Goldman Sachs Bank USA


Overview / Commentary
212-902-1000
200 West Street
New York, NY 10282

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.

Related Posts

Marcus Slashes Savings To 1.30% - 5/8/2020

Marcus by Goldman Sachs reduced it's savings rate again today, lowering it to 1.30% from it's previous 1.55%. CD rates currently appear to be unaffected, including the 7 Month No Penalty CD currently at 1.55%. I anticipate these will follow suit in the near future.

.10% Bonus Rate For AARP Members On Marcus High-Yield Online Savings Account - 5/7/2020

Register for AARP member .10% bonus rate, good for 24 months, on Marcus Online Savings Account. Current rate is 1.55% ==> 1.65%. Every little bit helps. https://www.marcus.com/us/en/savings/aarp-rate-bonus H/t: Doc of Credit

7-Month No-Penalty CD 1.55% - 4/30/2020

Please remember with rates dropping this rate can change at at anytime!

View all posts from:

12/11 - Goldman Sachs Bank USA Ups Rates on No-Penalty and High-yield CDs
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%

Reviews (168)

5 Stars

Posted by: |

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

Posted by: |

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

Posted by: |

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.

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Health
A+

Health Grade Components

Overall
FDIC Certificate #33124
Year Established1990
Employees2185
Primary RegulatorFED
Profit Margin
Return on Assets - YTD0.79%
Return on Equity - YTD5.67%
Annual Interest Income$7.55B
Assets and Liabilities
AssetsQ4 2019vs Q4 2018$228.8B$191.5B
LoansQ4 2019vs Q4 2018$83.60B$75.98B
DepositsQ4 2019vs Q4 2018$168.1B$137.5B
Equity CapitalQ4 2019vs Q4 2018$29.33B$27.72B
Loan Loss AllowanceQ4 2019vs Q4 2018$777.0MM$617.0MM
Unbacked Noncurrent LoansQ4 2019vs Q4 2018$508.0MM$410.0MM
Real Estate OwnedQ4 2019vs Q4 2018$15.0MM$26.0MM
  User-submitted Promotions & Notices

This section lists recent deals, promotions and rate changes submitted by our community within the past 90 days. Always verify official rates and promotions with the bank or credit union.

Marcus Slashes Savings To 1.30%

  |  
Marcus by Goldman Sachs reduced it's savings rate again today, lowering it to 1.30% from it's previous 1.55%. CD rates currently appear to be unaffected, including the 7 Month No Penalty CD currently at 1.55%. I anticipate these will follow suit in the near future.

.10% Bonus Rate For AARP Members On Marcus High-Yield Online Savings Account

  |  
Register for AARP member .10% bonus rate, good for 24 months, on Marcus Online Savings Account.
Current rate is 1.55% ==> 1.65%. Every little bit helps.

https://www.marcus.com/us/en/savings/aarp-rate-bonus

H/t: Doc of Credit

7-Month No-Penalty CD 1.55%

  |  
Please remember with rates dropping this rate can change at at anytime!

Online Savings Dropped To 1.55%

  |  
Logged in and it's showing the new rate (from 1.70%). I don't think I received an email about the decrease.

7-Month No-Penalty CD 1.70%

  |  
7-Month No-Penalty CD 1.70%
Minimum deposit: $500
Early withdrawal penalty: ZERO
Annual Percentage Yield as of April 11, 2020 subject to change anytime.

CD RATE CUTS EFFECTIVE 03-11-2020

  |  
07 Month No-Penalty CD
1.70%
11 Month No-Penalty CD
1.60%
13 Month No-Penalty CD
1.50%
High-Yield CD 12 Month Rate 1.85%

Rates
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Goldman Sachs Bank USA Savings Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
1.30%-$3mHigh-yield Online Savings Account

Goldman Sachs Bank USA CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
1.35%$500$1mHigh-yield 5 Year CD
1.35%$500$1mHigh-yield 6 Year CD
1.30%$500$1mHigh-yield 12 Month CD
1.30%$500$1mHigh-yield 18 Month CD
1.30%$500$1mHigh-yield 2 Year CD
1.30%$500$1mHigh-yield 3 Year CD
1.30%$500$1mHigh-yield 4 Year CD
1.20%$500$1m7 Month No-Penalty CD
1.10%$500$1m11 Month No-Penalty CD
1.00%$500$1m13 Month No-Penalty CD
0.70%$500$1mHigh-yield 9 Month CD
0.60%$500$1mHigh-yield 6 Month CD
Locations

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

The financial institution, product, and APY (Annual Percentage Yield) data displayed on this website is gathered from various sources and may not reflect all of the offers available in your region. Although we strive to provide the most accurate data possible, we cannot guarantee its accuracy. The content displayed is for general information purposes only; always verify account details and availability with the financial institution before opening an account. Contact [email protected] to report inaccurate info or to request offers be included in this website. We are not affiliated with the financial institutions included in this website.