Most People Probably Don't Know
Goldman Sachs Offers A Savings Account With Excellent Perks
Just
about anyone can have an account at Goldman Sachs?
Richard
Drew/AP Goldman Sachs revamped its retail banking service to become “Marcus by
Goldman Sachs,” with online offerings for just about anyone to use.
One
element of Marcus is a high-yield savings account, with 1.50% annual percentage
yield and no transaction fees or minimum account balance. While interest rates
for many savings accounts have fallen, Goldman Sachs is betting on high yields
for its digital program.
Goldman
Sachs might conjure images of men in suits making money, but now anybody can
earn extra dough through the investment bank. Marcus – named after the Goldman
Sachs founder Marcus Goldman – allows any adult (except in Maryland, where
Marcus is not yet available) to create a savings account.
The
big selling point for Marcus is the 1.5% annual percentage yield offered. Whereas
interest rates for many banks plummeted to as low as 0.01%, Goldman Sachs’
savings accounts create significant interest.
There
is also no minimum amount needed to open an account with Marcus and a deposited
of even $1 allows users to earn the 1.5% APY. Keeping with the high growth,
no-cost model, Marcus does not charge any fees on savings accounts, including
for money transfer.
Along
with savings accounts, Marcus offers personal loans of up to $40,000 with no
fees and high-yield certificates of deposit. There are some limitations to
Marcus, however.
The
accounts are not connected to any ATM system and it does not have a mobile app.
Savers
can make only six transfers or withdrawals a month. Even with its restrictions,
Marcus made Nerd Wallet’s list of best savings accounts of 2018 and one of
Magnify Money’s lists of best online savings accounts.
Andrew
Williams, the managing director of corporate communications at Goldman Sachs,
told Business Insider that customers preferred Marcus because the savings accounts
were a “very competitive offering, especially when looking at most other banks.”
In
its most recent 10-K filing, Goldman Sachs said it had $13.8 billion in Marcus
deposits as of December, and increase of over $3 billion in the past year.
