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 just redeemed a two year CD and am pleased with my experience.
When I purchased the CD online the application process was flawless. But after reading some of the negative reviews, I was wondering if I would have a problem redeeming the CD when it matured.
I set the option to close the CD and have the funds transferred to my outside bank account.
On the day that the CD matured, the funds were in my account that afternoon.
During my round trip transaction, I did not once have to seek the help of customer service.
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.
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.
I moved all of my savings to Marcus at the end of 2021. Fast forward to April 28th 2022, and I am buying a house and need the money. I called on 04/28 to close the account, went through the verification process, provided my bank details, and was all set. Two days passed and the money was still in my Marcus account, so I called again. I was told that my account hadn't been closed on the 28th, as requested, but they were force closing it on the 30th. They wouldn't give me a reason, they said it was with another department but the money would be returned to the originating bank. I couldn't understand what I was hearing but as long as the money was on its way back, I figured I would be ok. But something wasn't right about the call - they were so vague and the whole attitude of the customer service was off so I called again on May 2nd to be told that it could take 2 - 4 weeks to return my money, and they still wouldn't give me any details, a reason, or a firm deadline. They won't tell me who's handling my case or put me through to anyone who will help. I have filed complaints with the FTC, the FDIC, the CFPB and the BBB trying to get to the bottom of it. I called back today (05/05) and was told that my money may now take up to 6 weeks to be returned. It's getting longer and longer and vaguer and vaguer and there is no one who can help other than the generic customer service rep. I am beside myself. I don't know what to do. I have asked for a manager to call me back, but my next option is to go to the press.
|FDIC Certificate #||33124|
|Return on Assets - YTD||0.83%|
|Return on Equity - YTD||8.77%|
|Annual Interest Income||$1.68B|
|Assets and Liabilities|
|Assets||Q1 2022vs Q1 2021||$474.6B$288.6B|
|Loans||Q1 2022vs Q1 2021||$143.5B$96.84B|
|Deposits||Q1 2022vs Q1 2021||$329.6B$225.8B|
|Equity Capital||Q1 2022vs Q1 2021||$43.86B$30.53B|
|Loan Loss Allowance||Q1 2022vs Q1 2021||$2.97B$2.20B|
|Unbacked Noncurrent Loans||Q1 2022vs Q1 2021||$1.68B$2.32B|
|Real Estate Owned||Q1 2022vs Q1 2021||$0$16.0MM|
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|
|0.70%||-||$3m||Online Savings Account|
|APY||MIN||MAX||ACCOUNT NAME||VIEW DETAILS|
|2.60%||$500||$1m||High-yield 5 Year CD|
|2.60%||$500||$1m||High-yield 6 Year CD|
|2.30%||$500||$1m||High-yield 3 Year CD|
|2.30%||$500||$1m||High-yield 4 Year CD|
|2.10%||$500||$1m||High-yield 2 Year CD|
|1.85%||$500||$1m||18 Month CD|
|1.40%||$500||$1m||High-yield 12 Month CD|
|1.00%||$500||$1m||9 Month CD|
|0.75%||$500||$1m||High-yield 6 Month CD|
|0.75%||$500||$1m||13 Month No-Penalty CD|
|0.45%||$500||$1m||7 Month No-Penalty CD|
|0.35%||$500||$1m||11 Month No-Penalty 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