Marcus by Goldman Sachs® has taken the online personal loan industry by storm. Since its launch in 2016, Marcus has already issued $5 billion in loans to borrowers who apply directly through its website. It’s easy to see why Marcus is so popular with borrowers, given its low-interest rates and promise of “Truly, no fees. Ever.”

These consumer-friendly features make Marcus loans some of the best personal loans available to qualifying applicants. This article will focus on who Marcus by Goldman Sachs is and how you can take advantage of their personal loan to help you with your financial needs.

• Who is Marcus by Goldman Sachs?
• Is Marcus by Goldman Sachs a Reputable Loan Company?
• What Credit Score do You Need For a Marcus Loan?
• Marcus Goldman Sachs Minimum Credit Score
• Credit Score Needed for Marcus by Goldman Sachs
• Can You Pay Off Marcus Loan Early?
• Is it Hard to Get a Marcus Loan Early?
• Pros And Cons of Marcus by Goldman Sachs Personal Loans
• Marcus Loans Credit Requirements
• How to Apply For Marcus Personal Loans
• Does Marcus Verify Income?
• Is Marcus by Goldman Sachs FDIC Insured?
• Marcus by Goldman Sachs Savings Account
• Is Marcus Good For Personal Loans?
• How to Withdraw Money From Your Marcus Savings Account
• How Long Does it Take to Get Approved For a Marcus Loan?
• Can I Refinance my Marcus Loan?
• How Much Money do You Need to Open a Goldman Sachs Account?
• High Yield Online Savings Account
• Personal Loan vs. Credit Card: Which Is Better?

Who is Marcus by Goldman Sachs?

Marcus by Goldman Sachs bank offers online savings accounts, certificates of deposit (CDs), and personal loans. As the name suggests, Marcus is a division of investment banking giant Goldman Sachs, formed in 1869 by Marcus Goldman. Marcus, though, came on the scene in 2016, and it makes banking with Goldman Sachs more accessible for the average person.

Marcus, an online bank, offers high-yield savings accounts, high-yield certificates of deposit (CDs), and no-fee personal loans. As of October 2019, Marcus had $50 billion in deposits.

Marcus, named after one of the founders of the Wall Street bank (Marcus Goldman), is positioned as a simple, accessible online banking option that gives people added control over their personal finances. Goldman Sachs is known as one of the most prestigious Wall Street firms. Marcus has a relatively approachable, “can-do” brand image centered on the goals of helping people achieve financial well-being and be smarter with their money. The bank’s tagline is: You can money®.

Marcus does not offer as many types of financial products as other online banks. The ones they do provide tend to be highly rated.

Is Marcus by Goldman Sachs a Reputable Loan Company?

Marcus ranks as one of the best online savings accounts and their personal loans have been recognized by J.D. Power as #1 in personal loan customer satisfaction in 2019. This online bank doesn’t have bank branches, but they do have a mobile banking app available on the Apple Store and an app should be available this spring on Google Play.

What Credit Score do You Need For a Marcus Loan?

Marcus lets potential borrowers choose a monthly payment amount and loan term on its website. Once you pick the numbers that suit your budget, the lender tries to design a handful of loan options that fit your preferences, provided you qualify for a loan. One of the requirement is a minimum credit score of 690.

Marcus Goldman Sachs Minimum Credit Score

Goldman Sachs’ consumer loan and banking division, Marcus, operates exclusively online. For customers with excellent credit, it provides unrestricted personal loans with no fees. Marcus stands out for its special features, which include the ability to choose your monthly payment duration and amount as well as the choice to postpone payments without incurring interest. Marcus personal loans might be a fantastic choice if you have good to excellent credit and don’t mind waiting a few days to get your money. Marcus doesn’t impose origination or late fees, and you might be eligible for special advantages like prizes for making on-time payments.

Marcus doesn’t list many prerequisites for borrowers, however the following are a few:

• 740 is the minimum credit score.

• Must provide evidence of ability to repay the loan, such as income from a job, a side business, or other sources.

• a Social Security number and an Individual Tax ID number are required.

For those who want to avoid the large costs other lenders demand, personal loans from Marcus by Goldman Sachs are a suitable option. This lender doesn’t impose late, early, or origination fees. These fees may be assessed by other lenders. Marcus by Goldman Sachs is a fantastic option if consolidating your debt is your main goal in getting a loan, as the lender provides direct funding to the creditors. 

Marcus by Goldman Sachs is not the greatest choice for people with bad credit because it demands borrowers to have a strong credit history. These people have a lower chance of being accepted. Additionally, the lender does not accept co-applicants or co-signers, making it challenging for people with poor credit to get accepted. People with outstanding credit ratings should shop around instead of using Marcus because other lenders are more likely to offer them lower rates. Marcus charges a high APR.

Marcus can be a fantastic borrowing choice for you if you have good to excellent credit and are willing to wait a few days to get your money. If you’re consolidating high-interest debt, it provides competitive interest rates, autopay reductions, and direct creditor payments. Marcus personal loan reviews are frequently favorable, and clients laud the business’s simplicity of use. Marcus offers modest lending maximums, nevertheless, and processing and disbursement of your loan can take several days. You could be better off working with a different personal loan lender if you require rapid cash for an urgent expense or if you require a larger loan.

Marcus by Goldman Sachs has the right to reject your loan application. If something occurs, you shouldn’t be concerned. Your application may be turned down by the lender for a number of reasons, such as a bad credit rating, a high debt-to-income ratio, an incomplete application, a lack of income, or insecure employment. Usually, Marcus by Goldman Sachs will let you know what issues led to the rejection of your application. The best course of action is to make such improvements before reapplying for the loan. For instance, you can obtain a credit-building loan or a secured credit card to restore your credit history if Marcus by Goldman Sachs rejected your loan application owing to a poor credit score. Along with changing the loan period or amount, you can also bargain the loan terms with the lender.

Credit Score Needed for Marcus by Goldman Sachs

Marcus by Goldman Sachs can be a wonderful option for individuals seeking for an online loan. Borrowers may receive their loans in as little as 3 days after their application has been approved, which might take as little as 5 minutes. For its personal loans, Marcus does not impose any fees and provides a bonus for making on-time payments. You can skip a payment month without incurring interest if you make on-time payments on your loan for 12 straight months. It is a cost-effective and simple alternative for borrowers seeking for an online loan because it has a respectably low minimum APR of 6.99 percent, no fees, and a 0.25 percent APR rebate for enrolling in autopay.

Marcus by Goldman Sachs may be a good option for your personal loan needs if you have good to outstanding credit. Borrowers are eligible regardless of whether they already have a relationship with Goldman Sachs. You must submit documentation of your employment and income along with your Social Security number or Individual Taxpayer Identification Number in order to apply. Additionally, to obtain the loan funds, you must have a legitimate U.S. bank account. The age of the borrower must be at least 18.

Marcus doesn’t list any clear limitations for its loans. Your personal loan can be used for debt reduction, major purchases, major events, and home improvements. But if you’re unsure about how to use your loan, ask the company’s customer support team for clarification. You must provide some basic information on the Marcus website to apply for a personal loan, including the loan amount, the loan’s purpose, and your yearly income. There may also be a need for other data, including your Social Security number. Marcus will run a soft credit check once you apply; this check won’t lower your credit score. You will be able to evaluate your prospective monthly payment and APR after being accepted.

Marcus will do a rigorous credit check to end the application process and officially approve you; this will temporarily lower your credit score. The loan will then be paid back by Marcus in one to four business days. Marcus provides you with a “on-time payment reward” if you make 12 on-time payments, which equates to a complete year of repayments. This implies that you are permitted to postpone one loan payment, missing one month of installments. Your missed payment will be added to the balance of your loan, and interest will continue to accrue during that period. You’ll be eligible for an additional deferral month if you’ve made additional payments 12 times in a row.

Marcus by Goldman Sachs does not charge any origination costs to process your loan, in contrast to several other online personal loan providers. Additionally, there are no late fines; however, because interest is still accruing on the past-due amount, your total payment amount will rise. Your credit report will reflect late payments, missed payments, partial payments, and loan defaults. You won’t suffer any consequences for repaying your loan early, though.

Despite the fact that there is no explicit criteria, you will probably need very good to excellent credit—a score of 740 or higher—to be eligible for the best rates.

Can You Pay Off Marcus Loan Early?

Marcus personal loans don’t come with any application, origination, late or annual fees. This helps differentiate Marcus from competitors that charge late fees if you miss a payment or origination fees that they’ll deduct from your loan proceeds.

Marcus doesn’t charge a prepayment penalty either, so you won’t be penalized for paying off your loan early. If you’re searching for a lender that doesn’t nickel and dime you with fees, Marcus may be a good option for you.

Is it Hard to Get a Marcus Loan Early?

To qualify for a Marcus by Goldman Sachs personal loan, you’ll generally need established credit history and a good credit score. We recommend that borrowers have FICO credit scores of at least 690 with at least two years of credit history. Many borrowers have credit scores between 700 and 750.

While Marcus by Goldman Sachs personal loans does not require a minimum debt-to-income ratio, you’ll have a better chance of getting approved if yours is under 40%. It will also help to have a verifiable source of income, whether through personal employment or some other source.

One area where we think the personal loans through Marcus shine is its transparent fee structure. If you take out a personal loan through Marcus, there are no fees — no origination fees, no-prepayment penalties, no application fees, no check processing fees and no late fees. If you pay late, for instance, you will only pay the extra interest accrued on the loan during the period you are late.

Another feature we like is the lender’s payment deferral program. If you make 12 or more consecutive payments on your loan, you can defer one payment. Interest accrued during the deferral will be waived, and your loan terms will be extended one month (interest will be charged during this extra month). However, if you are late or miss a loan payment, you will not be eligible for this feature.

Pros And Cons of Marcus by Goldman Sachs Personal Loans

Before signing up for a loan with Marcus, take a look at this breakdown of some of its benefits and drawbacks.

Pros:

• Flexible loan terms: Marcus loan terms range from 36 to 72 months, so you have some flexibility in your repayment schedule.
• No fees: Unlike many of its competitors, Marcus waives application fees, origination fees and prepayment fees. This gives you the freedom to take advantage of Marcus’ lower APRs and even pay off your loan early without penalty.
• On-time payment reward: If you make 12 or more consecutive monthly payments in full and on time, Marcus allows you to defer one payment without accruing additional interest. This is a great safety net if you need the extra cash one month.

Cons:

• No joint loans: Marcus, like most lenders, does not allow multiple borrowers on a single loan.
• Undisclosed eligibility requirements: Marcus doesn’t list any specific credit score, income or debt-to-income ratio requirements to help you learn whether the lender is a good option for you.

Marcus Loans Credit Requirements

Marcus personal loans can range from $3,500 to $40,000 with a fixed annual percentage rate between 6.99 percent and 19.99 percent. The quote you receive is based on multiple factors, including credit history, the amount you’re asking for and the length of time you’re looking to pay it off.

The screening process for a Marcus personal loan is almost entirely virtual. This means that there are fewer loan underwriting costs. As a result, Marcus by Goldman Sachs may offer better interest rates and quicker turnaround times than brick-and-mortar lenders. Once approved for a loan, it takes as little as five days to receive the funds in your bank account.

If you make 12 payments on time, equaling a full year of repayments, Marcus rewards you by offering an “on-time payment reward.” This means that you can defer one loan payment, thereby skipping one month of payments. Your skipped payment will be added to the end of your loan, during which time interest will continue to accrue. Once you’ve paid an additional 12 times in a row, you’ll qualify for another deferment month.

How to Apply For Marcus Personal Loans

To apply for a Marcus personal loan, you’ll have to enter some basic information on the Marcus website, including the loan amount, the loan purpose and your yearly individual income.

Marcus then will conduct a “soft” credit check, which won’t impact your credit rating. Upon approval, you will be able to review your options, including the possible fixed monthly payments and what the APR might be.

Before finalization, Marcus will do a “hard” credit check (which will impact your credit score).

The minimum requirements to apply for a loan are as follows:

• Proof of employment, loan purpose, income and creditworthiness.
• Applicant over the age of 18 (19 in Alabama and 21 in Mississippi and Puerto Rico).
• Valid U.S. bank account and Social Security number or Individual Tax ID Number.

Does Marcus Verify Income?

If you select a loan offer, you’ll need to provide Marcus with more information to verify your identity and employment. This includes your Social Security Number or recent W-2s from your employer. It will also help to have a verifiable source of income, whether through personal employment or some other source.

At this point, Marcus will conduct a hard pull on your credit report, which can affect your score. The lender will contact you within one to two business days to let you know their loan decision.

Is Marcus by Goldman Sachs FDIC Insured?

Yes, Marcus by Goldman Sachs® is a brand of Goldman Sachs Bank USA, which is FDIC insured (FDIC# 33124). As an account holder of an FDIC-insured bank, the federal government protects your money up to $250,000 per depositor, per ownership category, in the event of a bank failure.

Marcus by Goldman Sachs App

Marcus in January 2020 launched an app for iOS devices. With the app, you can access all of your Marcus accounts, including savings accounts, CDs and personal loans. You can also check your balances, transfer money and make loan payments. The app so far is rated 4.9 out of 5 stars. A version is now available for Android devices on Google Play as of May 2020.

Marcus by Goldman Sachs Savings Account

The Marcus by Goldman Sachs Online Savings account is one of the first ventures into consumer banking by well-known investment bank and wealth manager Goldman Sachs. While Marcus doesn’t have physical branches and lacks a few features available from some other bank savings accounts, the account pays one of the highest yields on the market and has some other advantages savers may be interested in.

High APY: Most notably, the Marcus by Goldman Sachs Online Savings account pays a high APY (annual percentage yield). The average brick-and-mortar bank savings account pays just 0.09% APY as of this writing, while the Marcus by Goldman Sachs account has an APY considerably higher. It is high even for an online savings account and among the best savings account rates in the market.

No minimum balance requirement: In addition, Marcus by Goldman Sachs doesn’t have a minimum balance requirement or minimum opening deposit requirement in order to earn the stated interest rate. You can open an account and fund it later. However, Marcus states on its website that accounts that aren’t funded within 60 days may be closed.

No monthly maintenance fee: There’s also no monthly maintenance fee (or any other fees to speak of), which is a common consumer pain point when it comes to traditional bank savings accounts. However, it’s important to note that if you link an external bank account, Marcus has no control over whether that bank charges fees for transfers.

Customer service: Another big perk is Marcus’ customer service. Marcus doesn’t rely on an automated phone system (during business hours) and has U.S.-based customer support. In other words, if you call during the company’s business hours, your call will be answered by a real, live person in the U.S.

FDIC insured: Finally, Marcus by Goldman Sachs’ savings accounts are covered by the same FDIC insurance as traditional bank savings accounts. This covers you for as much as $250,000 per depositor, per institution, in the event of a bank failure.

How Long Does it Take to Get Money From Marcus Goldman Sachs

Once approved for a loan, it takes as little as five days to receive the funds in your bank account.

If you make 12 payments on time, equaling a full year of repayments, Marcus rewards you by offering an “on-time payment reward.” This means that you can defer one loan payment, thereby skipping one month of payments. Your skipped payment will be added to the end of your loan, during which time interest will continue to accrue. Once you’ve paid an additional 12 times in a row, you’ll qualify for another deferment month.

What is Marcus Interest Rate?

Marcus’ savings rate is 1.05%, which is much higher than the national average APY of 0.06%. There’s no minimum deposit to open the account, and there are no monthly fees, but it’s best if you don’t want to move your money around much.

Is Marcus Good For Personal Loans?

Marcus loans stand out for low rates, no fees, and flexible loan terms and payment options. Here are some of the advantages.

• Flexible loan terms: Marcus loan terms range from 36 to 72 months, so you have some flexibility in your repayment schedule.
• No fees: Unlike many of its competitors, Marcus waives application fees, origination fees and prepayment fees. This gives you the freedom to take advantage of Marcus’ lower APRs and even pay off your loan early without penalty.
• On-time payment reward: If you make 12 or more consecutive monthly payments in full and on time, Marcus allows you to defer one payment without accruing additional interest. This is a great safety net if you need the extra cash one month.

How Often Does Goldman Sachs Pay Interest?

The interest you earn on your savings deposit is compounded daily, which means you earn interest on the interest you accrue. The interest you earn is then paid to your account every month. 

You can rest assured about the security of your savings, too. With Marcus bank accounts, your money is insured by the Federal Deposit Insurance Corporation (FDIC) up to $250,000. That means if, for some reason, the bank fails and runs out of funds, your money will be reimbursed by the FDIC.  

Is Goldman Sachs a Good Saving Account?

Marcus by Goldman Sachs offers a competitive APY with only a $1 minimum to start earning that APY on its high-yield Online Savings Account. Marcus by Goldman Sachs has been consistent about keeping its APY competitive in its savings account.

• Marcus by Goldman Sachs consistently offers a competitive yield on its savings account.
• It only requires $1 to earn a competitive APY.
• No monthly fees.

How to Withdraw Money From Your Marcus Savings Account

When making a withdrawal from your Marcus account, you may choose an amount less than or equal to your “available balance” at Marcus. This value may be less than your current balance as it does not include any funds that have not yet been made available by Marcus. If you recently made a transfer to your Marcus account, please allow a few days for the funds to be made available.

How Long Does it Take to Get Approved For a Marcus Loan?

If you select a loan offer, you’ll need to provide Marcus with more information to verify your identity and employment. This includes your Social Security Number or recent W-2s from your employer.

At this point, Marcus will conduct a hard pull on your credit report, which can affect your score. The lender will contact you within one to two business days to let you know their loan decision.

Can I Refinance my Marcus Loan?

Right now, you can’t refinance a loan with a Marcus personal loan. If you have a solid credit score and need to take out a personal loan, Marcus by Goldman Sachs has competitive offers. The biggest differentiator between Marcus and others is that Marcus doesn’t charge any fees whatsoever.

Here are five steps to refinancing your personal loan.

1. Pre-qualify for a new personal loan. Pre-qualify with multiple lenders to see the rate and terms you can get on a new loan and how they compare with the terms on your existing loan.
2. Consider refinancing costs. Add up the new loan’s interest and fees and compare them to your existing loan to determine whether refinancing will save you money in the long term.
3. Use the new loan to pay off your current loan. Most lenders transfer funds to your bank account instead of directly paying off your first loan. It’s up to you to pay off the existing loan.
4. Confirm the old loan is closed. Check your account to ensure there’s no balance on your first loan to avoid additional fees.
5. Start making payments toward the new loan. Most lenders allow you to set up automatic, recurring payments from a checking account.

How Much Money do You Need to Open a Goldman Sachs Account?

Goldman Sachs Private Wealth Management typically requires clients to invest at least $10 million to open a private wealth management account.

In order to open an advisory or managed account, clients must have at least $1 million under Goldman Sachs’ management or a net worth that exceeds $2.10 million. A client’s total net worth can include assets that he or she holds jointly with a spouse.

Why is Goldman Sachs so Powerful

The Goldman Sachs Group, Inc. is a leading global investment banking, securities and investment management firm that provides a wide range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world.

Goldman Sachs is considered as authoritative voice when it comes to study, analysis and review of wide range of economic policy making ranging from macroeconomic policy to monetary policy. Its credentials in the field traces its roots to the wide experienced Goldman Sachs has acquired so far since its inception and portfolio of its various clients.

Further various employees of Goldman Sachs are directly employed by the US government and other governments around the world along with various multilateral and international financial-economic institutions. For instance, Steve Mnuchin is a present US treasury secretary, Anthony Scaramucci is a director of the Office of Public Engagement and Intergovernmental Affairs in the Trump administration and list is endless.

According to Form 10-K filing of Goldman Sachs in UNITED STATES SECURITIES AND EXCHANGE COMMISSION, in 2016, it had revenue worth US $ 37.71 billion, net income of US $ 7.40 billion, present employee strength of 34,400. One can imagine the extraordinary functioning of Goldman Sachs with these figures.

However, during the financial crisis of 2007–08, Goldman Sachs did not book any profit and faced the brunt of recession. In 2008–09, Goldman Sachs received the US $ 10 billion from the US Department of Treasury as a part of the Troubled Asset Relief Programme, a financial bailout created by the Emergency Economic Stabilization Act of 2008. However, after about a year Goldman Sachs decided to return the bailout package.

It seems that because of such an extraordinary bailout package worth US $ 10 billion, Goldman Sachs managed to remain afloat despite financial crisis. Otherwise it too had met with same destiny like many other banks and financial institutions that faced closure.

However considering the giant status as one of the oldest and largest financial institutions in the USA, it was incumbent upon the US government to provide a bailout package to Goldman Sachs. Many questions are raised with regards to moral hazards in such action of the US government, but in the interest of the financial system of the country and to protect the interests of its citizens, it was an inevitable step.

All these reasons fairly prove the exemplary power wielded by Goldman Sachs in the field of investment banking, economic and financial services, and research.

Goldman Sachs Bank USA

Marcus by Goldman Sachs offers no-fee, unsecured personal loans; a high-yield Online Savings Account and certificates of deposit; and Clarity Money, a personal financial management app acquired in April 2018. 

Our vision is to create the leading platform for millions of consumers to take control of their financial lives – through personalized products to save, borrow and spend that are simple, transparent and always on the side of the customer.

Currently, Marcus by Goldman Sachs is offered in the US and the UK. Below are some of their services:

Deposits

We offer a high-yield Online Savings Account and certificates of deposit with competitive interest rates in the US through Goldman Sachs Bank USA. Goldman Sachs Bank USA is a member of the Federal Deposit Insurance Corporation (FDIC), which insures deposits up to certain limits (see FDIC). We also offer a high-yield Online Savings Account in the UK through Goldman Sachs International Bank. Deposits with Goldman Sachs International Bank are protected up to a certain amount by the Financial Services Compensation Scheme (FSCS).

Lending

We help consumers better manage their debt by providing no-fee, fixed rate personal loans ranging from $3,500-$40,000. Our loans can be used to pay off high interest credit cards, for major purchases, for home improvements, or for special occasions.

Clarity Money

We help consumers improve their financial health by harnessing the power of machine learning and intuitive design to provide actionable insights. Clarity Money, a personal financial management app, features the ability to view linked financial accounts in one, simple-to-use dashboard. The application is available in the United States via the Apple App store, Google Play store and web.

High Yield Online Savings Account

1. Comenity Direct – 1.35% APY, $100 minimum opening deposit

Comenity Direct launched in April 2019. It’s an online-only bank that offers a high-yield savings account and CDs. Since it launched, Comenity Direct has offered a competitive yield on its savings account. The bank offers five terms of CDs. Comenity Direct is a brand of Comenity Capital Bank.

Unlike the Comenity Direct CDs, which have a $1,500 minimum requirement, the high-yield savings account only requires $100 to open an account.

2. Vio Bank – 1.35% APY, $100 minimum opening deposit

Vio Bank, established in 2018, is the national online division of MidFirst Bank. MidFirst Bank has been an FDIC-insured bank since 1934 and was established in 1911. Vio Bank offers both a High-Yield Online Savings account and CDs.

Vio Bank’s High-Yield Online Savings account has one of the top yields around, and all balances receive this APY.

3. CIBC Bank – 1.35 APY, $1,000 minimum opening deposit

CIBC Bank USA, formerly The PrivateBank and Trust Company, was founded in 1991 and is based in Chicago. It was rebranded as CIBC Bank USA.

The Agility Savings Account requires $1,000 to open the account. But once the account is opened you don’t have to worry about maintenance fees or going below a certain balance. All balances $0.01 to $1,000,000 earn this APY. The account balance can’t exceed $1,000,000.

4. Citibank – 1.35% APY, $0 minimum opening deposit

The Citi Accelerate Savings account has a competitive APY in select markets. It’s not available in some larger states, such as California and New York. The savings account doesn’t require a minimum balance to open the account.

There is a $4.50 monthly service fee if your savings account isn’t linked to a Citi checking account. You can avoid this fee by keeping an average monthly balance of at least $500 in your savings account, if it’s not linked to a Citi checking account.

There is a $10 monthly service fee if you have a checking and savings account linked and don’t meet the requirements to have the fee waived.

5. UFB Direct – 1.35% APY, $100 minimum opening deposit

UFB Direct is an online bank that offers a money market account and savings account. UFB Direct is a division of Axos Bank. It’s listed as a deposit accepting website under Axos Bank’s FDIC certificate.

The UFB High Yield Savings account offers a competitive yield on balances $10,000 and higher.

6. PNC Bank – 1.25% APY, $0 minimum opening deposit

PNC Bank has approximately 2,300 branches and 9,100 ATMs. Its corporate headquarters is located in Pittsburgh.

PNC Bank has been around for more than 160 years. PNC has branches across the mid-Atlantic, Midwest and Southeast.

The PNC High Yield Savings account is available in eligible markets. The account doesn’t require a minimum balance, so it’s an option if you’re just starting to save. The account also doesn’t have a monthly maintenance fee.

You’ll want to keep your PNC High Yield savings open for at least 180 days. Closing it before this will result in a $25 fee.

7. Popular Direct – 1.20% APY, $5,000 minimum opening deposit

Popular Direct offers a savings account and term CDs. Both the Popular Direct savings account and its CDs are for established savers, since the CDs have a $10,000 minimum deposit requirement and the Ultimate Savings account requires a $5,000 minimum deposit.

All Popular Direct deposit accounts are opened through Popular Bank.

8. Live Oak Bank – 1.15% APY, $0 minimum opening deposit

Live Oak Bank has been around since 2008. Live Oak Bank, which has its headquarters in Wilmington, North Carolina, offers a savings account and seven terms of CDs.

The online savings account, which is a personal account, offers a competitive yield and doesn’t have any monthly maintenance fees. There’s no minimum amount required to open this savings account.

9. Citizens Access – 1.15% APY, $5,000 minimum opening deposit

Citizens Access launched in July 2018. It made its debut with a savings account and CDs. And then in November 2019 it added an 11-month liquid CD and stopped offering the six and 18-month CDs.

The bank offers a competitive yield on its CDs and savings account. All of its products require a $5,000 minimum deposit.

10. Marcus by Goldman Sachs – 1.05% APY, $0 minimum opening deposit

Marcus by Goldman Sachs is a brand of Goldman Sachs Bank USA. Marcus offers a variety of CDs, three no-penalty CD terms and a savings account. Marcus also offers lending options with its debt consolidation loans, home improvement loans and personal loans.

Marcus by Goldman Sachs offers competitive yields on its savings accounts and CDs. Savings products from Marcus are provided through Goldman Sachs Bank USA. Marcus made its debut in October 2016 with just unsecured personal loans before it began offering a savings account and CDs under the Marcus by Goldman Sachs brand in November 2017.

Personal Loan vs. Credit Card: Which Is Better?

If you need cash, a credit card or personal loan could be right for you. Both provide the money you need fairly quickly. Unfortunately, choosing between a credit card and a personal loan isn’t always easy.

While a credit card is usually better for short-term debt, a personal loan is often ideal for people who need more time to repay. Then again, which option is best for you may boil down to how much interest you’ll pay, too. Regardless of whether you open a credit card or take out a personal loan, you’ll want to find the lowest cost option for your needs.

Credit Cards and How They Work

Credit cards provide a convenient form of payment for whatever you buy, whether it’s in person at a store or online. The downside is, using a credit card for regular purchases and neglecting to pay your balance in full can result in huge interest charges that accumulate over time.

You see, credit cards don’t require you to pay your balance all at once. Instead, you’re given the too-enticing option of making a minimum payment each month while letting credit card interest accumulate on your remaining balance. The interest charged by your credit card issuer depends on your card’s APR, or annual percentage rate. If your APR is high, your interest charges will add up in a hurry.

This is also why credit cards are considered “revolving debt.” While you might start off with a traditional credit limit, the amount you can borrow varies depending on how much you spend and how much you pay off each month.

Credit cards can be secured or unsecured, although almost most fall into the latter category. With an unsecured credit card, you’re offered a line of credit that isn’t tied to any collateral. With a secured credit card, on the other hand, you’re required to put down a cash deposit as collateral to secure your line of credit.

When a Personal Loan Works Better

In some cases, a personal loan might work better than a credit card. Since personal loans tend to offer lower interest rates than credit cards, this is especially true if you have good or excellent credit.

The big difference with a personal loan is that you’re given a lump sum upfront instead of a credit card to use for purchases. With a personal loan, you’ll also have regular monthly payments to make over the length of your loan, which is usually somewhere between two and 10 years.

Personal loans can be unsecured or secured. With an unsecured loan, you aren’t required to put down collateral, while a secured personal loan requires collateral of some type. One type of secured personal loan, a home equity line of credit (HELOC), lets you borrow money against the equity in your home and uses your home as collateral. With this loan product, the interest you pay is likely tax-deductible.

Conclusion

Choosing to borrow money can make sense in some cases, but you’ll be better off if you find a lender that offers low fixed interest rates and no fees. Marcus by Goldman Sachs is a leader in the no-fee personal loan landscape, and they offer affordable interest rates to those who qualify. For that reason, they should be at the top of anyone’s short list.

Before you apply, however, make sure to compare loan rates and terms from a few different lenders. Marcus by Goldman Sachs may offer the best deal — or not, but you’ll never know unless you check.