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

Goldman Sachs Bank USA Offers Online Savings Account $100 Bonus - 2/1/2020

Goldman Sachs Bank USA is offering a $100 bonus when depositing $10k+ and maintaining it in a new or existing Online Savings Account for 60 days. Offer expires 2/11/2020.

Goldman Sachs Bank $100 Saving Bonus For $10,000 New Funds - 1/22/2020

Just got email from GS Bank on this new bonus.  Enroll by 2/11/2020.  Keep new funds and existing balance for 60 days to get $100. https://www.marcus.com/us/en/savings/osa-savingsbonus-1?prd=os&chl=em&schl=emd&cid=DR20200121&lid=Jan100PromoHeader

11 Month No Penalty CD Rate INCREASE To 2.00% APY - 1/3/2020

Just saw today that Marcus' 11 month NPCD is up to 2.00% APY. 7 months remains at 1.90% and 13 mo. is even less.

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 (164)

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.

No Project Except Opening JOINT Account

Posted by: |

I've used Goldman Sachs Marcus for 3 years and I've not had any major difficulties with savings or CD accounts, EXCEPT for opening a NEW JOINT account.

Even if you have existing joint accounts, in order to open a new joint account online, BOTH account holders have to be available and present to enter their Marcus login information. However, if the 2nd person has a existing Marcus ID, Marcus does not ask for that information. Instead they over-write any existing password. This is not clear from their procedure and I had to call in to verify that this was the case. The net effect of this difficulty is that I've not opened a new joint account since doing the first one because the procedure is convoluted, unclear, and a pain in the butt.

For comparison, Capital One had a procedure where you could just copy all that information from your existing account. Made the process simple.

Not Able To Title With A Living Trust

The online application process was simple, well-designed and easy-to-use. However Marcus by Goldman Sachs is unable to title a savings account or CD with a Living Trust name. I was very surprised since most customers with a sizable account will need that feature. Furthermore they are unable to assign a Living Trust as a Beneficiary (an alternative that would suffice). The second issue (although not a deal breaker) is there is no interface for Quicken and there is no plan to add one. I am hoping that these issues are at least on the future planning board.

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.

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Health
A+

Health Grade Components

Overall
FDIC Certificate #33124
Year Established1990
Employees2127
Primary RegulatorFED
Profit Margin
Return on Assets - YTD0.74%
Return on Equity - YTD5.25%
Annual Interest Income$5.73B
Assets and Liabilities
AssetsQ3 2019vs Q3 2018$211.8B$179.2B
LoansQ3 2019vs Q3 2018$79.26B$71.05B
DepositsQ3 2019vs Q3 2018$149.8B$130.2B
Equity CapitalQ3 2019vs Q3 2018$28.88B$27.03B
Loan Loss AllowanceQ3 2019vs Q3 2018$746.0MM$519.0MM
Unbacked Noncurrent LoansQ3 2019vs Q3 2018$501.0MM$527.0MM
Real Estate OwnedQ3 2019vs Q3 2018$23.0MM$30.0MM
  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.

Goldman Sachs Bank $100 Saving Bonus For $10,000 New Funds

  |  
Just got email from GS Bank on this new bonus.  Enroll by 2/11/2020.  Keep new funds and existing balance for 60 days to get $100.

https://www.marcus.com/us/en/savings/osa-savingsbonus-1?prd=os&chl=em&schl=emd&cid=DR20200121&lid=Jan100PromoHeader

11 Month No Penalty CD Rate INCREASE To 2.00% APY

  |  
Just saw today that Marcus' 11 month NPCD is up to 2.00% APY. 7 months remains at 1.90% and 13 mo. is even less.

Goldman Sachs Bank USA Increases Rates On Five Cds

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The most noteworthy one is the 20 bps rate increase on the 11-month No-Penalty CD. The other four went up only 5 or 10 bps. Nevertheless, it’s a hopeful sign that the worst is over for CD rates.

11 Month No-Penalty CD - 1.90% APY (was 1.70%)
High-yield 12 Month CD - 2.05% APY (was 2.00%)
High-yield 18 Month CD - 2.05% APY (was 2.00%)
High-yield 2 Year CD - 2.10% APY (was 2.00%)
High-yield 3 Year CD - 2.10% APY (was 2.05%)

Rates
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Goldman Sachs Bank USA Savings Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
1.70%-$1mHigh-yield Online Savings Account

Goldman Sachs Bank USA CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
2.30%$500$1mHigh-yield 6 Year CD
2.25%$500$1mHigh-yield 5 Year CD
2.15%$500$1mHigh-yield 12 Month CD
2.10%$500$1mHigh-yield 2 Year CD
2.10%$500$1mHigh-yield 3 Year CD
2.10%$500$1mHigh-yield 4 Year CD
2.05%$500$1mHigh-yield 18 Month CD
2.00%$500$1m11 Month No-Penalty CD
1.90%$500$1m7 Month No-Penalty CD
1.65%$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.