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.
The interest rates are very competitive, and the phone customer service has good availability. The problem is that they recently changed the website to Marcus.com, which has all of these fancy graphics but is actually much more difficult to use than the old gsbank.com. It's not a dealbreaker, but it still sucks that the bank management people don't understand that huge text and fancy graphics don't make the website a better user experience.
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.
I have been a customer for a few years and I was generally happy until I wanted to wire money out. Either because of poor training or poor controls, but every day there is another reason why they cannot wire my money out. First I was told that I can't use the linked account that was the source of wires in to the Marcus account because they could not (all-of-a-sudden) confirm my ownership. Then, I was told that I could either mail in a statement from the linked account or use any other account other than the linked account. Then, the wire did not work for a different account because, again, they could not confirm ownership. I was next told that they would call the linked account bank to confirm my ownership but I was told that, after multiple attempts, no one would pick up the phone. So, I called and someone picked up immediately. I then gave the Marcus person the contact info of the other bank person. Now, after around 4 days and maybe 6 calls, I am waiting to see if the wire is being executed today. This is extremely frustrating. Previously, a wire took so long that someone at Marcus called me to apologize and gave me $50 for my inconvenience.
|FDIC Certificate #||33124|
|Return on Assets - YTD||1.21%|
|Return on Equity - YTD||8.02%|
|Annual Interest Income||$5.81B|
|Assets and Liabilities|
|Assets||Q4 2018vs Q4 2017||$191.5B$164.5B|
|Loans||Q4 2018vs Q4 2017||$75.98B$59.08B|
|Deposits||Q4 2018vs Q4 2017||$137.5B$115.7B|
|Equity Capital||Q4 2018vs Q4 2017||$27.72B$25.55B|
|Loan Loss Allowance||Q4 2018vs Q4 2017||$617.0MM$354.0MM|
|Unbacked Noncurrent Loans||Q4 2018vs Q4 2017||$410.0MM$293.0MM|
|Real Estate Owned||Q4 2018vs Q4 2017||$26.0MM$24.0MM|
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|APY||MIN||MAX||ACCOUNT NAME||VIEW DETAILS|
|2.25%||-||$1m||High-yield Online Savings Account|
|APY||MIN||MAX||ACCOUNT NAME||VIEW DETAILS|
|3.05%||$500||$1m||High-yield 6 Year CD|
|3.00%||$500||$1m||High-yield 5 Year CD|
|2.75%||$500||$1m||High-yield 4 Year CD|
|2.70%||$500||$1m||High-yield 12 Month CD|
|2.70%||$500||$1m||High-yield 3 Year CD|
|2.65%||$500||$1m||High-yield 2 Year CD|
|2.60%||$500||$1m||High-yield 18 Month CD|
|2.35%||$500||-||13 Month No-Penalty CD|
|2.30%||$500||-||11 Month No-Penalty CD|
|2.25%||$500||-||7 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