Marcus by Goldman Sachs

Overview / Commentary

www.marcus.com

212-902-1000

200 West Street
New York, NY 10282

In December 2017, Goldman Sachs Bank USA re-branded to Marcus by Goldman Sachs - Goldman Sachs Bank USA. Marcus is the name the company had been using exclusively for their online lending business. The deposit offerings renamed the same, but Goldman rolled out a new and improved mobile experience with the new brand.

As of 2008, Goldman Sachs Bank USA, a DepositAccounts.com advertiser, is a commercial bank regulated by the Federal Reserve Board and insured by the Federal Deposit Insurance Corporation (FDIC). Thanks to its transition from an investment bank to a commercial bank, Marcus offers deposit products to both individuals and institutions, including interest-bearing online savings accounts and Certificates of Deposit (CDs). Their online savings accounts feature no minimum initial deposits to open. Their CDs feature relatively low initial deposit requirements, as well as customizable monthly interest disbursements. That is, although interest will automatically be added to the principal of the CD, customers can choose to transfer the interest to their Marcus savings account, or to an external bank account. Customers can also withdraw their interest penalty-free at any time. CD terms range from 6 months to 6 years.

All of Marcus’s deposit accounts feature convenient access to online banking, banking by phone, bank transfers, and wire transfers. Although they are an internet-only bank, funds can also be deposited via mailed checks..

Marcus by Goldman Sachs - Goldman Sachs Bank USA was established in 1990 as The Goldman Sachs Trust Company. The bank is owned by the Goldman Sachs Group, Inc., a multinational firm founded in 1869 and headquartered in New York, NY.

Marcus CD Rates as of 4-30-2024 - 4/30/2024

Marcus CD rates (APY) as of 4-30-2024 include: 6-month @ 5.10% (was 4.80%) 9-month @ 5.00% (was 4.90%) 12-month @ 5.00% (was 4.90%) 13-month NP CD @ 4.70% (no change) 18-month @ 4.60% (no change) 2-year @ 4.20% (no change) 3-year @ 4.15% (no change) 4-year @ 4.05% (no change) 5-year @ 4.00% (no change) 6-year @ 3.90% (no change) For more information regarding all Marcus CDs see: https://www.marcus.com/us/en/savings/high-yield-cds https://www.marcus.com/us/en/savings/no-penalty-cds https://www.marcus.com/us/en/savings/ratebumpcd (Marcus stopped offering 14-month Promo CDs on 4/17/2024)

Marcus Online Savings Account Dips To 4.40% APY - 4/3/2024

Best to read the Marcus Bank reviews recounting funds unexpectedly being held, accounts surprisingly locked, and unreasonable difficulties in accessing savings.

Marcus CD Rates as of 3-21-2024 - 3/21/2024

Marcus CD rates (APY) as of 3-21-2024 include: 6-month @ 4.80% (was 4.90%) 9-month @ 4.90% (was 5.00%) 12-month @ 4.90% (was 5.00%) 13-month NP CD @ 4.70% (no change) 14-month Promo CD @ 5.00% (was 5.05%) 18-month @ 4.60% (was 4.70%) 2-year @ 4.20% (was 4.30%) 3-year @ 4.15% (no change) 4-year @ 4.05% (no change) 5-year @ 4.00% (no change) 6-year @ 3.90% (was 4.00%) For more information regarding all Marcus CDs see: https://www.marcus.com/us/en/savings/high-yield-cds https://www.marcus.com/us/en/savings/no-penalty-cds https://www.marcus.com/us/en/savings/high-yield-cds/14MCD https://www.marcus.com/us/en/savings/ratebumpcd

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2024
2023
2022
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4/30 - Marcus CD Rates as of 4-30-2024
4/3 - Marcus Online Savings Account Dips To 4.40% APY
3/21 - Marcus CD Rates as of 3-21-2024
3/8 - Marcus CD Rates as of 3-8-2024
2/23 - Marcus CD Rates as of 2-23-2024
2/21 - Marcus Lowered Rates
2/9 - Marcus CD Rates as of 2-8-2024
1/25 - Marcus CD Rates as of 1-25-2024
1/17 - Marcus CD Rates as of 1-17-2024

12/22 - Savings Account Rate Increases To 4.50% APY
12/14 - Marcus CD Rates As Of 12-13-2023
11/2 - Marcus CD Rates As Of 11-2-2023
10/13 - Marcus CD Rate Changes For 10-13-2023
9/16 - "Here We Go Again: Our Online Savings Account Has A New Rate: 4.40% APY."
9/16 - Marcus Raises Savings Rate To 4.40% APY (5.50% APY with Referral & AARP)
8/31 - Marcus - 08.30.23
8/4 - Marcus By Goldman Sachs' Online Savings Account Creeps Up To 4.30% APY (5.30% with referral bonus).
7/28 - Marcus Rates - 07.27.23
7/1 - Marcus CD Rate Changes For 6-30-2023
5/10 - 4.15% New APY For Marcus Goldman Sachs
5/9 - Marcus Bank Hikes Online Savings Account To 4.15% APY (5.15% With Referral)
5/4 - Marcus $100 Credited To Account On May 4
4/19 - Marcus CD Rate Changes For 4-19-2023
4/17 - Apple Card Savings Account Starts Today 4.15% APY
4/17 - Goldman Targeting Its Apple Card Holders With New 4.15% APY Savings Account
4/14 - Marcus By Goldman Sachs Ups Its Online Savings Rate To 3.90% APY (4.90% APY With Referral).
3/28 - 10 Month CD 5.05%
2/15 - Marcus Ups OSA To 3.75%
1/25 - Marcus CD Rate Changes For 1-25-2023
1/20 - Marcus by Goldman Sachs Brings Back $100 Online Savings Bonus for 2023
1/19 - Marcus Online Savings Account – $100 Cash Bonus Offer Terms

12/21 - Marcus Raises Savings Account Rate
11/8 - Marcus CDs (Except 5 Yr And 6 Yr) Break Into "4% Club"
11/8 - Marcus Matches Capital One With Rate Of 3.00% APY
10/28 - Marcus Online Savings Now 2.5% APY
10/26 - Marcus CD Rate Changes As Of 10-26-2022
10/14 - Online Savings To 2.35%
10/7 - Marcus CD Rate Changes As Of 10-7-2022
9/22 - Marcus Rate Increases
9/9 - Marcus Finally Increases OSA To 1.90%
8/25 - Marcus CD Rate Changes As Of 8-24-2022
8/12 - Marcus High-Yield CD Rates As Of 8-12-2022
8/12 - Marcus On Line Savings Rises To 1.70%
7/29 - Marcus Ups Savings To 1.50 And No Penalty To 1.55%
7/1 - 20Bp Increase For Online Savings And NP CD Rates
6/26 - Marcus By GS - 5 Yr & 6 Yr Are @ 2.90%
6/22 - Online Savings And NP CD Rates Increased
6/17 - Marcus By GS Adjusts Rates Up For 4Yr, 5Yr & 6Yr
6/1 - Marcus Ups Rates Again On Savings .85% And NEWP .90%
5/18 - Online Savings Increased To 0.70%
4/22 - Marcus by Goldman Sachs Hikes Online Savings Account and CD Rates
3/11 - Marcus by Goldman Sachs Offers Rate-Leading 10-Month CD
3/11 - 10 Month CD Promotional Rate 1.10%
2/4 - Marcus by Goldman Sachs Increases Rates on Six CDs
1/20 - Marcus by Goldman Sachs Brings Back $100 Online Savings Account Bonus

Reviews (316)

Overall Good Returns (Can Be 5.60), Satisfied In Long Term

Posted by: iPhone | Jan 3, 2024

I have been a client since they started. My honest opinion is that they have issues if you move money a lot, you will have to verify your external accounts on a call and such. Otherwise they are decent. They give free Wire Transfers which hardly any bank gives and their ACH is also pretty fast. I see lot of complaints regarding the low rate but there are ways to fix that if you see below. The other option is to keep opening new accounts with the small banks. They give good rate for a while but then dont keep up and it becomes a pain to keep switching.

For extra 1%, just use this link to open your account.
https://www.marcus.com/share/SAN-PVH-1BHH
You can also get an extra 0.1% with an AARP membership which is pretty cheap.
So the overall rate becomes 5.60 percent which the highest these days for savings accounts. You can create an account here and message me if you have any questions.

Good But Rates Trail Others

Posted by: ionosphere | Mar 28, 2024

Just giving some credit where credit is due. Been with Marcus about 5 years, maybe more. Have had no trouble and no complaints. Their rates aren't stellar, but all else is good. Transfers are quick and games are kept to a minimum.

They Closed My Account At Another Bank! UPDATE

Posted by: morav | Mar 30, 2024

It seems that you cannot make an ACH transfer from a Marcus account to an external account you haven't already linked to. Effectively this means you can't open a new CD somewhere without opening a savings account there first and then buying the CD at that new bank from your savings account. BUT some banks require "new money" in order to get a good rate for their promotional CDs, so I don't know if you could get that rate once your funds are already in their bank. Also rates are changing fast these days and optimistically it takes a week to open a new savings account, during which time the good rate could be gone. I transferred the funds that Marcus "pulled back" to a savings acct. I have with another bank already linked to MGS and it was fast and smooth as silk. I phoned them for the next two days just to confirm that they weren't going to reverse the transfer. The CSR were very nice this time. MGS could save themselves a lot of bad feedback by clarifying their ACH policies somewhere.

I ordered a transfer of funds from my savings account at Marcus Goldman Sachs another bank to purchase a CD with a good interest rate. I went through the process of verifying test deposits into the Marcus account. Marcus called me the next day . I couldn't answer and I called them back two minutes later. They said they were calling to verify my transfer of funds to the other bank.. I thought this was odd - it has never happened with any other transfer I've made at any other bank. I told them yes, the transfer was legitimate and that I had made it. They said "fine, we'll go ahead". The next day I logged in to myaccount at the new bank and found that the CD that I had purchased with the funds from Marcus had been opened the previous day but then was closed on the next day. No sign of the funds, no explanation I immediately called Marcus and asked them if they knew what was going on. They said that because I didn't answer the phone when they called they decided to "pull the funds back" (their words) even though I confirmed everything with them 2 minutes later. I am outraged that they arbitrarily and without consulting or informing me closed my account at another bank and took the money back to themselves. Surely this can't be legal!?

ESCAPED Marcus Bank Of Goldman Sachs

Posted by: EastmanKodak | Mar 14, 2024

Looking for a professional and reliable bank? Look elsewhere. Marcus is an unbelievable mess.

Here are just the highlights of my experience:

1) Without any notification, Marcus put a hold on my funds. A Treasury Bill that I’d scheduled to purchase was nullified. After calling Marcus to learn why they blocked the U.S. Treasury, I was informed that it was because I’d recently changed address. Had this Treasury Bill purchase gone through a brokerage firm instead of Treasury Direct I would have been slammed with high interest payments on a margin loan until the funding issue was ironed out. If moving to a new address raises doubts, then why not simply phone to clarify any concerns?

2) Without (again) any notification, Marcus put a hold on my funds. A debit to pay my credit card balance was bounced. Had there not been additional days before the balance was due, it would have caused the first late payment in my life, hitting me with a penalty, and damaging my credit score. Also, an ACH withdrawal to an external account was reversed two days after it had successfully been completed. Unfortunately, during the interval, I had transferred those funds elsewhere. This created a large negative balance in the external account which raised legitimate suspicions of fraud by that bank. The reason Marcus gave for putting a hold on my funds was that I had originated the credit card payment from an external financial institution (Marcus does not provide a bill payment service). Yet previously I had debited credit card payments originating from that same account without a hitch. If initiating another withdrawal from that external credit card account raises uncertainties, then why not simply phone to clarify any concerns?

3) Without (again) any notification, Marus reversed an ACH transfer to an external account. The day before Marcus had verified my ownership of this external account through a three-way call to that bank. When I phoned to learn the reason for blocking this funds transfer, I was told a myriad of falsehoods. First that the external account was open less than 90 days. Yet during the three-way call with that bank, it was confirmed that the account was open for more than eight months. Then the excuse was that my Marcus account was less than 90 days old. This was absurd as it’s been open for over a year and a half. The next reason was that I had a deposit on hold, however I pointed out that besides those funds, I had an available balance far above the amount being transferred. Inexplicably, the reply was that once a deposit is on hold, then zero funds are accessible regardless of how long the other past deposits have been sitting in the account as an available balance. These bizarre excuses went on and on. It was like dealing with a relentless sociopath. If transferring funds to a recently linked and verified external account raises questions, then why not simply phone to clarify any concerns?

When I went to file an online complaint with the federal Consumer Financial Protection Bureau, I saw there were close to three thousand complaints lodged against GOLDMAN SACHS BANK USA (i.e. Marcus Bank). I’ve dropped my balance there to $1 and switched to institutions which practice old fashion banking values such as honesty and respect towards the client, competency and assiduity towards the work.

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Health

Data as of Q4 2023

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Health Grade Components

Overall
FDIC Certificate #	33124
Year Established	1990
Employees	4870
Primary Regulator	FED

Profit Margin
Return on Assets - YTD	1.07%
Return on Equity - YTD	10.6%
Annual Interest Income	$29.27B

Assets and Liabilities
Assets	Q4 2023vs Q4 2022	$521.1B$485.6B
Loans	Q4 2023vs Q4 2022	$166.6B$158.3B
Deposits	Q4 2023vs Q4 2022	$381.8B$362B
Equity Capital	Q4 2023vs Q4 2022	$54.78B$48.3B
Loan Loss Allowance	Q4 2023vs Q4 2022	$4.05B$4.25B
Unbacked Noncurrent Loans	Q4 2023vs Q4 2022	$3.21B$1.65B
Real Estate Owned	Q4 2023vs Q4 2022	$0$0

APY	MIN	MAX	ACCOUNT NAME
5.10%	$500	$1m	High-yield 6 Month CD
5.00%	$500	$1m	High-yield 9 Month CD
5.00%	$500	$1m	High-yield 12 Month CD
4.70%	$500	$1m	13 Month No-Penalty CD
4.70%	$500	$1m	7 Month No-Penalty CD
4.70%	$500	$1m	11 Month No-Penalty CD
4.60%	$500	$1m	High-yield 18 Month CD
4.40%	$500	$1m	20 Month Rate Bump CD
4.20%	$500	$1m	High-yield 24 Month CD
4.15%	$500	$1m	High-yield 3 Year CD
4.05%	$500	$1m	High-yield 4 Year CD
4.00%	$500	$1m	High-yield 5 Year CD
3.90%	$500	$1m	High-yield 6 Year CD