year CD is 2.1%, and a five-year CD provides a 2.75% yield. Based on how long you need to have the cash, these CDs could be a nice investment. It is necessary to note that you must keep your money in the CD for a definite period of time, or you will face a penalty. The latter is 90 days of interest on a CD up to one year, 270 days of interest on CDs ranging from 1 year to 5 years, and 365 days of interest on CDs up to five years. The best way to find out whether Marcus by Goldman Sachs really works as advertised is to take a look at the actual customers' reviews available online. Many customers report that they are not satisfied with the company and would never recommend it to anyone. Their representatives often behave like they are giving the money out of their own pocket. One client asks everyone not to have a personal advisor submit a file for you. You have to submit from your home. The reps of the company are not helpful at all.
One customer writes in his testimonial that Marcus by Goldman Sachs pre-approved him for a 20k loan. After that, they asked to do a hard pull on him in which the man was fully approved. He says that he earns 280k a year, has a 840 credit score and no debts. The house he lives in is paid off by his old grandma. He only pays for electric bill. The company denied him for no reason. The customer claims that he can afford $500 a month on a 20k loan. He doesn't even have car payments or debts on his credit cards. The man applied for a lending club and was approved for 13k almost instantly. The man is not satisfied with the company and does not recommend it to anyone. Another online customer reports that she had one of the worst banking experiences with Marcus by Goldman Sachs. After providing her personal information and trying to transfer $6,000 in order to open the account, she received an answer that she would get a response within 48 hours. The woman was waiting for five days but received no response or confirmation email. She called them several times before she gave up. The first call was fruitless because the department that deals with applications was not available. She was asked to call back in an hour. The second time she was asked to call "Check Systems" to verify some information. The woman called that number and was said that the number was only for businesses, and she would need the Goldman Sachs' PIN. The third call reached the Goldman rep who informed the customer that her application was not processed, and that she would need to call "Check Systems." The circle would repeat unless she called the Goldman department to talk to her manager but the latter said that was not allowed. The woman hung up in disappointment. Let us take a look at some actual clients' testimonials available online.
"Marcus by Goldman Sachs is not an international-friendly company at all, which is very disappointing for the GS brand. They also have terrible customer service. Their login page has been "under maintenance" for many weeks already and all I could hear from them was "call us." I am currently working abroad and I have not so much money as to call their expensive "international" number. They just waste my time and money. As soon as I access them, I will transfer my savings out to another bank with better international customer service."
"I opened a savings account on Marcus by GoldmanSachs online to earn 1.05% interest rate with my $250,000. I found out that this bank has difficulties linking my external account from Citibank, HSBC Bank,and Capital One Bank because it could not verify my accounts online. I had to close my GSBANK account after just one week. I called the customer service and was on hold for twenty minutes before I could speak with a rep representative. Having all these inconveniences, I cannot recommend opening a GSBANK account."
"Do not use Marcus by goldman sachs. We had a CD mature two months ago in this bank. We are still trying to get the money. We have even involved an attorney for what was a simple CD. Be careful with this bank. Their customer service is the worst I have ever had. They talk well but they do not listen to you at all. They are only interested in their own rules. I will never do any business with GSBANK again."
My Final Summary
Marcus by Goldman Sachs does not seem to be a proper option for real estate or stock market investors, since it is associated with a great number of disadvantages. The major drawback of the company is the poor customer service. The representatives are not helpful and very often they are simply not responsive. You may face different difficulties and not know how to solve them. At present, the official website of the company does not work at all, which makes the process even more difficult. With all this in mind, I cannot recommend Marcus by Goldman Sachs. If you want to have peace of mind, you should better opt for another investment firm.
Marcus by Goldman Sachs Pricing and Rates
Marcus by Goldman Sachs promises to offer no-fee loans with fixed rates, as well as high-yield savings accounts, and debt and credit tools to help their clients achieve financial success. Their official website does not function at present but there are a few messages left for potential clients. For Marcus savings, call at 1-855-730-SAVE (1-855-730-7283). To open a new account or to access your account outside the USA, call at 1-212-357-0026. For Marcus lending, call at 1-844-MARCUS1 (1-844-627-2871).