Table Of Content
Marcus, a division of Goldman Sachs Bank, offers online savings accounts, CDs, and personal loans. Marcus does not have physical locations, so you must access your accounts via the Marcus website, mobile app, and phone-based customer service.
Marcus, on the other hand, made Goldman Sachs banking more accessible to the general public when it debuted in 2016. Goldman Sachs is one of the world's largest investment banks, with offices in every major financial center and a client list that includes other banks as well as the state of New Jersey. With Marcus, however, you could be next on the list.
Chime, in addition to assisting you in avoiding typical bank fees, includes useful new features such as early direct deposits and automatic saving. While Chime does not offer credit cards or loans, its savings options and competitive rate make it an excellent choice, particularly for younger people.
Although Chime has no physical locations, it does have a large network of fee-free ATMs that will meet the majority of customers' in-person needs. While its savings account provides a reasonable rate, there are other banks to consider that may provide a higher APY.
Banking Options
Marcus | Chime | |
|---|---|---|
Savings Accounts | ||
Checking Accounts | ||
CDs | ||
Money Market Account | ||
Debit Card | ||
Credit Cards | ||
Personal Loans | ||
Mortgage | ||
Government Mortgage | ||
Business Loans | ||
Investing Capabilities |
Savings Account
The Chime and Marcus savings accounts appear quite similar. Both are fee free and offer higher than national average interest. Additionally, both accounts have no fees for insufficient funds or other typical charge situations, with no minimum deposits.
However, they do have some different features. For example, Chime has automatic savings features including Save When I Get Paid to save a percentage of your paycheck automatically and Round Up, where your purchase amounts are rounded up and the difference goes into your savings.
So, if you swipe for a purchase of $7.55, your account will be billed $8 and $0.45 will go into savings. While these are small amounts that you may not notice at the time, they can quickly add up to give your savings a boost.
Marcus has the feature of same day transfers to and from other banks up to $100,000, so you can quickly start earning interest on your funds.
Winner: Both
Marcus | Chime | |
|---|---|---|
APY | 3.75% | 2.00% |
Fees | $0 | $0 |
Minimum Deposit | $0 | $0 |
Checking Needed? | No | No |
Main Benefits |
|
|
Checking Account
There is no comparison here, as while Chime offers a standard checking account with a fee free overdraft of up to $200, subject to requirements, Marcus does not currently have a checking account option.
Winner: Chime
Chime | |
|---|---|
APY | 0% |
Fees | $0 |
Minimum Deposit | $0 |
Main Benefits |
|
CDs
There is no comparison in this area. Marcus has an impressive choice of CD products, with a reasonable $500 minimum deposit and the potential to earn 3.70% – 4.75%, Chime does not currently offer CDs.
Winner: Marcus
Marcus | |
|---|---|
Minimum Deposit | $500 |
APY Range | 3.70% – 4.75% |
Credit Cards
Chime has one credit card option. It is a secured card with the aim to help you build credit. There is no annual fee or interest and no credit check to apply. You will need a security deposit for the card, but there is no minimum requirement. Chime reports your card payments to all three credit bureaus, so you can start to build your credit over time. Chime claims that its members have an increase of 30 credit score points on average.
Loans were the only additional product Marcus offered in recent years, but the bank has recently launched a variety of credit card options. There are currently three credit cards that offer rewards that can be redeemed for eligible GM vehicles.
- GM Rewards: If you like GM vehicles and have access to unlimited rewards, this is the card for you.
- GM Extended Family: With this card, you can take advantage of employee and supplier discounts.
- GM Business: As the name implies, this card is available to business users who want to save up for a new GM vehicle.
Winner: Chime
Personal Loans
Chime doesn't offer personal loan at this moment, but Marcus do.
Marcus offers no-fee personal loans, including late fees, prepayment fees, and application fees. Because you are only required to pay the principal loan amount and interest, the interest rates are slightly higher than the competition. This can, however, be a good option for those with good credit who want to avoid annoying fees.
The availability of prequalification distinguishes Marcus personal loans. If you're not sure if you'll be approved for a loan, you can fill out a simple, short form. Because this is only a soft credit check, you avoid triggering a hard credit check, which could jeopardize your credit score. Prequalification gives you the ability to research and compare Marcus loan options.
Winner: Marcus
Marcus | |
|---|---|
APR | 6.99% – 24.99%
|
Loan Amount | $3,500 – $40,000
|
Terms | 36-72 months
|
Customer Service
Chime has a toll free number that is available 24/7, so you can access the customer service team at any time if you have any queries or questions.
Marcus has a number of toll free numbers, according to your query area, but none of them are 24/7. Most of the lines are open from 8 am or 9 am to 10 pm ET. You can also get help in Marcus FAQ section on their website.
Winner: Chime
Online/Digital Experience
Both Chime and Marcus have an app to help you to manage your accounts on the go. Chime’s app is rated 4.8/5 on Apple and 4.7/5 on Google, while the Marcus app is rated 4.9/5 and 4 out of 5 on the Apple Store and Google Play respectively.
The bank’s websites are both easy to use, and with some great learning resources. Chime has an impressive help section that allows you to explore all aspects of the bank’s products and finance in general so you can get help and guidance. However, the Marcus website has tools and calculators to help with your day to day finances and investment decisions.
Winner: Both
Which Bank is The Winner?
Both Chime and Marcus have different products, so we’ll need to look at which bank is better, according to what you’re looking for.
If you want to work on your credit rating, Chime offers a great selection of products. The savings account offers a good rate and the checking account has some good features, but access to a no credit check secured credit card is a great bonus.
However, if you’re interested in savings, investments and borrowing products, Marcus is more likely to appeal to you. There is a great selection of CDs, investment products, refinancing and personal loans. So, if this is more what you are looking for from your bank, Marcus will appeal.
FAQs
What is Marcus's most significant advantage?
Marcus' only traditional bank account offering is a high-yield savings account, making them an excellent choice for savers. Nonetheless, with no minimum deposit, no monthly maintenance fee, and a 0.50 percent APY, this account is designed to give savers the most bang for their buck.
What is the biggest drawback of Marcus?
Marcus does not provide checking accounts, so it will not be able to meet all of your banking needs. Due to the lack of checking accounts, you will be required to link your Marcus account to another institution for many banking functions, such as deposits and withdrawals.
Is Chime a better online bank than SoFi Money?
While they may appear to be the same, there are some significant differences between Chime and SoFi money.
Chime allows you to have multiple separate accounts, whereas SoFi allows you to keep all of your savings and checking funds in one account. This makes money management easier. Furthermore, while all funds in your SoFi account earn 0.25 percent, your Chime savings earn 0.50 percent. So, simply transfer any excess funds to your savings account to earn interest.
What are the main disadvantages of Chime?
Chime earns money from Visa kickbacks when customers use its debit and credit cards. It does not provide traditional banking products like loans, investment options, or CDs. Furthermore, cash deposits are only available at retail locations affiliated with Chime's cash deposit partners, and you may be charged a fee for this service.
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Marcus vs Axos
Marcus, on the other hand, made Goldman Sachs banking more accessible to the general public when it debuted in 2016. Our in-depth Marcus review can help you decide if this online bank is right for you. Goldman Sachs is one of the world's largest investment banks, with offices in every major financial center and a client list that includes other banks as well as the state of New Jersey. With Marcus, however, you could be next on the list.
Axos online bank, which provides checking, savings, CDs, investing, and other services, has a lot to offer. A variety of checking account options allow customers to earn interest or cash back. The APY on Axos Bank's Rewards Checking account isn't the highest among online banks, but it's sufficient to justify opening an account as part of a larger online banking strategy, and there are almost no fees.
Read Full Comparison: Axos vs Marcus: Which Online Bank is Better?
Marcus vs CIT Bank
CIT Bank provides a variety of savings account options. If you link your checking account and make qualifying deposits, you can earn a higher rate on the two-tiered Savings Connect. The other savings option is the Savings Builder, which offers 0.399 percent if you keep a balance of $25k or more, or make at least $100 in monthly deposits. There is a six-transaction limit per statement cycle, but there are no account maintenance fees.
Marcus provides an impressive 0.50 percent without the CIT hoops. There is no required minimum deposit or balance. You can also make same-day transfers to and from the account of up to $100,000.
Read Full Comparison: CIT Bank vs Marcus: Compare Banking Options
Marcus vs Synchrony Bank
Marcus distinguishes itself through its investment options. With a variety of IRA options, you can experiment with different account types and portfolios. Marcus may appeal to you if you want the convenience of having your funds in a high yield savings account or if you are new to investing.
Synchrony focuses on accounts that help you save money. So there are high yield savings accounts, CDs, and money market accounts. You can also gain access to IRAs. Synchrony does, however, offer a variety of credit cards.
Read Full Comparison:: Marcus vs Synchrony Bank: Where to Save Your Money?
Marcus vs Ally Bank
Marcus' banking product offering is more specialized. Marcus' product line reflects its investment pedigree as part of the Goldman Sachs Group. CDs, high-yield savings, investment options, and a variety of loans are available.
Ally has a banking product line that competes with traditional, high-street banks. A checking account, savings account, CDs, mortgages, auto loans, personal loans, retirement products, and investments are among the numerous products available.
Read Full Comparison: Ally vs Marcus: Which Online Bank Is Better?
Marcus vs SoFi
Marcus is a subsidiary of Goldman Sachs, which is reflected in its banking products. Marcus provides high-yielding savings and CDs, as well as investment options and a variety of loans. This does not, however, include a checking account.
SoFi's banking products are more akin to those of traditional banks. While there are no checking or savings accounts available, rather a hybrid account, you can access loans, mortgages, and investment products. SoFi also offers insurance. CDs and traditional savings accounts, on the other hand, are not available in the SoFi catalog.
Read Full Comparison: Marcus vs SoFi Money: Which Banking Service Is Better?
Chime vs Axos
Axos Bank offers home improvement loans as well as checking and savings accounts online. Because Axos is a low-cost online lender, it is able to pass on significant savings to its customers. Axos waives many fees and reimburses ATM and rewards checking fees.
Chime is an online-only company that works with two banks to provide checking and savings accounts. Online banking with Chime is not the same as using a traditional banking system. Chime secures and protects your online financial accounts. It is a safe place to keep your money and access it without any technical difficulties.
Read Full Comparison: Axos VS Chime: Which Online Bank Is Better?
Chime vs Varo
Chime differs from many banks and other financial institutions in that it screens customers in an unusual way. If you don't have perfect credit or are still building your credit history, this may make it easier to open an account with Chime.
Varo, a mobile-only bank, was established in 2015. As a result, there are no bank branches. To use Varo's services, first download and sign into the bank's Apple and Android mobile apps. Varo offers a lot of functionality for on-the-go users, which may entice you to go online.
Read Full Comparison: Chime vs Varo Comparison: Which Online Bank Wins?
Chime vs Current
There are some key differences between Current and a traditional checking account. Current, for example, allows you to access direct deposits up to two days faster and manage your account completely through the mobile app. Keep in mind that Current does not have any physical locations, so you will be unable to deal with any banking issues in person.
Online banking with Chime is not the same as using a traditional banking system. Chime secures and protects your online financial accounts. It is a safe place to keep your money and access it without any technical difficulties. You can round up your purchases to the nearest dollar amount and save the difference because Chime has no monthly or overdraft fees.
Read Full Comparison: Chime vs Current – Which Banking Service Is Better?
Chime vs SoFi
SoFi's online Spend and Save account, like the Chime online checking account, is fee-free, but it has some different checking account features. Chime, for example, offers a $200 fee-free overdraft facility subject to terms, whereas SoFi provides cash back if you have recurring direct deposits of $500 or more each month.
Read Full Comparison: SoFi vs Chime: Which Online Banking Wins?
Chime vs Ally
Ally has a robust banking product offering that rivals that of a traditional bank. Savings accounts, checking accounts, CDs, investments, retirement products, personal loans, auto loans, and mortgages are all available.
Chime's product line has been simplified. All Chime products are designed to assist customers in rebuilding or establishing credit. There are only two savings accounts, one checking account, and one credit card available.
Read Full Comparison: Ally vs Chime: Which Banking Account Wins?
Chime Disclosure:
- *The Annual Percentage Yield (“APY”) for the Chime Savings Account is variable and may change at any time. The disclosed APY is accurate as of November 17, 2022. No minimum balance required. Must have $0.01 in savings to earn interest.
- Chime is a financial technology company, not a bank. Banking services provided by, and debit card issued by, The Bancorp Bank or Stride Bank, N.A.; Members FDIC. Credit Builder card issued by Stride Bank, N.A. Chime Spending Account and $200 or more qualifying direct deposit required to apply for the secured Chime Credit Builder Visa® Credit Card. See chime.com to learn more.
