Looking for information on the Goldman Sachs money market account? Well, the first thing to note is that this bank doesn’t offer a money market account as such, but it does offer a high-yield online savings account and Certificates of Deposit that could help you grow your money.
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Marcus by Goldman Sachs is the brand name associated with the high-yield online savings accounts, Certificates of Deposits and fixed-rate personal loans offered by Goldman Sachs Bank USA.
There isn’t a checking account product with Marcus, so for savings transfers, you’ll need to link up an external bank account. You can do this online via an ACH transfer (which can take time), and you can also make deposits by check.
Marcus by Goldman Sachs high-yield Online Savings Account
You’ll get 1.85% Annual Percentage Yield (APY) on savings with this account, and there is no minimum balance required. You must have at least $1 in your account to start earning interest. There are no fees attached.
As far as flexibility goes, you can make up to six withdrawals or transfers during each monthly statement period. Maximum balance limits apply, but these will only affect the wealthy – for example, new accounts may not exceed $1 million per account owner!
Marcus by Goldman Sachs high-yield Certificates of Deposit (CD)
CDs are available for terms of 6 months to 6 years. To give you an idea of rates, for a 12-month term, the APY is 2.55%, while a 6-year term is 3.15% APY.
There is a $500 minimum balance stipulation to open a CD and to benefit from the stated APY. Once you’ve put your money in a CD, it will be locked in until the CD matures. You can’t withdraw a portion of your funds, and although you can take the entire principle early if you need to, you’ll find yourself slapped with an early withdrawal penalty fee if you do.
Marcus by Goldman Sachs doesn’t have a mobile app. Customers need to manage their account online through www.marcus.com. The browser app works with Firefox, Google Chrome, Safari and Microsoft Internet Explorer.
The facility to manage your account online has received a few negative reviews recently – more details on this below.
Marcus by Goldman Sachs gets favorable reviews from many financial reporting websites, thanks to its higher than average interest rate and lack of fees. However, what do existing customers think? To get an idea, we checked out some independent customer reviews about Goldman Sachs on www.depositaccounts.com, where it scores (3 / 5) overall.
One happy customer said that they’d had a great experience regarding their savings account and that they like how easy it is to check their balance online. Another customer reported that aside from the website’s interface, they were happy with the account they’d opened and that as far as online banks go, Goldman Sachs checks just about all the boxes.
A long-term customer who has been using the Marcus savings account for around two years said that they chose it because they trusted the Goldman Sachs name to make them money and because the savings interest rates were high. While it took a while to get this person’s account up and running, since it’s been open, the account has proven easy to manage, and the interest rates are still very competitive.
What stands out regarding some of the most recent reviews is that some users find the Marcus website difficult to navigate and use. (Goldman Sachs Bank USA recently underwent a rebranding exercise to become Marcus by Goldman Sachs; it appears the website has had an overhaul as part of this activity).
Another issue that pops up now and then in online reviews is the time it takes to access funds. According to one user, their home closing had been delayed by several days due to an error with a wire transfer.
In terms of APY, Marcus by Goldman Sachs offers an above average rate of 1.85% on its high-yield savings account, so it’s a worthy contender. As a customer, you can check your balance online and keep track of your deposits and transactions through their web-based banking application.
There are other high-yield savings accounts you may want to look into as well. One to note is the Capital One 360 Money Market Account® which offers 1.85% APY on balances over $10,000, comes with mobile banking and is fee-free. Barclays’s Online Savings Account also offers 1.85% APY with no minimum balance requirement or fees, although it doesn’t come with a mobile app.
Be sure to check out each account’s reviews online in full before deciding which one deserves your savings.
*The above information is correct at the time of publishing. This article shouldn’t be taken as financial advice.