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 Referral Bonus - 9/16/2021

E-mail from Marcus by Goldman Sachs(MGS) today touting available bonus to existing MGS customers AND a referal; available to existing MGS customers. Deal is you double the APY (from .50% to 1.00%) on your existing MGS Savings account for 3 months IF you refer a new person who opens an MGS Savings account---both you & the referral receive the 1.00% APY (only for 3 months). Full detail at: https://www.marcus.com/us/en/savings/referral-offer-terms

Promo Cd Good Till May 31St - 4/6/2021

9 months .65 percent. Goog till may 31st

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.

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 (196)

Overall Experience Has Been Great

Posted by: |

I opened my savings account in 2017 and have opened 36 CDs since then as well. While it is true that you had to call CS at maturity to change CD terms or balances at one time that functionality is now online. I have spoken to CS a handful of times over the years and have always had a pleasant experience and have had my issues resolved quickly. I find the rates to be competitive and I have no real need to cross shop rates due to my lower balances. I have never had an issue with the website and find it be intuitive and easy to navigate. I would have no issue recommending the services I have used to other people.

Is What It Is - All Banks Suck

Posted by: |

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.

No Good For Seniors With A Family Trust

I opened a Marcus savings account a couple weeks ago to improve interest rate on my savings. The website and overall opening experience were ok. Unfortunately there is a big hidden deficiency in their accounts. We have a family trust and my other accounts, Ally, Amex, and CapitalOne all let us name our trust as the pay-on-death beneficiary. I figured Marcus would be the same.
After I got some money moved into Marcus I tried to set up the trust as beneficiary but they only accept individuals as beneficiaries. Deal breaker.
I'm going to have to undo hours of work, move my money back where it was and close the account.

No Reason For Closed Account

Posted by: |

Ive bad this account for literally a week with $200. And literally the first time i try to sign in the app, my account gets locked. So i sit on a 30 min call trying to unlock my account and see whats going, jumping from one hoop to another because apparently my cellphone number was invalid to send a pin to. (Makes zero sense) just for these people to tell me theyve closed my account and when i ask why, they say they cant give me a reason due to "security safety." Bro stay tf away from this bank. If yall have any suggestions for a better savings account, please let me know.

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Health

Health Grade Components

Overall
FDIC Certificate #33124
Year Established1990
Employees2449
Primary RegulatorFED
Profit Margin
Return on Assets - YTD1%
Return on Equity - YTD9.82%
Annual Interest Income$2.43B
Assets and Liabilities
AssetsQ2 2021vs Q2 2020$351.2B$282.6B
LoansQ2 2021vs Q2 2020$103.7B$92.32B
DepositsQ2 2021vs Q2 2020$282.2B$220.7B
Equity CapitalQ2 2021vs Q2 2020$32.00B$29.35B
Loan Loss AllowanceQ2 2021vs Q2 2020$2.12B$2.54B
Unbacked Noncurrent LoansQ2 2021vs Q2 2020$1.87B$2.31B
Real Estate OwnedQ2 2021vs Q2 2020$7.0MM$14.0MM
Rates
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Marcus by Goldman Sachs Savings Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.50%$1$3mOnline Savings Account

Marcus by Goldman Sachs CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.80%$500$1mHigh-yield 5 Year CD
0.80%$500$1mHigh-yield 6 Year CD
0.65%$500$1mHigh-yield 3 Year CD
0.65%$500$1mHigh-yield 4 Year CD
0.55%$500$1mHigh-yield 12 Month CD
0.55%$500$1m18 Month CD
0.55%$500$1mHigh-yield 2 Year CD
0.45%$500$1m7 Month No-Penalty CD
0.35%$500$1m11 Month No-Penalty CD
0.25%$500$1m9 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.