Marcus by Goldman Sachs is a digital banking platform launched in 2016 by Goldman Sachs Bank USA, a subsidiary of The Goldman Sachs Group, Inc.
What it offers
High-yield savings and CDs: Marcus provides online savings accounts, traditional certificates of deposit (CDs), no-penalty CDs, and rate-bump CDs. These accounts are FDIC-insured, offer competitive interest rates, and have no fees.
Credit cards: Marcus issues credit cards such as the GM Rewards Card, in partnership with General Motors, which allows customers to earn points toward vehicle purchases.
Personal loans: Marcus previously offered unsecured personal loans but has since exited the personal loan business.
Wealth and investment tools: Marcus used to offer a robo-advisory service called Marcus Invest, which was later shut down and sold to Betterment.
Backed by Goldman Sachs
Marcus is built on over 150 years of Goldman Sachs financial expertise. It combines digital convenience with strong customer service and a no-fee model. It has earned high ratings from customer satisfaction organizations.
Financial Position and Changes
At its peak, Marcus held close to 100 billion dollars in consumer deposits. However, due to challenges in scaling its consumer lending operations and achieving profitability, Goldman Sachs has scaled back some initiatives. This includes exiting the personal loan and investment advisory services, refocusing on its core offerings in savings, CDs, and credit cards.
Summary
Marcus by Goldman Sachs is a modern digital bank that focuses on high-yield savings products and credit cards. It offers a streamlined, no-fee banking experience backed by one of the most established financial institutions in the world.
The SMS short code 627287 was registered on 5/11/16 for Goldman Sachs.
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