Thoughts on Marcus bank

[Target59]

I'm thinking about moving some of my cash to an online savings account at Marcus. I'm probably too paranoid, but I'm nervous about a cybertransfer to a slick website. I looked them up on FDIC and it doesn't say Marcus ... it says Goldman Sacs. Marcus says Goldman is their parent company, but scammers will go to great lengths to get my money. I don't know any other way to validate a bank other than going to the brick and mortar, of which Marcus has none.

I thought I'd see if anyone here is using Marcus. Is it legit?

 

[seabourne]

It is legit. Marcus was the name of the founder of the firm - it's their "hip" bank name for the kids - less serious than Goldman Sachs don'cha know. My recollection is that they are paying about the top of interest rates on savings these days as well (around 1.5%?). It's a real bank, no idea about fees and such, but new enough and not the center of their business that probably OK. I believe that GS became a bank holding company as a result of some classification requirements in the laws post-financial crisis, and it was become a bank or get rid of a particular line of investments.

 

[hesperus]

I've had a couple hundred grand parked in it since it was GE Capital bank, then Marcus. It's a Goldman Sachs company. No problems at all. At 1.5% it's also one of the best cash rates around.

 

[24601NoMore]

Marcus is the new brand for what was Goldman Sachs Bank, which took over from GE Capital.

They're totally legit and pay some of the highest rates I've found. You can look them up on BankRate or DepositAccounts.com.

 

[24601NoMore]

This might help..

https://www.depositaccounts.com/banks/marcus-goldman-sachs.html

 

[Target59]

Thanks. I've got my account set up but have been hesitant to move much money. This gives me more comfort.

 

[erkevin]

I, too, have used Marcus since is was GE. I have savings plus a CD ladder with them. I have transferred money between Marcus and BofA dozens of times with no issues.

 

[jazz4cash]

I, too, have used Marcus since is was GE. I have savings plus a CD ladder with them. I have transferred money between Marcus and BofA dozens of times with no issues.

Pretty much same here, but no CDs. Smooth transfers. Only downside IMO is they don't offer IRA accounts so I also use Ally.

 

[Chuckanut]

Does Marcus have any limits on how much money we can transfer electronically each day?

 

[Trailwalker]

Does Marcus have any limits on how much money we can transfer electronically each day?

I've pushed $50,000 from Marcus to my sticks and bricks bank without any problems several times. No experience with above that.

 

[calmloki]

I normally pull, which gets around any daily limits. Found out they do have a $1,000,000 limit on each savings account when someone paid us off on a very large loan. Not a bad or frequent problem for us.

 

[mrfeh]

Does Marcus have any limits on how much money we can transfer electronically each day?

I recently had to move a large amount of money from Marcus, and the daily limit was $125K. I cannot remember if I pulled or pushed, though.

 

[erkevin]

My largest was a pull from TD Ameritrade for $200k

 

[FlaMariner]

I've used Marcus for years (CDs & savings). Easy to zap the money back and forth.

You also get bragging rights that you bank with Goldman Sachs.....although its more like Goldman Sachs poor cousin....LOL.

We've kept the accounts but using Dominion Energy Reliability Investment as the rate is better.

 

[PatrickA5]

I've used Marcus for years (CDs & savings). Easy to zap the money back and forth.

You also get bragging rights that you bank with Goldman Sachs.....although its more like Goldman Sachs poor cousin....LOL.

We've kept the accounts but using Dominion Energy Reliability Investment as the rate is better.

I think I'll deposit some money there so I can say "I have so much money I have to split it between JP Morgan and Goldman Sachs"!

 

[Ian S]

I think Marcus still has a deal that if you are an AARP member, you get an extra 0.1% interest rate on savings for 2 years. That made more of a difference in the past but still every bit helps.