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.
Related Posts
10/4 - Marcus Cuts 11 & 13 Mo No Penalty Cds By 15 Bps, Savings Rate Down 10 Bps To 1.9% APY
10/4 - Marcus.Com Savings Rate Down To 1.90% APY
9/13 - Marcus Cut No Penalty Cds & 1-6 Yr Cds By 15 Bps
8/27 - Marcus Cutting Online Savings Rate From 2.15% To 2.00%
8/15 - Inverted Yield Curve For No-Penalty Cds
8/9 - Marcus.Com 13-Month No Penalty CD Down 20 Bp From 2.35 To 2.15
7/29 - No-Penalty 13-Month CD 2.35%
7/19 - Goldman Sachs Bank USA Offers Up To $500 Savings Account Bonus
7/16 - Goldman's Marcus Bank Offering 1% Deposit Bonus Up To $500
6/28 - Goldman Sachs Bank USA Cuts Rates Except the 13-Month No-Penalty CD
6/27 - Marcus Cutting Online Savings Rate From 2.25% To 2.15%
3/7 - Goldman Sachs Bank USA Offers $100 Online Savings Account Bonus
3/7 - Marcus (Goldman) $100 Bonus With $10,000 Deposit (2.25% APY)
1/4 - Goldman Sachs Bank USA Ups Rates On Online Savings Account and CDs
1/4 - Marcus(Goldman Sachs) Raises Savings Rate To 2.25%
12/11 - GSB USA Ups Its 1 To 4 Years CDs A Bit
12/11 - 13 Month No Penalty CD 10 Bps Rate Increase To 2.25%
11/27 - Goldman Sachs Brokered Cds: 4 Yrs. 3.45%; 5 Yrs. 3.60%
11/20 - Goldman Sachs 5-Year Brokered CD, 3.60%; 4-Year At 3.45%
10/26 - Goldman Sachs Bank USA Ups Savings Account & Offers No-Penalty CDs
10/26 - Marcus Savings Rate Increases To 2.05%
10/25 - New 2.15% APY 13 Month No Penalty CD
10/12 - Online Savings 1.95% Now
9/19 - Goldman Sachs Bank USA Ups Rate On Savings Account
9/19 - Savings Upped To 1.90% APY
9/4 - Goldman Sachs Bank USA Hikes Rates on Seven High-yield CDs
8/9 - Small Rate Hike on Online Savings Account at Goldman Sachs Bank USA
8/9 - Small Savings Increase AT Goldman Sachs(Marcus)
7/24 - Goldman Sachs Bank USA Increases 12-Month High-Yield CD Rate
7/10 - Goldman Sachs 3-Y. Brokered CD: New Issue, 3.05%
6/26 - Goldman Sachs Bank USA Increases 5-Year High-Yield CD Rate
6/22 - Goldman Sachs Bank USA Hikes Online Savings Account Rate
6/13 - Goldman Sachs Bank USA Ups Seven High-yield CD Rates
5/15 - Goldman Sachs Bank USA Raises Online Savings Account Rate
5/15 - Savings Rate Updated To 1.70%
4/27 - Small Rate Hikes on Five CDs at Goldman Sachs Bank USA
4/16 - Marcus Raises Savings Rate To 1.60%
4/9 - Goldman Sachs Bank USA Hikes Online Savings Account
3/26 - Goldman Sachs Bank USA Hikes Rates on Seven of Its CDs
3/26 - Goldman Sachs Increases 5 Year CD To 2.75% APY
2/14 - Large CD Rate Hikes at Goldman Sachs Bank USA
1/12 - Goldman Sachs Bank USA Hikes Savings Account and CD Rates Again
1/12 - GS Bank/Marcus Ups Savings Rate To 1.5%
12/28 - GS Bank Ups Its Online Saving To 1.4% From 1.3% APY Today
12/28 - 5 Yr CD Rate Increase
11/22 - GS Bank Being Rebranded To Marcus by Goldman Sachs
10/12 - GS Bank Increases Online Savings Account Rate
10/12 - GS Bank Savings Rate Is Now 1.3% APY
10/3 - Goldman Sachs Increases 1 Yr CD Rate
10/3 - GS Bank Ups Rates on Four CDs
8/31 - GS Bank Ups CD Rates with Largest Gains on Long-Term CDs
8/31 - Increases In CD Rates
6/7 - GS Bank’s First Rate Increase of Its Online Savings Account
6/7 - Goldman Sachs Raising Savings Rate To 1.20%
5/4 - GS Bank Raises CD Rates for the Second Time in the Last Month
4/5 - GS Bank Increases CD Rates
Best Value For A No-Fee Bank
I am sticking with Marcus for their competitive rates, no-fees, and their focus on attention to detail in the customer service experience.
To get my bias out of the way it's worth noting that I used to work at Marcus. We started with just 27 employees and I watched the bank grow to more than 200+ employees in the states and open up a Branch in England from 2017-mid 2019. I was very impressed during my time working there with how they created a culture of focusing on the customer. This helped me learn that businesses who are successful are the ones that put the most focus on serving others, since I have noticed employees in other lines of work where the customer is not as big of a focus.
It seems most of the reviews here which are less than positive relate to Product Features like not being able to edit/set a CD to rollover online, time-frames for money transfer, and not having an app yet. I will do my best to address these concerns.
To address these I would mention to take some of these with a grain of salt since some of the reviews here may be outdated. The bank rolled out some of the very features people were frustrated with like the ability to set a CD to auto-renew online through the website while I was still employed there this past year. Regarding money transfers, I would pose the question: if you are saving for long-term, is it still important to you that your funds are highly liquid? Marcus's electronic transfer time of 1-3 business days is comparable to other banks, and I would rather patiently wait this time-frame knowing my funds are secure than having a bank who gets my funds same day but is not as secure.
Regarding security, Marcus has multiple checkers for error in place for each transfer they service, SSL encryption on their website, and also operational processes using people and proprietary systems designed in house to flag for and prevent fraud. This should come as no surprise since Goldman Sachs has stayed in business for over 150 years by being careful, compliant, and focusing on serving the customer.
Other banks may sometimes be more reliable for transferring funds same day, but for this reliability you will either pay fees to competitors such as Chase and Wells Fargo (who both charge for wires), have to use a credit union to transfer funds (which may be a budding business that does not have as long-standing a record as a large bank), or the trade-off for speed to a savings account could be that you won't have the same security checks in place with them vs. going with Marcus.
For some deals in life like buying a home where you need immediate access to funds the wire transfer option through calling on the phone is still the quickest way to get money out of the bank, same goes when you have an emergency come up.
The best part is Marcus does not charge a fee for this like you would pay for the same service at other secure banks. An example of this today is that I had such an issue come up where I was not monitoring my funds carefully enough at another bank so I called Marcus to do a transfer so I will have the funds as soon as possible. I called right at their cutoff of 4pm E.T. for same-day wire transfers unfortunately (I'm living in California and wasn't keeping track of the time difference), so I will have the funds come tomorrow first thing, but generally if you call them first thing in the morning for a wire then the transfer happens same day for you without fees.
However, for scenarios like buying a home generally the best way to do this is to plan ahead to have the funds in a checking account for the close to escrow, or for an emergency, it is better to keep some funds in a short-term checking account that has immediate liquidity.
These accounts are designed for saving for specific goals, not necessarily liquidity, which makes sense for the product being a high-yield savings. 5 Stars with everything except the Web/Mobile experience since they do not have an app released yet, even though it was a topic we would often get requests for when people would call in while I was still employed there.
My best guess on why they don't have an app is just that if they do release an app then they will want to make sure it is up to the Goldman Sachs standard before bringing one to market. It is more than likely, seeing how they just partnered with Apple in releasing the new sleek credit cards with no number on them. In the meantime, their website is mobile friendly with your smartphone.
Feel free to comment or message me and I will do my best to respond when I have time or to answer your questions where I can.
CD Renewal Process Is Pitiful
My first (of 5) CD's just came due yesterday. There is NOTHING on their website to renew--other banks have options to do it online.
So I called today to change my 18-month to a 12-month. You can't do that. What about adding extra money from my Marcus Online Savings? You can't do that either.
I ended up having to close the CD and re-open a new CD--with the whole approval process, must sign and return signature card, etc.--just to roll over the CD.
The rates are fine. The process worked, so I'm not leaving them. But it was a lot messier than it should have been.
Marcus SHMARCUS.
GS Bank was great. SInce the rebranding to Marcus the online banking experience has gone downhill. The website is just plain awful. It's tedious to navigate and slow. Hopefully Marcus execs read the complaints and make changes PRONTO.
Run From This Bank
Tried to open an online account. Answered all their personal questions they put to me. Was told to call this number, I did so. Was told they couldn't open the account, but would not give me a reason why? When I asked her for the reason, she just hung up on me??
I was going to transfer $50,000 from my no-interest bank into a high-interest online account. They are rude and condescending. It's no wonder these morons went bankrupt in 2008-2009. I'm actually so happy it did not go through because I found a real online high-interest bank in American Express.
Data as of Q2 2019
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 33124 |
| Year Established | 1990 |
| Employees | 1931 |
| Primary Regulator | FED |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.82% |
| Return on Equity - YTD | 5.69% |
| Annual Interest Income | $3.71B |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2019vs Q2 2018 | $200.1B$177.5B |
| Loans | Q2 2019vs Q2 2018 | $77.02B$69.33B |
| Deposits | Q2 2019vs Q2 2018 | $140B$127.7B |
| Equity Capital | Q2 2019vs Q2 2018 | $28.55B$26.57B |
| Loan Loss Allowance | Q2 2019vs Q2 2018 | $720.0MM$412.0MM |
| Unbacked Noncurrent Loans | Q2 2019vs Q2 2018 | $308.0MM$392.0MM |
| Real Estate Owned | Q2 2019vs Q2 2018 | $15.0MM$23.0MM |
This section lists recent deals, promotions and rate changes submitted by our community within the past 90 days. Always verify official rates and promotions with the bank or credit union.
7-MONTH NO-PENALTY CD 2.00%
Minimum Deposit $500.00
Early Withdrawal Penalty $0
Annual Percentage Yield as of October 18, 2019.
Withdrawals permitted starting seven days after the funding date.
$500.00 minimum to earn stated APY for No-Penalty CD.
Marcus Cuts 11 & 13 Mo No Penalty Cds By 15 Bps, Savings Rate Down 10 Bps To 1.9% APY
https://www.marcus.com/us/en/savings
https://www.marcus.com/us/en/savings/no-penalty-cds
7 month NP CD: 2.1% APY survives for now from prior cut
11 month NP CD: 1.9% APY (previously 2.05%)
13 month NP CD: 1.85% APY (previously 2%)
Savings rate drops 10 Bps to 1.9% APY, hopefully won't drop significantly more before November $500 bonus: https://www.depositaccounts.com/banks/marcus-goldman-sachs/offers/
Marcus.Com Savings Rate Down To 1.90% APY
Marcus Cut No Penalty Cds & 1-6 Yr Cds By 15 Bps
https://www.marcus.com/us/en/savings
https://www.marcus.com/us/en/savings/no-penalty-cds
Savings rate 2% APY
7 month NP CD: 2.1% APY (previously 2.25%)
11 month NP CD: 2.05% APY (previously 2.2%)
13 month NP CD: 2% APY (previously 2.15%)
Marcus Cutting Online Savings Rate From 2.15% To 2.00%
Always verify rates and promotions with the bank or credit union. We are not Goldman Sachs Bank USA; we are a rate comparison website and cannot provide official rates or promotions.
Goldman Sachs Bank USA Savings Account Rates
| APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS |
|---|---|---|---|---|
| 1.90% | - | $1m | High-yield Online Savings Account |
Goldman Sachs Bank USA CD Rates
Goldman Sachs Bank USA is an Internet only bank and does not have branch locations. Its headquarters is located at 200 West Street - New York, NY 10282