Marcus by Goldman Sachs


Overview / Commentary
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.

Related Posts

Marcus by Goldman Sachs Offers $100 Savings Account Bonus - 1/16/2021

Now through 2/12/2021, Marcus by Goldman Sachs is offering a $100 bonus when depositing $10k or more of new money in a new or existing Online Savings Account.

$100 Bonus For $10,000 For 90 Days. - 1/15/2021

Just received an email for this: $100 bonus for $10,000 in new savings held for 90 days. New and existing customers By 2/12/21 Enroll with link: https://www.marcus.com/us/en/savings/osa-savingsbonus-1 or by calling Marcus at 1-855-730-SAVE (1-855-730-7283) by 11:59 PM EST on 2/12/21.

Marcus "High" Yield Savings Rate Slashed To 0.50% APY - 11/17/2020

"...Marcus Online Savings Account has been adjusted to 0.50% from 0.60% APY (Annual Percentage Yield)". The trend continues.

View all posts from:

12/11/18 - Goldman Sachs Bank USA Ups Rates on No-Penalty and High-yield CDs
12/11/18 - GSB USA Ups Its 1 To 4 Years CDs A Bit
12/11/18 - 13 Month No Penalty CD 10 Bps Rate Increase To 2.25%
11/27/18 - Goldman Sachs Brokered Cds: 4 Yrs. 3.45%; 5 Yrs. 3.60%
11/20/18 - Goldman Sachs 5-Year Brokered CD, 3.60%; 4-Year At 3.45%
10/26/18 - Goldman Sachs Bank USA Ups Savings Account & Offers No-Penalty CDs
10/26/18 - Marcus Savings Rate Increases To 2.05%
10/25/18 - New 2.15% APY 13 Month No Penalty CD
10/12/18 - Online Savings 1.95% Now
9/19/18 - Goldman Sachs Bank USA Ups Rate On Savings Account
9/19/18 - Savings Upped To 1.90% APY
9/4/18 - Goldman Sachs Bank USA Hikes Rates on Seven High-yield CDs
8/9/18 - Small Rate Hike on Online Savings Account at Goldman Sachs Bank USA
8/9/18 - Small Savings Increase AT Goldman Sachs(Marcus)
7/24/18 - Goldman Sachs Bank USA Increases 12-Month High-Yield CD Rate
7/10/18 - Goldman Sachs 3-Y. Brokered CD: New Issue, 3.05%
6/26/18 - Goldman Sachs Bank USA Increases 5-Year High-Yield CD Rate
6/22/18 - Goldman Sachs Bank USA Hikes Online Savings Account Rate
6/13/18 - Goldman Sachs Bank USA Ups Seven High-yield CD Rates
5/15/18 - Goldman Sachs Bank USA Raises Online Savings Account Rate
5/15/18 - Savings Rate Updated To 1.70%
4/27/18 - Small Rate Hikes on Five CDs at Goldman Sachs Bank USA
4/16/18 - Marcus Raises Savings Rate To 1.60%
4/9/18 - Goldman Sachs Bank USA Hikes Online Savings Account
3/26/18 - Goldman Sachs Bank USA Hikes Rates on Seven of Its CDs
3/26/18 - Goldman Sachs Increases 5 Year CD To 2.75% APY
2/14/18 - Large CD Rate Hikes at Goldman Sachs Bank USA
1/12/18 - Goldman Sachs Bank USA Hikes Savings Account and CD Rates Again
1/12/18 - GS Bank/Marcus Ups Savings Rate To 1.5%
12/28/17 - Savings Account and CD Rate Hikes at Goldman Sachs Bank USA
12/28/17 - GS Bank Ups Its Online Saving To 1.4% From 1.3% APY Today
12/28/17 - 5 Yr CD Rate Increase
11/22/17 - GS Bank Being Rebranded To Marcus by Goldman Sachs
10/12/17 - GS Bank Increases Online Savings Account Rate
10/12/17 - GS Bank Savings Rate Is Now 1.3% APY
10/3/17 - Goldman Sachs Increases 1 Yr CD Rate
10/3/17 - GS Bank Ups Rates on Four CDs
8/31/17 - GS Bank Ups CD Rates with Largest Gains on Long-Term CDs
8/31/17 - Increases In CD Rates
6/7/17 - GS Bank’s First Rate Increase of Its Online Savings Account
6/7/17 - Goldman Sachs Raising Savings Rate To 1.20%
5/4/17 - GS Bank Raises CD Rates for the Second Time in the Last Month
4/5/17 - GS Bank Increases CD Rates
7/17/16 - GS Bank (USA) Drops 5-Year CD Rate
7/8/16 - 12-Month CD Rate
4/19/16 - GS Bank - the New Internet Bank from Goldman Sachs
4/18/16 - GS Bank Acquires GE Capital Bank's Deposit Business
8/18/15 - Savers Could Benefit From Goldman Buy

Reviews (184)

Recent change to Marcus was not a great move

The interest rates are very competitive, and the phone customer service has good availability. The problem is that they recently changed the website to Marcus.com, which has all of these fancy graphics but is actually much more difficult to use than the old gsbank.com. It's not a dealbreaker, but it still sucks that the bank management people don't understand that huge text and fancy graphics don't make the website a better user experience.

Terrible Web Experience

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I have just about had it with Marcus by Goldman Sachs's outdated and clunky website. It is extremely slow and keeps logging me out a few seconds after logging in each time. Opening a CD online takes forever! Navigating between different screens will make you want to scream! I have better things to do than sit and watch the little "M" and the spinning circle around it for minutes (!) each time I click on a button. This website design and functionality belong to the days of the dial-up modem and should have been revamped a long time ago. I don't have any of these issues with any other bank's website, so I know it is not anything to do with my computer or browser.

I haven't had any problems with Marcus's banking products or customer service but the web experience is a huge negative. Marcus should get its website modernized and responsive or it will lose customers.

Multiple Barriers To ACH Transfers Out

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Marcus has some competitive rates on occasion, but be prepared for an above average time commitment / hassle moving your money out.

In preparation for pulling a balance out of Marcus following maturity of a Marcus CD, I attempted (twice) to set up a new ACH link between another bank and Marcus. Marcus never showed the micro deposits from the other bank so I was unable to establish this ACH pull link.

I had ACH links at Marcus to other banks, but I was unable to make a transfer online from my Marcus savings account to any of these other previously linked accounts without calling (an error message to call was displayed when selecting my Marcus savings account as my transfer “from” account).

Failed To Close My CD, Can't Get My Money Out!

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Marcus has failed to close a CD and transfer to external bank account. It's a larger balance, so could not change the maturity plan online, so I was forced to call into the tele-center (makes no sense for an online bank). I called in and placed the maturity instructions to close the CD upon maturity a couple weeks before the maturity date - actually did this twice over the last two weeks before maturity, and they have still failed to process the request and just rolled over the CD, at a much lower rate of course. Do not use this online bank.

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Health

Health Grade Components

Overall
FDIC Certificate #33124
Year Established1990
Employees2412
Primary RegulatorFED
Profit Margin
Return on Assets - YTD0.34%
Return on Equity - YTD3.06%
Annual Interest Income$5.41B
Assets and Liabilities
AssetsQ4 2020vs Q4 2019$271.7B$228.8B
LoansQ4 2020vs Q4 2019$91.03B$83.60B
DepositsQ4 2020vs Q4 2019$217.3B$168.1B
Equity CapitalQ4 2020vs Q4 2019$30.02B$29.33B
Loan Loss AllowanceQ4 2020vs Q4 2019$2.52B$777.0MM
Unbacked Noncurrent LoansQ4 2020vs Q4 2019$2.49B$508.0MM
Real Estate OwnedQ4 2020vs Q4 2019$8.0MM$15.0MM
Rates
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Marcus by Goldman Sachs Savings Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.50%-$3mOnline Savings Account

Marcus by Goldman Sachs CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.60%$500$1mHigh-yield 5 Year CD
0.60%$500$1mHigh-yield 6 Year CD
0.55%$500$1mHigh-yield 12 Month CD
0.55%$500$1mHigh-yield 18 Month CD
0.55%$500$1mHigh-yield 2 Year CD
0.55%$500$1mHigh-yield 3 Year CD
0.55%$500$1mHigh-yield 4 Year CD
0.45%$500$1m7 Month No-Penalty CD
0.35%$500$1m11 Month No-Penalty CD
0.25%$500$1mHigh-yield 9 Month CD
0.25%$500$1m13 Month No-Penalty CD
0.15%$500$1mHigh-yield 6 Month CD
Locations

Marcus by Goldman Sachs is an Internet only bank and does not have branch locations. Its headquarters is located at 200 West Street - New York, NY 10282

The financial institution, product, and APY (Annual Percentage Yield) data displayed on this website is gathered from various sources and may not reflect all of the offers available in your region. Although we strive to provide the most accurate data possible, we cannot guarantee its accuracy. The content displayed is for general information purposes only; always verify account details and availability with the financial institution before opening an account. Contact [email protected] to report inaccurate info or to request offers be included in this website. We are not affiliated with the financial institutions included in this website.