Marcus by Goldman Sachs

Overview / Commentary

www.marcus.com

855-730-7283

11850 S. Election Road
Draper, UT 84020

Written by Ali Cybulski, Published 9/30/2024

Marcus by Goldman Sachs is a brand of Goldman Sachs Bank USA and Goldman Sachs & Co. LLC, which are subsidiaries of The Goldman Sachs Group, Inc. This online-only bank offers a high-yield savings account and certificates of deposit (CDs), plus GM-branded credit cards and a variety of financial resources.

The Marcus Online Savings Account pays an annual percentage yield (APY) of 4.4%. You can open an account with no minimum deposit but will need to fund your account within 60 days or the bank may close it. Open an account on the Marcus app in minutes, according to the bank; link other checking or savings accounts, and transfer money into your Marcus savings account. Same-day transfers are available, and you can schedule them online, in the Marcus app or by phone.

Marcus by Goldman Sachs also offers three types of CDs: a high-yield CD, a no-penalty CD and a rate-bump CD. The minimum deposit to open a CD is $500.

The high-yield CD is available in terms from six months to six years, including a 12-month term with an APY of 5.15%. This product also comes with a 10-day rate guarantee: Make the minimum deposit within the first 10 days, and if the rate on your CD goes up during that time, you’ll get the higher rate.

The no-penalty CD earns an APY of 4.70% and comes in 7-, 11- or 13-month terms. As long as your account balance has reached the $500 minimum and your account has been funded for at least seven days, you can withdraw all of your money. No partial withdrawals are allowed, so your account will be closed after you cash out.

The 20-month rate-bump CD offers an APY of 4.40%. How this CD works: If the bank raises the rate, you can switch to the higher rate one time, and you’ll earn that rate until the end of the term with no fee or penalty.

If you have a question or concern about a deposit product, customer service is available 24/7 by phone at 855-730-7283 or by chat. You may also be able to find the answer to your question at the bank’s extensive FAQ page.

Marcus by Goldman Sachs pros and cons

Pros:
• No monthly fees on savings account
• Low minimum deposit for CDs
• 24/7 customer service options

Cons:
• No physical locations
• No checking accounts
• No cash deposits

Marcus Rate Changes as of 10-3-2024 - 10/3/2024

Marcus lowers the rates of all CDs. Marcus rates (APY) as of 10-3-2024 include: Online Savings Account @ 4.25% (no change) 6-month @ 4.30% (was 4.50%) 9-month @ 4.30% (was 4.50%) 12-month @ 4.30% (was 4.50%) 13-month No-Penalty @ 4.20% (was 4.40%) 18-month @ 4.10% (was 4.25%) 2-year @ 3.90% (was 4.00%) 3-year @ 3.90% (was 4.15%) 4-year @ 3.85% (was 4.00%) 5-year @ 3.80% (was 4.00%) 6-year @ 3.75% (was 3.90%) For more information regarding Marcus products see: https://www.marcus.com/us/en/savings/high-yield-savings https://www.marcus.com/us/en/savings/high-yield-cds https://www.marcus.com/us/en/savings/no-penalty-cds https://www.marcus.com/us/en/savings/ratebumpcd

Marcus Drops the Rate of their Online Savings Account to 4.25% - 9/25/2024

As of 9-24-2024, the Marcus Online Savings Account rate falls to 4.25% APY. It was 4.40% APY. https://www.marcus.com/us/en/savings/high-yield-savings

Marcus CD Rate Changes as of 9-19-2024 - 9/20/2024

Marcus lowers the rates of 4 CDs. Marcus CD rates (APY) as of 9-19-2024 include: 6-month @ 4.50% (was 4.60%) 9-month @ 4.50% (was 4.70%) 12-month @ 4.50% (was 4.60%) 13-month No-Penalty @ 4.40% (was 4.50%) 18-month @ 4.25% (no change) 2-year @ 4.00% (no change) 3-year @ 4.15% (no change) 4-year @ 4.00% (no change) 5-year @ 4.00% (no change) 6-year @ 3.90% (no change) For more information regarding all Marcus CDs see: https://www.marcus.com/us/en/savings/high-yield-cds https://www.marcus.com/us/en/savings/no-penalty-cds https://www.marcus.com/us/en/savings/ratebumpcd

View all posts from:

2024
2023
2022
Earlier

12/22 - Savings Account Rate Increases To 4.50% APY
12/14 - Marcus CD Rates As Of 12-13-2023
11/2 - Marcus CD Rates As Of 11-2-2023
10/13 - Marcus CD Rate Changes For 10-13-2023
9/16 - "Here We Go Again: Our Online Savings Account Has A New Rate: 4.40% APY."
9/16 - Marcus Raises Savings Rate To 4.40% APY (5.50% APY with Referral & AARP)
8/31 - Marcus - 08.30.23
8/4 - Marcus By Goldman Sachs' Online Savings Account Creeps Up To 4.30% APY (5.30% with referral bonus).
7/28 - Marcus Rates - 07.27.23
7/1 - Marcus CD Rate Changes For 6-30-2023
5/10 - 4.15% New APY For Marcus Goldman Sachs
5/4 - Marcus $100 Credited To Account On May 4
4/19 - Marcus CD Rate Changes For 4-19-2023
4/17 - Apple Card Savings Account Starts Today 4.15% APY
4/17 - Goldman Targeting Its Apple Card Holders With New 4.15% APY Savings Account
3/28 - 10 Month CD 5.05%
2/15 - Marcus Ups OSA To 3.75%
1/25 - Marcus CD Rate Changes For 1-25-2023
1/20 - Marcus by Goldman Sachs Brings Back $100 Online Savings Bonus for 2023
1/19 - Marcus Online Savings Account – $100 Cash Bonus Offer Terms

12/21 - Marcus Raises Savings Account Rate
11/8 - Marcus CDs (Except 5 Yr And 6 Yr) Break Into "4% Club"
11/8 - Marcus Matches Capital One With Rate Of 3.00% APY
10/28 - Marcus Online Savings Now 2.5% APY
10/26 - Marcus CD Rate Changes As Of 10-26-2022
10/14 - Online Savings To 2.35%
10/7 - Marcus CD Rate Changes As Of 10-7-2022
9/22 - Marcus Rate Increases
9/9 - Marcus Finally Increases OSA To 1.90%
8/25 - Marcus CD Rate Changes As Of 8-24-2022
8/12 - Marcus High-Yield CD Rates As Of 8-12-2022
8/12 - Marcus On Line Savings Rises To 1.70%
7/29 - Marcus Ups Savings To 1.50 And No Penalty To 1.55%
7/1 - 20Bp Increase For Online Savings And NP CD Rates
6/26 - Marcus By GS - 5 Yr & 6 Yr Are @ 2.90%
6/22 - Online Savings And NP CD Rates Increased
6/17 - Marcus By GS Adjusts Rates Up For 4Yr, 5Yr & 6Yr
6/1 - Marcus Ups Rates Again On Savings .85% And NEWP .90%
5/18 - Online Savings Increased To 0.70%
4/22 - Marcus by Goldman Sachs Hikes Online Savings Account and CD Rates
3/11 - Marcus by Goldman Sachs Offers Rate-Leading 10-Month CD
3/11 - 10 Month CD Promotional Rate 1.10%
2/4 - Marcus by Goldman Sachs Increases Rates on Six CDs
1/20 - Marcus by Goldman Sachs Brings Back $100 Online Savings Account Bonus

Reviews (127)

Overall Good Returns (Can Be 5.60), Satisfied In Long Term

Posted by: iPhone | Jan 3, 2024

I have been a client since they started. My honest opinion is that they have issues if you move money a lot, you will have to verify your external accounts on a call and such. Otherwise they are decent. They give free Wire Transfers which hardly any bank gives and their ACH is also pretty fast. I see lot of complaints regarding the low rate but there are ways to fix that if you see below. The other option is to keep opening new accounts with the small banks. They give good rate for a while but then dont keep up and it becomes a pain to keep switching.

For extra 1%, just use this link to open your account.
https://www.marcus.com/share/SAN-PVH-1BHH
You can also get an extra 0.1% with an AARP membership which is pretty cheap.
So the overall rate becomes 5.60 percent which the highest these days for savings accounts. You can create an account here and message me if you have any questions.

Good But Rates Trail Others

Posted by: ionosphere | Mar 28, 2024

Just giving some credit where credit is due. Been with Marcus about 5 years, maybe more. Have had no trouble and no complaints. Their rates aren't stellar, but all else is good. Transfers are quick and games are kept to a minimum.

ESCAPED Marcus Bank Of Goldman Sachs

Posted by: EastmanKodak | Mar 14, 2024

Looking for a professional and reliable bank? Look elsewhere. Marcus is an unbelievable mess.

Here are just the highlights of my experience:

1) Without any notification, Marcus put a hold on my funds. A Treasury Bill that I’d scheduled to purchase was nullified. After calling Marcus to learn why they blocked the U.S. Treasury, I was informed that it was because I’d recently changed address. Had this Treasury Bill purchase gone through a brokerage firm instead of Treasury Direct I would have been slammed with high interest payments on a margin loan until the funding issue was ironed out. If moving to a new address raises doubts, then why not simply phone to clarify any concerns?

2) Without (again) any notification, Marcus put a hold on my funds. A debit to pay my credit card balance was bounced. Had there not been additional days before the balance was due, it would have caused the first late payment in my life, hitting me with a penalty, and damaging my credit score. Also, an ACH withdrawal to an external account was reversed two days after it had successfully been completed. Unfortunately, during the interval, I had transferred those funds elsewhere. This created a large negative balance in the external account which raised legitimate suspicions of fraud by that bank. The reason Marcus gave for putting a hold on my funds was that I had originated the credit card payment from an external financial institution (Marcus does not provide a bill payment service). Yet previously I had debited credit card payments originating from that same account without a hitch. If initiating another withdrawal from that external credit card account raises uncertainties, then why not simply phone to clarify any concerns?

3) Without (again) any notification, Marus reversed an ACH transfer to an external account. The day before Marcus had verified my ownership of this external account through a three-way call to that bank. When I phoned to learn the reason for blocking this funds transfer, I was told a myriad of falsehoods. First that the external account was open less than 90 days. Yet during the three-way call with that bank, it was confirmed that the account was open for more than eight months. Then the excuse was that my Marcus account was less than 90 days old. This was absurd as it’s been open for over a year and a half. The next reason was that I had a deposit on hold, however I pointed out that besides those funds, I had an available balance far above the amount being transferred. Inexplicably, the reply was that once a deposit is on hold, then zero funds are accessible regardless of how long the other past deposits have been sitting in the account as an available balance. These bizarre excuses went on and on. It was like dealing with a relentless sociopath. If transferring funds to a recently linked and verified external account raises questions, then why not simply phone to clarify any concerns?

When I went to file an online complaint with the federal Consumer Financial Protection Bureau, I saw there were close to three thousand complaints lodged against GOLDMAN SACHS BANK USA (i.e. Marcus Bank). I’ve dropped my balance there to $1 and switched to institutions which practice old fashion banking values such as honesty and respect towards the client, competency and assiduity towards the work.

Recommend Them To Family & Friends!

Posted by: kevin503 | Jun 6, 2024

I've had positive experience with Marcus overall! The site and mobile app works great and easy to navigate, At first there was a delay in my funding of accounts but once that was established transfers went quicker within 1-2 business days. I did enjoy the ease of the IRA account option but needed to transfer it out (May'24) to another of my established banks with the IRA product when they discontinued the service. Do take advantage of the extra 1% on your HY Savings with referrals which I've done 4x!

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Health

Data as of Q2 2024

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Health Grade Components

Overall
FDIC Certificate #	33124
Year Established	1990
Employees	3959
Primary Regulator	FED

Profit Margin
Return on Assets - YTD	1.63%
Return on Equity - YTD	15.38%
Annual Interest Income	$16.18B

Assets and Liabilities
Assets	Q2 2024vs Q2 2023	$543.9B$517.1B
Loans	Q2 2024vs Q2 2023	$170.7B$157.2B
Deposits	Q2 2024vs Q2 2023	$373.3B$365.7B
Equity Capital	Q2 2024vs Q2 2023	$59.48B$51.58B
Loan Loss Allowance	Q2 2024vs Q2 2023	$3.91B$4.16B
Unbacked Noncurrent Loans	Q2 2024vs Q2 2023	$3.4B$2.64B
Real Estate Owned	Q2 2024vs Q2 2023	$0$0

APY	MIN	MAX	ACCOUNT NAME
4.30%	$500	$1m	High-yield 6 Month CD
4.30%	$500	$1m	High-yield 9 Month CD
4.30%	$500	$1m	High-yield 12 Month CD
4.20%	$500	$1m	13 Month No-Penalty CD
4.20%	$500	$1m	7 Month No-Penalty CD
4.20%	$500	$1m	11 Month No-Penalty CD
4.20%	$500	$1m	20 Month Rate Bump CD
4.10%	$500	$1m	High-yield 18 Month CD
3.90%	$500	$1m	High-yield 2 Year CD
3.90%	$500	$1m	High-yield 3 Year CD
3.85%	$500	$1m	High-yield 4 Year CD
3.80%	$500	$1m	High-yield 5 Year CD
3.75%	$500	$1m	High-yield 6 Year CD