It's fantastic that you're looking into Marcus by Goldman Sachs! It's a popular choice for many, offering competitive rates and a straightforward online banking experience. Let's dive into how you can make the most of what Marcus has to offer, step by step.
Unlocking Your Financial Potential: A Comprehensive Guide to Using Marcus by Goldman Sachs
Are you ready to make your money work harder for you? Marcus by Goldman Sachs offers a compelling suite of online financial products designed to help you achieve your savings goals. From high-yield savings accounts to competitive Certificates of Deposit (CDs), Marcus provides a user-friendly platform backed by the reputable financial expertise of Goldman Sachs.
This comprehensive guide will walk you through everything you need to know about using Marcus, from opening an account to managing your funds and leveraging their various features. Let's begin this journey to smarter savings together!
Step 1: Discover What Marcus Can Do for You
Before you even think about opening an account, let's explore the core offerings of Marcus by Goldman Sachs and see which one aligns best with your financial aspirations. What are you hoping to achieve with your money?
Understanding Marcus's Key Products:
High-Yield Online Savings Account: This is often the flagship product for Marcus. It offers a significantly higher interest rate compared to traditional savings accounts at brick-and-mortar banks. There are no monthly fees and no minimum deposit to open. This is ideal for your emergency fund, short-term savings goals, or simply a place to park your cash and earn a better return.
Certificates of Deposit (CDs): Marcus offers a variety of CDs with fixed interest rates for specific terms (e.g., 6 months, 1 year, 5 years).
High-Yield CDs: These offer competitive fixed rates for set terms. You generally can't withdraw the principal before maturity without a penalty, but you can withdraw earned interest.
No-Penalty CDs: These offer more flexibility, allowing you to withdraw your entire balance (principal and interest) starting 7 days after funding without a penalty. This can be a great option if you want a fixed rate but might need access to your funds before the term ends.
Personal Loans: While Marcus previously offered personal loans, their servicing has been transferred to other entities. If you're looking for personal loan options, you'll need to explore other providers.
Credit Cards (GM Cards): Marcus partners with GM to offer GM Rewards Cards and GM Business Cards, providing various benefits and rewards for GM purchases.
Take a moment to consider your financial objectives. Are you looking for a flexible savings vehicle, a guaranteed return for a set period, or perhaps a credit card that rewards your automotive spending? Knowing your goal will help you choose the right Marcus product.
Step 2: Opening Your Marcus Account – A Seamless Online Process
Ready to get started? Opening an account with Marcus is primarily an online process, designed to be quick and straightforward.
Sub-heading 2.1: Gathering Your Essentials
Before you begin the application, have the following information handy:
Personal Information: Full legal name, address, date of birth, and Social Security Number (SSN).
Contact Information: Your personal email address and mobile phone number (these must be unique to you, even for joint accounts).
Linked External Bank Account: You'll need the routing and account number of an external checking or savings account at another bank to link for easy transfers.
Sub-heading 2.2: The Application Walkthrough
Visit the Marcus by Goldman Sachs Website or Download the App: Navigate to the official Marcus website (marcus.com) or download the Marcus app from your app store.
Choose Your Product: Select the type of account you want to open (e.g., "High-Yield Savings" or "High-Yield CD").
Start the Application: Click on "Open an Account" or a similar prompt.
Enter Your Personal Details: Carefully fill in all your personal information as requested. Double-check for accuracy!
Agree to Terms and Conditions: Read through the eSign Agreement, Privacy Policy, Privacy Notice, and Site Terms. You'll need to agree to these to proceed.
Verify Your Identity: Marcus will likely use electronic verification. In some cases, they might require additional documentation to prove your identity and address. If so, follow their instructions for uploading clear, complete images of the required documents (e.g., driver's license, utility bill). Remember, you generally can't use the same document for both identity and address verification.
Link Your External Account: This is a crucial step for funding your Marcus account and making withdrawals. You'll have two main options:
Instant Linking (Recommended): Provide your login credentials for your external bank. Marcus uses a secure process to instantly verify ownership. They do not save or share your external account login information.
Manual Linking (Trial Deposits): If instant linking isn't an option, you can manually link by providing your external bank's routing and account number. Marcus will send small "trial deposits" to your external account (usually two small amounts like $0.12 and $0.07). You'll then need to return to your Marcus account and verify these amounts to confirm ownership. This method can take up to 3 business days.
Review and Submit: Before finalizing, review all the information you've entered. Once satisfied, submit your application.
Congratulations! Your Marcus account should be open and ready for funding. You'll likely receive a confirmation email.
Step 3: Funding Your Marcus Account – Making Your Money Grow
Now that your account is open, it's time to add funds and start earning that attractive interest! Marcus offers several convenient ways to deposit money.
Sub-heading 3.1: Electronic Transfers (ACH)
This is the most common and often the easiest method for transfers to and from your linked external bank account.
Initiating a Transfer from Marcus:
Log in to your Marcus account on the website or app.
Navigate to the "Transfer" or "Move Money" section.
Select your linked external account as the source and your Marcus account as the destination.
Enter the amount you wish to transfer.
Review and confirm the transfer. You'll start earning interest on the transferred amount the day you initiate the transfer, provided you do so before 6 PM ET on a business day.
Initiating a Transfer from Your External Bank:
Log in to your external bank's online banking platform.
Look for options like "External Transfers," "Add External Account," or "Transfer to Another Bank."
You'll need to provide your Marcus account number and the Goldman Sachs Bank USA routing number (for Online Savings: 1240-8526-0).
Follow your external bank's instructions to complete the transfer.
Sub-heading 3.2: Direct Deposit
For recurring deposits like payroll, you can set up direct deposit.
Obtain Marcus Account Details: Log in to your Marcus account to find your Marcus account number and the Goldman Sachs Bank USA routing number (1240-8526-0 for Online Savings).
Provide to Your Employer: Give these details to your employer's payroll department, along with the amount or percentage you wish to direct deposit into your Marcus account.
Sub-heading 3.3: Sending a Check by Mail
While less common for digital banks, you can still deposit checks via mail.
Make Check Payable: Ensure the check is payable to you or "Goldman Sachs Bank USA."
Endorse the Check: On the back, endorse it with your signature and "For Deposit Only at Goldman Sachs Bank USA."
Include Account Number: Crucially, write your correct Marcus account number on the check.
Mail To: Goldman Sachs Bank USA PO Box 4571 Carol Stream, IL 60197-4571 Note: Marcus does not accept cash deposits by mail.
Sub-heading 3.4: Wire Transfers
For larger transfers, you can initiate a domestic wire transfer from another bank.
Gather Marcus Wire Details: You'll need the Goldman Sachs Bank USA Routing Transit Number (1240-8526-0), their Wire Transfer Address, and your Marcus account number.
Wire Transfer Address: Goldman Sachs Bank USA, 11850 South Election Road, Draper, Utah 84020.
Initiate at External Bank: Contact your external bank to set up the wire transfer. Be aware that your external bank might charge a fee for outgoing wire transfers. Marcus does not charge a fee for incoming wire transfers.
Step 4: Managing Your Marcus Account – Staying on Top of Your Savings
Once your funds are in, managing your Marcus account is easy through their online platform or mobile app.
Sub-heading 4.1: Monitoring Your Account
Check Balances: Easily view your current account balances for all your Marcus products.
Track Transactions: See a detailed history of your deposits, withdrawals, and interest earned.
View Interest Earned: The platform clearly shows how much interest your money has accrued.
Download Statements: Access and download monthly statements and tax forms (like 1099-INT).
Sub-heading 4.2: Scheduling Transfers
One-Time Transfers: Schedule individual transfers to or from your linked accounts.
Recurring Transfers: Set up automatic, regular transfers to consistently boost your savings. This is a powerful tool for building financial discipline!
Sub-heading 4.3: Account Settings and Preferences
Update Contact Information: Keep your mailing address, email, and phone number current.
Change Password: Ensure your account remains secure by regularly updating your password.
Add Beneficiaries: Designate beneficiaries for your accounts, which is important for estate planning.
Step 5: Withdrawing Your Funds – Accessing Your Money When You Need It
While the goal is to save, you'll inevitably need to access your money. Marcus makes withdrawals straightforward.
Sub-heading 5.1: ACH Transfers to Linked External Accounts
This is the most common way to withdraw funds.
Log In: Access your Marcus account online or through the app.
Initiate Transfer: Go to the "Transfer" or "Move Money" section.
Select Accounts: Choose your Marcus account as the source and your linked external account as the destination.
Enter Amount: Input the amount you wish to withdraw.
Review and Confirm: Verify the details and confirm the transfer. Marcus typically offers same-day transfers for amounts of $100,000 or less if initiated before their cut-off time. For larger amounts, you might need to call them.
Sub-heading 5.2: Wire Transfers (Outgoing)
For larger, more urgent withdrawals, you can initiate an outgoing wire transfer.
Online Initiation (Limited Amount): You can initiate wire transfers up to $50,000 per statement period directly on marcus.com.
Phone Initiation (Larger Amounts): For amounts exceeding the online limit, you'll need to call Marcus customer service to initiate the wire transfer. Remember that your receiving bank might charge a fee for incoming wire transfers.
Sub-heading 5.3: CD Withdrawals (Important Considerations)
High-Yield CDs: Withdrawing principal from a High-Yield CD before its maturity date will incur an early withdrawal penalty. You can, however, withdraw earned interest without penalty.
No-Penalty CDs: These offer the flexibility to withdraw your entire balance (principal and interest) starting 7 days after funding, without any penalty. This is a key differentiator.
Step 6: Leveraging Marcus Tools and Resources
Marcus goes beyond just offering accounts. They provide helpful tools and resources to empower your financial journey.
Sub-heading 6.1: Calculators
High-Yield Savings Calculator: See how much interest you could earn over time with different deposit amounts.
High-Yield CD Calculator: Project your earnings for various CD terms and amounts.
Sub-heading 6.2: Financial Articles and Insights
Marcus offers a wealth of free, easy-to-understand articles on savings, credit, and investing. These resources can help you make informed financial decisions.
Sub-heading 6.3: The Marcus App
The Marcus app provides convenient mobile access to your accounts, allowing you to:
Schedule transfers.
Review transactions.
Track interest earned.
Manage account preferences on the go.
Step 7: Reaching Out to Marcus Customer Service
Should you encounter any questions or issues, Marcus provides robust customer support.
Phone Support: Marcus offers 24/7 phone support for savings accounts and CDs.
US Toll-Free: 1-855-730-7283
Outside US: 1-212-357-0026 (for travelers)
Chat: You can often chat with a Marcus representative through their website or app during business hours. Log in to your dashboard, select the account you have a question about, and click "Chat."
Marcus generally has a strong reputation for customer service, with many users reporting prompt and professional assistance.
Frequently Asked Questions (FAQs) about Marcus by Goldman Sachs
Here are 10 common "How to" questions about using Marcus by Goldman Sachs, along with their quick answers:
How to Check My Marcus Account Balance?
You can easily check your Marcus account balance by logging in to your account on the Marcus by Goldman Sachs website (marcus.com) or through the Marcus mobile app.
How to Transfer Money from Marcus to Another Bank?
Log in to your Marcus account, go to the "Transfer" or "Move Money" section, select your Marcus account as the source and your linked external bank account as the destination, enter the amount, and confirm.
How to Set Up Direct Deposit to My Marcus Account?
Provide your employer with your Marcus account number and the Goldman Sachs Bank USA routing number (1240-8526-0 for Online Savings Account) to set up direct deposit.
How to Deposit a Check into My Marcus Account?
Make the check payable to you or "Goldman Sachs Bank USA," endorse the back with your signature and "For Deposit Only at Goldman Sachs Bank USA" and your account number, then mail it to Goldman Sachs Bank USA, PO Box 4571, Carol Stream, IL 60197-4571.
How to Find My Marcus Account Number?
Your Marcus account number can be found by logging into your online account or through the Marcus app. It will be displayed in your account details.
How to Close a Marcus Account?
To close your Marcus account, you typically need to withdraw all funds first. Then, contact Marcus customer service via phone to initiate the account closure process.
How to Open a Joint Account with Marcus?
You can open a joint account during the online application process by indicating you wish to add a joint account holder and providing their necessary personal information.
How to Contact Marcus Customer Service?
You can contact Marcus customer service by calling their US toll-free number at 1-855-730-7283, which is available 24 hours a day, 7 days a week, or through their online chat feature after logging in.
How to See My Interest Earnings on Marcus?
After logging into your Marcus account on the website or app, you will typically find a section or statement that details your interest earned.
How to Link a New External Bank Account to Marcus?
Log in to your Marcus account, navigate to the "Linked Accounts" or "Transfers" section, and follow the prompts to add a new external account either instantly with your bank login or manually with trial deposits.