In the United States alone, there are a lot of bank companies that compete for your attention and money. These financial institutions serve an important purpose in everyone’s lives, especially those who are handling money in large amounts. Even if you’re only handling money on a day-to-day basis, there are still advantages to using a bank account, let alone any financial account. This is because society has rewarded the economic system of people using credit, credit scores, credit history, and the like. These concepts stem mainly from somebody using a bank account, so owning one is truly something that would be beneficial for you.
Because of that, let’s explore one of the biggest banks in America and their subsidiary, both of which contain features and benefits that you should try to get on board with if you don’t have an existing bank. In fact, it might even be worth moving over to such a company, should this article convince you of their capabilities. The bank in question is Goldman Sachs and their subsidiary, Marcus, Goldman Sachs. There are a lot of concepts that we could explore within the same topic, such as Marcus CD rates, different types of financial accounts within the bank, and more.
What is Goldman Sachs?
Goldman Sachs is essentially a type of financial institution. Established in 1869, Goldman Sachs was originally founded for the purpose of multinational investment banking. Of course, over the years, they have come to offer much more than investments. They’re stationed in New York City and have a global reach when it comes to branches, accessibility, and other factors. Goldman Sachs is also best known for its investment banking, investment management services, wealth management services for high net-worth individuals, and of course, its financial security.
Subsequently, one of the most famous financial products and services offered by Goldman Sachs is Marcus by Goldman Sachs. Marcus by Goldman Sachs is essentially a digital platform that offers a wide variety of products and services, such as personal finance products, high-yield savings accounts, personal loans with no fees, and even credit cards. This subsidiary was launched back in 2016 and has served as the digital platform for Goldman Sachs. Their main objective was to provide customers with simple and transparent financial products that could help individuals in saving money and reach their established financial goals.
Marcus by Goldman Sachs offerings
- High-yield savings account – geared for saving long term, high-yield savings account by the bank offers a higher interest rate than the traditional savings account in other banks. Essentially, this serves as a faster and easier way for you to achieve your savings goals. What’s great about Marcus by Goldman Sachs is that their high-yield savings accounts don’t require minimum balance requirements and fees for opening.
- Credit cards – as one of the most used tools in finance, Marcus by Goldman Sachs also offers a wide variety of credit cards. Rewards cards, business cards, and travel cards are all available, and they all serve the purpose of borrowing money within a certain limit that could be paid back in the future.
- Investment account – as a company that started as a multinational investment bank, Marcus by Goldman Sachs is very well-versed in this area. They offer a very wide range of investment products, such as mutual funds, individual securities, and even exchange-traded funds.
- Wealth management account – should you be an individual with a high net worth. Marcus by Goldman Sachs has you covered. They offer wealth management accounts and services, which help you and your family handle your finances responsibly. The needs and dynamics of a high net worth person or family are different, and that’s where Goldman Sachs excels at.