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Thoughts on Marcus bank
Old 03-17-2018, 08:17 AM   #1
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Thoughts on Marcus bank

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?
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Old 03-17-2018, 08:38 AM   #2
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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.
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Old 03-17-2018, 08:40 AM   #3
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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.
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Old 03-17-2018, 08:40 AM   #4
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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.
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Old 03-17-2018, 08:41 AM   #5
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This might help..

https://www.depositaccounts.com/bank...man-sachs.html
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Old 03-17-2018, 08:51 AM   #6
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Thanks. I've got my account set up but have been hesitant to move much money. This gives me more comfort.
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Old 03-17-2018, 09:44 AM   #7
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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.
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Old 03-17-2018, 12:59 PM   #8
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Originally Posted by erkevin View Post
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.
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