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
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%
8/15 - Inverted Yield Curve For No-Penalty Cds
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
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%
12/28/17 - GS Bank Ups Its Online Saving To 1.4% From 1.3% APY Today
12/28/17 - 5 Yr CD Rate Increase
11/22/17 - GS Bank Being Rebranded To Marcus by Goldman Sachs
10/12/17 - GS Bank Increases Online Savings Account Rate
10/12/17 - GS Bank Savings Rate Is Now 1.3% APY
10/3/17 - Goldman Sachs Increases 1 Yr CD Rate
10/3/17 - GS Bank Ups Rates on Four CDs
8/31/17 - GS Bank Ups CD Rates with Largest Gains on Long-Term CDs
8/31/17 - Increases In CD Rates
6/7/17 - GS Bank’s First Rate Increase of Its Online Savings Account
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
7/8/16 - 12-Month CD Rate
4/19/16 - GS Bank - the New Internet Bank from Goldman Sachs
4/18/16 - GS Bank Acquires GE Capital Bank's Deposit Business
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.
No Project Except Opening JOINT Account
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
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.
Data as of Q3 2019
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 33124 |
| Year Established | 1990 |
| Employees | 2127 |
| Primary Regulator | FED |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.74% |
| Return on Equity - YTD | 5.25% |
| Annual Interest Income | $5.73B |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q3 2019vs Q3 2018 | $211.8B$179.2B |
| Loans | Q3 2019vs Q3 2018 | $79.26B$71.05B |
| Deposits | Q3 2019vs Q3 2018 | $149.8B$130.2B |
| Equity Capital | Q3 2019vs Q3 2018 | $28.88B$27.03B |
| Loan Loss Allowance | Q3 2019vs Q3 2018 | $746.0MM$519.0MM |
| Unbacked Noncurrent Loans | Q3 2019vs Q3 2018 | $501.0MM$527.0MM |
| Real Estate Owned | Q3 2019vs Q3 2018 | $23.0MM$30.0MM |