If you want to have your money locked up open a Marcus by Goldman Sachs account! 5.5% interest for 3 months, sounds too good to be true right? I setup direct deposit to Marcus by GS and tried to withdraw my paycheck. I tried 3 times and each time they called me saying they reversed the transaction because the funds did not reach "maturity". They wouldn't tell me how long maturity is for a savings account and when I pointed out it was not in the terms and conditions they didn't have an answer. I outsmarted these fools by doing an ACH pull from an external bank to get my money out. Marcus cannot tell ACH that there is a maturity for savings accounts because that is not a legit reason, so my transfer went through. Then they got mad and locked my account with 0 funds in it LOL. When I try to close my account, they don't let me either. "We apologize, but we are unable to close this account online." If you want to have your money held hostage, open an account today! There are so many horror stories. The dirty secret is they block you from withdrawing large amounts so they can offer high interest, but don't advertise blocking withdraws. You have been warned. https://www.reddit.com/r/Bogleheads/comments/108gsmz/beware_of_keeping_a_savings_account_with_marcus/ https://www.bbb.org/us/ut/draper/profile/loans/marcus-by-goldman-sachs-1166-90015433/complaints https://www.reddit.com/r/personalfinance/comments/vhmirn/avoid_marcus_by_goldman_sachs_at_all_cost/ https://www.reddit.com/r/Banking/comments/15fh0tn/marcus_by_goldman_sachs_kept_my_20k/ https://www.reddit.com/r/MarcusInvest/comments/17flc9n/beware_of_using_marcus_for_your_down_deposit/ https://www.reddit.com/r/FirstTimeHomeBuyer/comments/18nldwl/beware_of_using_marcus_goldman_sachs_for_your/
I have 110K locked up in Marcus HYSA. I wish I did not put my money in there. MARCUS IS A SCAM DO NOT USE THEM
How is it locked up with Marcus ?
Marcus does not like that I tried to withdraw most of my balance to another bank, so they told me that I cannot make that withdraw. How is it my money if I cannot send it where I want? This is THEFT.
Use Wealthfront instead
Marcus withdrawals are always slow. Isn't that the whole trade-off with using a dedicated HYSA account?
Not with Amex - I did a transfer of >50k and it happened almost instantly
I’ve never had issues with withdrawals or slow withdrawals on HYSA’s from other companies either (SoFi and Cap One).
Thank god I was considering them but went with Amex hysa
How much time passes between money deposit and withdrawal request? I’ve seen that when I do ACH pull into marcus savings money are shown in account even before they are actually transferred (still shown in original account). It’s like they credit you their own money as a courtesy. Maybe that’s what they say “funds didn’t mature”. It makes sense to prevent withdrawal until they get deposit finalized.
A few days. The deposit is finalized already. Their maturity means they didn't like how I held the money in the account only for a few days.
Interesting. I went through their FAQ and they state that in some cases funds availability may be delayed up to 5 business days. Anyway it’s not a deal breaker for me. It’s a savings account after all and I use it as such.
Damn had no clue have a good chunk of cash there
Did you try withdrawing?
Yes. Multiple times, was seamless. Was about to put an offer on a house so needed it handy
Is this also true for the GS account that Apple advertises? [it sounds like just a rebranded version of Marcus really]
Most likely yes
Not really. I deposited / withdrew >100K in Apple savings account quite few times and always got the money in the other bank in a few days.
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Yup. Have had crappy experience with Marcus. Had my money with them and had to make the down payment for our house and they wouldn’t provide a way to take my money out. Ended up delaying closing by 5 days. Stay the f**k out of Marcus
What do you mean by “they wouldn’t provide a way to take money out”? You can’t pay directly from any savings account. It allows only transfer from/to it. That’s the main difference between checking and savings accounts.
It means they don’t have a way to wire out the money. As for ACH, they put a hold on the transaction & took 3 days to look into it