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Goldman Sachs Online Savings
Goldman Sachs, under the brand: “Marcus” provides one of the highest yielding Savings Account options in the United States. Their core product currently provides a % annual rate of interest which rises and falls with the Fed Funds rate (which is typical of any savings account product on the market) and carries a $1 minimum for deposit. In this article, we are going to cover the following:
1. A comprehensive user experience walk-through of the platform.
2. Rates and Products offered by Goldman Sachs through Marcus and a comparison to other Banks and Credit Unions.
3. Does Goldman Sachs Bank USA come in above average or miss the mark on retail financial services?
Opening an Account
Say for instance, you have $100 that you received for a birthday gift. You are looking for a place that will allow your
money to grow at no risk, but Bonds are too expensive. Stocks are risky. Other products require a relatively big
deposit.
Not sure what to do, you go to your friend, Bob, who works in Wealth Management. He recommends a High Yield Savings
Account - so you take out your smartphone and Google: “High Yield Savings Account.” After you scroll down to the first
results after the featured ads, you come to a section titled “The Best Online Savings Accounts in 2024.” The first
result that comes up is Goldman Sachs Bank USA at a rate of %.
You decide to do more research and Google “Goldman Sachs Bank USA” and sure enough www.marcus.com is the first option
with “Open an account in Minutes” and a mention of Savings and Certificates of Deposit. You click on the site and are
guided through a streamlined process.
By the end, you are prompted to deposit at least $1. Problem is, you have $100 cash, and this platform is entirely an online solution - but you are determined to get a % annual rate of return, so you go to your local Chase Bank, deposit the funds into your existing account, and return to www.marcus.com. Congratulations, your Marcus account is now funded… after a series of tasks. It is easy to fill out the forms and deposit funds to Goldman Sachs/Marcus Bank digitally, though it requires an existing Bank Account with another institution.
Undexpected Events and Ease of Access
A few months go by. You have deposited $5,943.15 via the recurring deposit option on Marcus tied to your JP Morgan
Chase Checking Account. Unexpectedly, an instance occurs and you suddenly need an additional $500 by the end of the
week. The one off expense results in you needing to dip into the Marcus Account.
You go through a somewhat lengthy process and attempt the withdrawal. First, you must login, and then verify your
identity with an email confirmation. You plug in the PIN when prompted and proceed to the site’s dashboard. On the
right hand side, you click “Transfer Funds” and begin the process to wire out your funds, selecting your linked banks
appropriately, the amount, and frequency (one time). Upon submitting the correct information, your request is initially
denied, citing a need for clarification of user identity.
You pick up the phone and call customer service, where a friendly agent professionally verifies your identity, resolves
the issue within thirty minutes, and credits $25 to your account in goodwill as appreciation for your business with
Goldman Sachs/Marcus Bank.
This situation occurs with almost all financial transactions done over the internet for the first time in an online
account, and is also common to require a call if there has been prolonged account inactivity. Goldman Sachs/Marcus does
not make it particularly easy to transfer funds and the process can be confusing for some, and the receiving bank, like
with any transaction, can place a hold on transactions if they suspect suspicious activity.
Typically, funds are available within 24 hours though there are off cases where some may experience up to a 7 or 10 day hold depending on their receiving Bank, location in the world, and the amount being processed.
Access to Loans
Continuing off this hypothetical that started with your friend Bob’s advice, given your recent expenses, you ended up
taking out a few credit cards and high interest rates are about to kick in. It will be to the point where the monthly
payments would not cover the cost of principal, essentially, trapping you into an endless cycle of paying debt every
month; your payments would be to pay interest, and not the debt. Life happens. This is obviously going to cost you more
than you would like to, or should even spend.
You noticed early on that Goldman Sachs/Marcus offered more than just high yields on savings and Certificates of
Deposits - they also offer several types of loans, from personal loans, to home improvement loans, and vitally for you
at this moment, debt consolidation loans. Furthermore, Goldman gives you resources and educates you on how to check
your credit score before you apply for a loan.
You go to Experian and fill out the forms and find that your credit score is 720. You go back to www.marcus.com and
begin the application process for your debt consolidation loan.
The results come back and you are quoted at an interest
rate of 14% on $7,000, better than the comparable rates hiking from 3% to 20% on your outstanding balances. You take the offer and pay off your cards, transferring your debt to Goldman Sachs/Marcus Bank. The process is seamless, and saved you $420 per year, allowing you to comfortably adjust your debt payment for the next three years. The result: a total cost savings of $1260 in that time, and ending that three year period with a zero debt balance.
Now that we have walked through how the platform can be used to benefit your financial situation, lets review how
Goldman Sachs Bank USA by Marcus stacks up against their competitors. The next section contains a series of tables providing empirical data to support or refute our normative observations.
Goldman Sachs High Yield Savings Accounts
|
BANK |
% |
FEE/
MONTH |
MININUM
DEPOSIT |
MINIMUM BALANCE |
ATM |
| GOLDMAN |
% |
NO |
$1 |
$0 |
NO |
| ALLY |
% |
NO |
$100 |
$0 |
NO |
| BARCLAYS |
% |
NO |
$1 |
$0 |
NO |
| SYNCHRONY |
% |
NO |
$1 |
$0 |
YES |
**Or $100 recurring deposits
Loan Options
|
BANK |
REAL ESTATE |
DEBT CONSOLIDATION |
PERSONAL |
| GOLDMAN |
YES |
YES |
YES |
| ALLY |
YES |
NO |
NO |
| BARCLAYS |
YES |
YES |
YES |
| SYNCHRONY |
YES |
NO |
NO |
| VIO BANK |
YES |
NO |
NO |
| CIT BANK |
YES |
NO |
NO |
Goldman Sachs Savings Review Conclusion
After using Goldman Sachs/Marcus Bank for the past two years, we are very pleased with the results, and the tables
above would seem to support our observations and experience. Foremost, the rates are on the high end to benefit the
client.
It is easy to make a contribution as is setting recurring deposits - though withdrawals may require a phone call. The
products and financial services are a one stop shop, and the process of applying for financing with good to even fair
credit by some standards is seamless.
From the above statistics, Goldman Sachs offers better than average yields, and also offers clients significantly more
options than comparable solutions.
An area we did not focus on so much is the technology. While Marcus’ website allows for integration, it does not have
its own app available for download. As for integrating web applications to Marcus, we have not tested this - but will
give Goldman Sachs the benefit of the doubt that they have a far technologically savvy team simply because they thought
of this. When compared to their competitor’s web pages, other Information Technology teams did not think to innovate.
In all, Goldman Sachs is a leader in online banking, and we should expect more good things to come. We would recommend
this platform for your saving goals.
|