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.
I've used Goldman Sachs Marcus for 3 years and I've not had any major difficulties with savings or CD accounts, EXCEPT for opening a NEW JOINT account.
Even if you have existing joint accounts, in order to open a new joint account online, BOTH account holders have to be available and present to enter their Marcus login information. However, if the 2nd person has a existing Marcus ID, Marcus does not ask for that information. Instead they over-write any existing password. This is not clear from their procedure and I had to call in to verify that this was the case. The net effect of this difficulty is that I've not opened a new joint account since doing the first one because the procedure is convoluted, unclear, and a pain in the butt.
For comparison, Capital One had a procedure where you could just copy all that information from your existing account. Made the process simple.
The online application process was simple, well-designed and easy-to-use. However Marcus by Goldman Sachs is unable to title a savings account or CD with a Living Trust name. I was very surprised since most customers with a sizable account will need that feature. Furthermore they are unable to assign a Living Trust as a Beneficiary (an alternative that would suffice). The second issue (although not a deal breaker) is there is no interface for Quicken and there is no plan to add one. I am hoping that these issues are at least on the future planning board.
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.
|FDIC Certificate #||33124|
|Return on Assets - YTD||0.74%|
|Return on Equity - YTD||5.25%|
|Annual Interest Income||$5.73B|
|Assets and Liabilities|
|Assets||Q3 2019vs Q3 2018||$211.8B$179.2B|
|Loans||Q3 2019vs Q3 2018||$79.26B$71.05B|
|Deposits||Q3 2019vs Q3 2018||$149.8B$130.2B|
|Equity Capital||Q3 2019vs Q3 2018||$28.88B$27.03B|
|Loan Loss Allowance||Q3 2019vs Q3 2018||$746.0MM$519.0MM|
|Unbacked Noncurrent Loans||Q3 2019vs Q3 2018||$501.0MM$527.0MM|
|Real Estate Owned||Q3 2019vs Q3 2018||$23.0MM$30.0MM|
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|APY||MIN||MAX||ACCOUNT NAME||VIEW DETAILS|
|1.70%||-||$1m||High-yield Online Savings Account|
|APY||MIN||MAX||ACCOUNT NAME||VIEW DETAILS|
|2.30%||$500||$1m||High-yield 6 Year CD|
|2.25%||$500||$1m||High-yield 5 Year CD|
|2.15%||$500||$1m||High-yield 12 Month CD|
|2.10%||$500||$1m||High-yield 2 Year CD|
|2.10%||$500||$1m||High-yield 3 Year CD|
|2.10%||$500||$1m||High-yield 4 Year CD|
|2.05%||$500||$1m||High-yield 18 Month CD|
|2.00%||$500||$1m||11 Month No-Penalty CD|
|1.90%||$500||$1m||7 Month No-Penalty CD|
|1.65%||$500||$1m||13 Month No-Penalty CD|
|0.70%||$500||$1m||High-yield 9 Month CD|
|0.60%||$500||$1m||High-yield 6 Month CD|
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