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.
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7/28 - Rate Bonus and Special CD for AARP Members at Marcus by Goldman Sachs
7/23 - Marcus Cuts All No Penalty CD Rates
7/23 - Marcus Savings Rate Bonus For AARP Members
6/16 - Huge Marcus Savings Rate Change
6/16 - GS Bank USA Savings Rate Down To 1.05% From 1.30% Today
5/8 - Marcus Slashes Savings To 1.30%
5/7 - .10% Bonus Rate For AARP Members On Marcus High-Yield Online Savings Account
4/30 - 7-Month No-Penalty CD 1.55%
4/18 - Goldman Sachs High-Yield CDs Are Internet Bank Rate Leaders
4/15 - Online Savings Dropped To 1.55%
4/11 - 7-Month No-Penalty CD 1.70%
3/11 - CD RATE CUTS EFFECTIVE 03-11-2020
2/21 - GS Bank Lowers 11 Month and 7 Month No-Penalty CDs
2/1 - Goldman Sachs Bank USA Offers Online Savings Account $100 Bonus
1/22 - Goldman Sachs Bank $100 Saving Bonus For $10,000 New Funds
1/3 - 11 Month No Penalty CD Rate INCREASE To 2.00% APY
11/19 - Marcus Cutting Online Savings Rate From 1.90% To 1.70%
10/19 - 7-MONTH NO-PENALTY CD 2.00%
10/4 - Marcus Cuts 11 & 13 Mo No Penalty Cds By 15 Bps, Savings Rate Down 10 Bps To 1.9% APY
10/4 - Marcus.Com Savings Rate Down To 1.90% APY
9/13 - Marcus Cut No Penalty Cds & 1-6 Yr Cds By 15 Bps
8/27 - Marcus Cutting Online Savings Rate From 2.15% To 2.00%
8/15 - Inverted Yield Curve For No-Penalty Cds
8/9 - Marcus.Com 13-Month No Penalty CD Down 20 Bp From 2.35 To 2.15
7/29 - No-Penalty 13-Month CD 2.35%
7/19 - Goldman Sachs Bank USA Offers Up To $500 Savings Account Bonus
7/16 - Goldman's Marcus Bank Offering 1% Deposit Bonus Up To $500
6/28 - Goldman Sachs Bank USA Cuts Rates Except the 13-Month No-Penalty CD
6/27 - Marcus Cutting Online Savings Rate From 2.25% To 2.15%
3/7 - Goldman Sachs Bank USA Offers $100 Online Savings Account Bonus
3/7 - Marcus (Goldman) $100 Bonus With $10,000 Deposit (2.25% APY)
1/4 - Goldman Sachs Bank USA Ups Rates On Online Savings Account and CDs
1/4 - Marcus(Goldman Sachs) Raises Savings Rate To 2.25%
12/11 - GSB USA Ups Its 1 To 4 Years CDs A Bit
12/11 - 13 Month No Penalty CD 10 Bps Rate Increase To 2.25%
11/27 - Goldman Sachs Brokered Cds: 4 Yrs. 3.45%; 5 Yrs. 3.60%
11/20 - Goldman Sachs 5-Year Brokered CD, 3.60%; 4-Year At 3.45%
10/26 - Goldman Sachs Bank USA Ups Savings Account & Offers No-Penalty CDs
10/26 - Marcus Savings Rate Increases To 2.05%
10/25 - New 2.15% APY 13 Month No Penalty CD
10/12 - Online Savings 1.95% Now
9/19 - Goldman Sachs Bank USA Ups Rate On Savings Account
9/19 - Savings Upped To 1.90% APY
9/4 - Goldman Sachs Bank USA Hikes Rates on Seven High-yield CDs
8/9 - Small Rate Hike on Online Savings Account at Goldman Sachs Bank USA
8/9 - Small Savings Increase AT Goldman Sachs(Marcus)
7/24 - Goldman Sachs Bank USA Increases 12-Month High-Yield CD Rate
7/10 - Goldman Sachs 3-Y. Brokered CD: New Issue, 3.05%
6/26 - Goldman Sachs Bank USA Increases 5-Year High-Yield CD Rate
6/22 - Goldman Sachs Bank USA Hikes Online Savings Account Rate
6/13 - Goldman Sachs Bank USA Ups Seven High-yield CD Rates
5/15 - Goldman Sachs Bank USA Raises Online Savings Account Rate
5/15 - Savings Rate Updated To 1.70%
4/27 - Small Rate Hikes on Five CDs at Goldman Sachs Bank USA
4/16 - Marcus Raises Savings Rate To 1.60%
4/9 - Goldman Sachs Bank USA Hikes Online Savings Account
3/26 - Goldman Sachs Bank USA Hikes Rates on Seven of Its CDs
3/26 - Goldman Sachs Increases 5 Year CD To 2.75% APY
2/14 - Large CD Rate Hikes at Goldman Sachs Bank USA
1/12 - Goldman Sachs Bank USA Hikes Savings Account and CD Rates Again
1/12 - GS Bank/Marcus Ups Savings Rate To 1.5%
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
Great Online Experice Without Limits
If you need/want an online account with good customer experiences, a nice online platform and competitive rates - without limits, Marcus has it. Slightly below the "top tier" of rates but, the lack of "gotchas" and limits on xfers and has superior customer service. If you prefer the "big guys" and still want a better rate and [positive customer service, Marcus Delivers. I NEVER had a problem dealing online or by phone. They won't be THE rate .leader but will remain closer to the top vice sinking to average levels
Terrible Web Experience
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.
CD Renewal Process Is Pitiful
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.
Locked Out Of Account
Marcus is by far the worst financial institution I’ve ever had. I’ve had them for about 2 months now and didn’t have a problem until I tried to transfer money out of the account. They are saying they can’t verify that I own one of my external accounts even though that’s how I funded my account. The transfer I was trying to make wasn’t even to the account they “can’t verify”. They requested I send a statement to them BY MAIL to verify my account. I sent this on Wednesday 8/4/2020 and it should be there by now. It is ridiculous this is the system they are using to verify accounts. Snail mail is not acceptable when you need your money. I can’t be more upset with this financial institution to hold my money for a week during a pandemic when I really need it.
Data as of Q1 2020
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 33124 |
| Year Established | 1990 |
| Employees | 2313 |
| Primary Regulator | FED |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.44% |
| Return on Equity - YTD | 3.64% |
| Annual Interest Income | $1.79B |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q1 2020vs Q1 2019 | $254.7B$195.9B |
| Loans | Q1 2020vs Q1 2019 | $103.5B$76.06B |
| Deposits | Q1 2020vs Q1 2019 | $180.2B$145.1B |
| Equity Capital | Q1 2020vs Q1 2019 | $29.52B$28.13B |
| Loan Loss Allowance | Q1 2020vs Q1 2019 | $1.89B$693.0MM |
| Unbacked Noncurrent Loans | Q1 2020vs Q1 2019 | $909.0MM$289.0MM |
| Real Estate Owned | Q1 2020vs Q1 2019 | $14.0MM$28.0MM |