Marcus by Goldman Sachs Savings Rate and Review
Marcus by Goldman Sachs' savings rate is competitive and currently at 1.40 percent. The savings rate is only 20 basis points lower than the top savings rate available right now. Marcus doesn't only offer online savings accounts the bank also offers personal loans.
Goldman Sachs started Marcus to enable people to "help people find ways to be smarter with their money." There is more behind Marcus then that catchy ten word phrase.
According to Goldman the investment bank listed to 10,000 people tell them about their experiences with debt. The endless cycle of high interest rate credit card debt, fees and trying to pay that debt off.
Goldman decided to do things different and offer personal loans with no hidden fees and at fixed rates. Personal loans also have customizable payment options, giving borrowers more flexibility with payments. Interest rates on loans range of 6.99% to 23.99 percent.
These rates are competitive for unsecured personal loans. Though when you get up to the high double digits it might not make sense to borrow to pay off other loans or credit cards. Goldman states only the most creditworthy applicants qualify for the lowest rates. Interest rates are also higher for longer-term loans.
Borrowing from a reputable financial institution like Goldman is always better, plus there are no hidden fees. The fact that there are no hidden fees is crucial because there are many unscrupulous personal loan lenders charging exorbitant fees.
Like with anything else, you have to shop around for the best rates and figure out what loan makes most financial sense for you.
Goldman Sachs used to offer online CD account and savings accounts through Goldman Sachs Bank. The bank has now offering deposit products under the new name Marcus by Goldman Sachs. All deposit products are insured with the FDIC under the Goldman Sachs name. The Goldman Sachs FDIC Cert number is 33124.
As I mentioned before, the current Marcus by Goldman Sachs savings rate is 1.39 percent with a APY of 1.40 percent. This isn't the best savings rate available right now but the rate is in the top 5 rates available. In fact, the savings rate of 1.40 percent is tied for the third best rate. The minimum opening deposit for a savings account is only $1.00.
Goldman Sachs didn't pull the name Marcus out of the blue. Goldman Sachs' founder was Marcus Goldman who started the firm in 1869.
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