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 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.
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.
Received ACH approval and transferred in funds. When I tried to transfer out funds shortly after, they locked me out of my account and said I had to mail in a paper statement of the bank that they had already approved for ACH! Why approve it in the first place! And they won't allow me to e-mail or fax in the paper statement, only regular mail. AND Goldman did not informed of any of this - I had to call and find out why my account was blocked. I really needed the money from the ACH to pay my property taxes, but could not get the money out. Very frustrating - I have dealt with dozens of banks and find this process unprofessional. Also, their website is slow.
|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