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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4/15 - Online Savings Dropped To 1.55%
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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%
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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
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11/27 - Goldman Sachs Brokered Cds: 4 Yrs. 3.45%; 5 Yrs. 3.60%
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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)
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5/15 - Goldman Sachs Bank USA Raises Online Savings Account Rate
5/15 - Savings Rate Updated To 1.70%
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4/16 - Marcus Raises Savings Rate To 1.60%
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11/22/17 - GS Bank Being Rebranded To Marcus by Goldman Sachs
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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
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8/18/15 - Savers Could Benefit From Goldman Buy
5 Stars
Its an OK bank with an OK rate. I have no big problems whatsoever. If it were not for their promotions I never would have bothered. First 1% on $50k for 90 days, then $100 on $10,000 for 60 days.
Not notably higher everyday rates.
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.
Transfered Out A Day Too Soon
I did the $10k for a $100 bonus deal but went in to edit my transfer out from one place to two. When I did that, it did not keep the prior date. I called and after a 20 minute hold a rep was supposed to ask a supervisor but we got cut off and he never called me back. I called back weeks later and after a 15 minute hold I got a rep and after another 15 minute hold they told me to pound sand. I wanted them to change the transfer to the next day...instead of the same day.
Anyway, I admit I missed it but its discouraging because I attempted to resolve it when it happened.
I will probably file a BBB complaint over it. Not expecting a positive resolution so I will probably later close my account over it.
Warning--Your Scheduled Transfer May Disappear
On 4/14/20 I scheduled a transfer on their site to occur on 4/23/20. When I checked on 4/24/20 at their site as well as the bank where it was supposed to go, the transfer had not taken place. So I called them (Marcus by Goldman). The representative could not find any record of the transfer being requested. So I provided him the confirm number their site provided me on the last screen when I scheduled the transaction. The person went to check and consult with others and came back with the answer that as far as he and his colleagues know their system does not even provide a confirm number! And it is a 31-digit confirm number that only a computer will cook-up.
It was a large transfer to PSECU add-on CD, and now I think I may have lost my option to add to the CD for ever. Extremely costly for me. Be warned if you ever rely on their transfer service.
The representative was very courteous but there was nothing he could do. He said he will let the higher management know about the issue, but they are not allowed to call back to tell me what, if anything, they found. My scheduled transfer disappeared from their system without leaving any trace. They also do not have any way to check scheduled transactions online, so if you wanted to check a few days later that your scheduled transaction was still there you can't.
Data as of Q4 2019
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 33124 |
| Year Established | 1990 |
| Employees | 2185 |
| Primary Regulator | FED |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.79% |
| Return on Equity - YTD | 5.67% |
| Annual Interest Income | $7.55B |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q4 2019vs Q4 2018 | $228.8B$191.5B |
| Loans | Q4 2019vs Q4 2018 | $83.60B$75.98B |
| Deposits | Q4 2019vs Q4 2018 | $168.1B$137.5B |
| Equity Capital | Q4 2019vs Q4 2018 | $29.33B$27.72B |
| Loan Loss Allowance | Q4 2019vs Q4 2018 | $777.0MM$617.0MM |
| Unbacked Noncurrent Loans | Q4 2019vs Q4 2018 | $508.0MM$410.0MM |
| Real Estate Owned | Q4 2019vs Q4 2018 | $15.0MM$26.0MM |