2. Goldman Sachs Bank USA

Goldman Sachs Bank USA


Overview / Commentary
www.marcus.com
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 Cut No Penalty Cds & 1-6 Yr Cds By 15 Bps - 9/13/2019

I expected rates to drop by next week which they did today by 15 bps for Marcus 7,11,13 month No Penalty CDs (& their 1-6 yr CDs which don't interest me due to higher EWPs relative to Ally) so I opened many mostly longest term No Penalty CDs yesterday to fund within the 10 day best rate guarantee.  Marcus No Penalty CD rates requiring only $500 minimum are still better than Ally Bank except at >=$25,000 @ 11 month by 5 bps (this could be down again by next week following Fed meeting-forecasting https://www.ally.com/bank/cd-rates/).  At least Marcus Savings rate didn't yet see another cut.  Any other No Penalty CDs people want to share (ideally with online instant closing+transfers to Savings)? https://www.marcus.com/us/en/savings  https://www.marcus.com/us/en/savings/no-penalty-cds  Savi

Marcus Cutting Online Savings Rate From 2.15% To 2.00% - 8/27/2019

I hate to be the bearer of bad Marcus news for the second time in a row, but I just noticed that the rate dropped to 2%. Terrific.

Inverted Yield Curve For No-Penalty Cds - 8/15/2019

For about a week now Marcus Bank (Goldman Sachs) has created its own little yield curve inversion in the rates it offers on no-penalty CDs. For 7 month term the APY is 2.25%; for 11 month term the APY is 2.20; for 13 month term the APY is 2.15. This is a small inversion, but a big conceptual shift. Note how the Dow dropped 800 points on Wednesday mostly in response to a much smaller inversion between 10-year vs. 2-year Treasuries. I wonder whether other banks will follow Marcus' lead, en route to a future of negative interest rates like in Europe.

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 (156)

Blocked My Savings Account - But Released Within A Day

Posted by: brightstar | Aug 1, 2019

I had been a customer for the past 6 years. I made a transfer to my own external bank account. They promptly debited from my account, but even after 4 days it was not delivered to my destination account. They now have locked me out from online access and they have to verify my external accounts. 3 calls so far each 20~25 mins with no resolution so far. The only answer, someone is working on my case and will reach out in 24~48 hours. I am revising my feedback as they did correct the issue in about 30 hours. and hence revising my review.

6

CD Renewal Process Is Pitiful

Posted by: carly | Apr 22, 2019

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.

23

Marcus SHMARCUS.

Posted by: WheelinDealin | Dec 13, 2017

GS Bank was great. SInce the rebranding to Marcus the online banking experience has gone downhill. The website is just plain awful. It's tedious to navigate and slow. Hopefully Marcus execs read the complaints and make changes PRONTO.

68

Blocked My Outgoing ACH Transfer

Posted by: AustinPublicSpy | Jul 24, 2019

Demanded a paper document be mailed to them proving I actually owned the originating account. My argument was that if I didn't actually own the originating account how was I able to fund this Marcus account? So I had to jump through unreasonable hoops just to ACH my money out of this institution of insanity. It's like when you go fishing and a crawfish gets on your bait and won't let go. Don't cast your line into these muddy waters.

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Health
A+

Data as of Q2 2019

Learn why bank health matters

Health Grade Components

Overall
FDIC Certificate #33124
Year Established1990
Employees1931
Primary RegulatorFED
Profit Margin
Return on Assets - YTD0.82%
Return on Equity - YTD5.69%
Annual Interest Income$3.71B
Assets and Liabilities
AssetsQ2 2019vs Q2 2018$200.1B$177.5B
LoansQ2 2019vs Q2 2018$77.02B$69.33B
DepositsQ2 2019vs Q2 2018$140B$127.7B
Equity CapitalQ2 2019vs Q2 2018$28.55B$26.57B
Loan Loss AllowanceQ2 2019vs Q2 2018$720.0MM$412.0MM
Unbacked Noncurrent LoansQ2 2019vs Q2 2018$308.0MM$392.0MM
Real Estate OwnedQ2 2019vs Q2 2018$15.0MM$23.0MM
  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 Cut No Penalty Cds & 1-6 Yr Cds By 15 Bps

InterestYields   |  
I expected rates to drop by next week which they did today by 15 bps for Marcus 7,11,13 month No Penalty CDs (& their 1-6 yr CDs which don't interest me due to higher EWPs relative to Ally) so I opened many mostly longest term No Penalty CDs yesterday to fund within the 10 day best rate guarantee.  Marcus No Penalty CD rates requiring only $500 minimum are still better than Ally Bank except at >=$25,000 @ 11 month by 5 bps (this could be down again by next week following Fed meeting-forecasting https://www.ally.com/bank/cd-rates/).  At least Marcus Savings rate didn't yet see another cut.  Any other No Penalty CDs people want to share (ideally with online instant closing+transfers to Savings)?

https://www.marcus.com/us/en/savings 
https://www.marcus.com/us/en/savings/no-penalty-cds 
Savings rate 2% APY
7 month NP CD:  2.1% APY (previously 2.25%)
11 month NP CD:  2.05% APY (previously 2.2%)
13 month NP CD:  2% APY (previously 2.15%)
7

Marcus Cutting Online Savings Rate From 2.15% To 2.00%

NTPanaccio   |  
I hate to be the bearer of bad Marcus news for the second time in a row, but I just noticed that the rate dropped to 2%. Terrific.
9

Inverted Yield Curve For No-Penalty Cds

pua   |  
For about a week now Marcus Bank (Goldman Sachs) has created its own little yield curve inversion in the rates it offers on no-penalty CDs. For 7 month term the APY is 2.25%; for 11 month term the APY is 2.20; for 13 month term the APY is 2.15. This is a small inversion, but a big conceptual shift. Note how the Dow dropped 800 points on Wednesday mostly in response to a much smaller inversion between 10-year vs. 2-year Treasuries. I wonder whether other banks will follow Marcus' lead, en route to a future of negative interest rates like in Europe.
6

Marcus.Com 13-Month No Penalty CD Down 20 Bp From 2.35 To 2.15

Buckpasser   |  
Goldman Sachs lowered its 13 month NPCD from 2.35 APY to 2.15 APY today.

As an example of their sterling customer service, I opened one up last night, when their website still said 2.35 and instructed GS to fund it via ACH from one of my external accounts. However, because I did all of this about 15-20 minutes after the 6 pm close of their business hours, they did not post the transaction until this morning, and the posted rate was 2.15, not the 2.35 shown on their website when I opened the account (and there was no indication at any time during the application process that the rate might change). I called this morning, fully expecting the bank would honor the 2.35 rate that was advertised when I opened the account. But, the CSR said no, I'm stuck with the 2.15. Needless to say, I will be closing this account when the 7 days expire, and I will be withdrawing all my funds from my online savings account once I get the 1% promotion funds in about 3 months. Shoddy business practice.
9

No-Penalty 13-Month CD 2.35%

IvoryMale   |  
Remember the Federal Reserve will be cutting rates: Wednesday July 31st 2019
5

Goldman's Marcus Bank Offering 1% Deposit Bonus Up To $500

MAKNYC   |  
Deposit $1,000 or more in new funds into a new or existing account within 10 business days of enrollment in the offer, maintain your balance at enrollment plus the new funds for 90 days, and we’ll give you a 1% cash bonus up to $500. Current interest rate is 2.15% and likely to drop during the mandatory holding period. MUST ENROLL IN OFFER PRIOR TO DEPOSITING FUNDS.

Perhaps this is a consequence of the preemptive rate reductions by Marcus and its competition.

https://www.marcus.com/us/en/savings/cashbonus?prd=o
17

Marcus Cutting Online Savings Rate From 2.25% To 2.15%

NTPanaccio   |  
Nothing public on Marcus’s site, but many of us received emails stating that the savings rate would be dropping to 2.15% tomorrow.
12

Rates
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Always verify rates and promotions with the bank or credit union. We are not Goldman Sachs Bank USA; we are a rate comparison website and cannot provide official rates or promotions.

Goldman Sachs Bank USA Savings Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
2.00%-$1mHigh-yield Online Savings Account

Goldman Sachs Bank USA CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
2.50%$500$1mHigh-yield 6 Year CD
2.45%$500$1mHigh-yield 5 Year CD
2.40%$500$1mHigh-yield 4 Year CD
2.35%$500$1mHigh-yield 3 Year CD
2.30%$500$1mHigh-yield 2 Year CD
2.25%$500$1mHigh-yield 12 Month CD
2.25%$500$1mHigh-yield 18 Month CD
2.10%$500$1m7 Month No-Penalty CD
2.05%$500$1m11 Month No-Penalty CD
2.00%$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.