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.
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.
Most people I see with issues are lazy. All banks suck, but this is money - you need to pay attention and use caution. Example - the $100 bonus for $10K deposit - scheduled in, waited, and did not transfer out for an extra 10 days beyond the required date - no problems. Got the bonus. With CDs, watched the maturity date, set them to close instead of a rollover, and had no issues with funds. Can't comment on customer service because in 2+ years, have not needed to talk with them. It's an online bank. These are process-driven. Show caution and extra care and there should be no problems.
Long and short, manage your money. Don't leave it up to someone else.
I have had no issues with transfers in or out and have found Marcus to actually be a little faster than some others, especially for clearing the transfers.
Their schedule transfers and how they display are a little flakey, but I have been able to deal with it. I have also found it is better to cancel a schedule and set up a new one instead of trying to edit future transfers.
I have had 3 CDs with them in the past, currently, just use them for the high-interest savings product. Frankly, with interest rates so low, I really don't see a benefit to have CD products. It was one thing if you were locking in 3 yrs ago,. but today, if you are not getting half to a full point better on interest, it is better to have the flexibility with your money.
The website is decent, and I have never had an issue with interest calculations or amounts.
Good rates on some promotional products. Easy to open a CD account.
Deception (omission of important facts) starts when CD nears maturity and they want to renew at a MUCH lower rate despite dishonest promo emails.
Some CSRs try to be helpful but "back office" people interfere. Get what you can from them but DO NOT TRUST THEM OR EXPECT FAIR TREATMENT ONCE THEY HAVE YOUR MONEY!!!
I see by the reviews Marcus is getting that I am not the first person they duped. When one of my CD's matured I contacted them to have them send the money to our Trust. When I didn't hear back from them I called and was told they don't send money to a trust. They have a 7 to 10 working day window in which conveniently corresponds with their 10 day rollover policy. They NEVER contacted me to give me that info and then rolled the money into another CD at a much lower rate. I had to pay what I call a "ransom" to get my money from them, which by the way I'm still waiting to get!
I, like almost all the people who wrote reviews, will NEVER use Goldman Sachs again. There is a lot more to this story regarding a lot of other misinformation along the way that I will spare you the details. I would give them zero stars if it was available.
|FDIC Certificate #||33124|
|Return on Assets - YTD||1.26%|
|Return on Equity - YTD||11.68%|
|Annual Interest Income||$1.18B|
|Assets and Liabilities|
|Assets||Q1 2021vs Q1 2020||$288.6B$254.7B|
|Loans||Q1 2021vs Q1 2020||$96.84B$103.6B|
|Deposits||Q1 2021vs Q1 2020||$225.8B$180.2B|
|Equity Capital||Q1 2021vs Q1 2020||$30.53B$29.52B|
|Loan Loss Allowance||Q1 2021vs Q1 2020||$2.20B$1.89B|
|Unbacked Noncurrent Loans||Q1 2021vs Q1 2020||$2.32B$909.0MM|
|Real Estate Owned||Q1 2021vs Q1 2020||$16.0MM$14.0MM|
Always verify rates and promotions with the bank or credit union. We are not Marcus by Goldman Sachs; we are a rate comparison website and cannot provide official rates or promotions.
|APY||MIN||MAX||ACCOUNT NAME||VIEW DETAILS|
|0.50%||-||$3m||Online Savings Account|
|APY||MIN||MAX||ACCOUNT NAME||VIEW DETAILS|
|0.70%||$500||$1m||18 Month CD|
|0.60%||$500||$1m||High-yield 5 Year CD|
|0.60%||$500||$1m||High-yield 6 Year CD|
|0.55%||$500||$1m||High-yield 12 Month CD|
|0.55%||$500||$1m||High-yield 2 Year CD|
|0.55%||$500||$1m||High-yield 3 Year CD|
|0.55%||$500||$1m||High-yield 4 Year CD|
|0.45%||$500||$1m||7 Month No-Penalty CD|
|0.35%||$500||$1m||11 Month No-Penalty CD|
|0.25%||$500||$1m||9 Month CD|
|0.25%||$500||$1m||13 Month No-Penalty CD|
|0.15%||$500||$1m||High-yield 6 Month CD|
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