Marcus Cash Deposit Products
With only a minimum of five hundred dollars initial deposit, clients can avail of Marcus’s competitive rates on their CD products and the several types of CDs that they offer, which are:
High-Yield CDs: This requires clients to commit to leaving their savings in an account for a set period of time. The tenors, or length of time, is usually 6 months to 5 years. All rates quoted below accounts for compounded interest:
- 1-year CD: 2.60 percent
- 3-year CD: 2.70 percent
- 5-year CD: 2.90 percent
CD with Penalties: Like other banks, Marcus may levy an early withdrawal penalty on the highest-earning CD based on the terms:
- Less than 12 months means 90 days worth of interest.
- In between 12 months to five years is worth 270 days of interest.
- Above five years is worth 365 days of interest.
No Penalties CD: There is a No-Penalty CD product offered in Marcus. This is a liquid CD with a tenor of thirteen months that you clients can withdraw from with no penalty after merely waiting seven days from initial deposit to this type of product. It comes with a lower interest rate of 2.35%, but it gives its clients options to have access to their money in case of an emergency. The rate is still better than the standard savings interest rate.
Clients can apply for a no-fee personal loan from Marcus ranging from $3,500 to $40,000 with a fixed rate and a variety options based on the client’s credit rating. Again, there is no origination feel with a Marcus unsecured personal loan. Although they have offerings that say home improvement loans or debt consolidation loans, all Marcus loans are the unsecured type, meaning collateral cannot be pledged, and approval hinges only on credit score and income. These personal loans with Marcus start at 5.99% APR depending on the amount borrowed, the terms of the loan, and the client’s credit rating. The maximum APR can go as high as 28.99%, with loan terms ranging from 36 months to 72 months only.
Because Marcus is a product of Goldman Sachs, within their site is a a wealth of resources that gives clients advice, so they can help manage their money better. This includes articles on how to responsibly manage debt, how to build savings, and understanding the value of credit. There are also calculators on the site to help their clients see the concrete actual figures. This helps them understand the real impact and value of saving versus borrowing on their finances.
How to Open An Account
As with any financial institution, Marcus requires information to verify the client’s identity. Full name, SSN or tax identification number, address, birthday, phone details and the like are given during the initial stage of application. If a client is applying for a loan, there are forms to fill out on the landing page, along with providing the necessary basic information. On top of those, income, housing details, and other debts will be asked for in a personal loan application. The entire processes for all applications in Marcus are fairly and straightforward. Completion of all the online fields doesn’t take very long and is easy to understand.
To open an account, visit Marcus official site, or call 1-855-730-7283 (for savings), or call 1-844-627-2871 (for lending). Marcus provides phone support service to both new and existing clients during extended hours from 8am and 10pm EST from Monday to Friday. On weekends, this phone support is from 9am to 7pm. In addition, chat support is available but only to customers who are logged into their existing accounts already.
Over all, Marcus by Goldman Sachs is a good and viable option for anybody who wants a fuss-free savings account or an option to avail of a liquid CD, without too much unnecessary costs. The high yield is very attractive and is good for people who want a degree of liquidity while earning more. Marcus ascribes to secure banking methods and top of the line encryption to keep all data safe and protected. Recently, they purchased Clarity Money, so a mobile app is on the horizon along with a personal financial management software.