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.
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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
9/16 - Marcus By Goldman Sachs Referral Bonus
4/6 - Promo Cd Good Till May 31St
1/16 - Marcus by Goldman Sachs Offers $100 Savings Account Bonus
1/15 - $100 Bonus For $10,000 For 90 Days.
9/9 - Marcus "High" Yield Savings Rate Slashed To 0.60% APY
9/9 - Big Drop This Morning From .80% To .60% APY
8/27 - Marcus AARP 8-Month No-Penalty CD Rate Slashed To 0.85%
8/4 - Marcus Cuts Savings Rate To .80%
7/28 - Rate Bonus and Special CD for AARP Members at Marcus by Goldman Sachs
7/23 - Marcus Cuts All No Penalty CD Rates
7/23 - Marcus Savings Rate Bonus For AARP Members
6/16 - Huge Marcus Savings Rate Change
6/16 - GS Bank USA Savings Rate Down To 1.05% From 1.30% Today
5/8 - Marcus Slashes Savings To 1.30%
5/7 - .10% Bonus Rate For AARP Members On Marcus High-Yield Online Savings Account
4/30 - 7-Month No-Penalty CD 1.55%
4/18 - Goldman Sachs High-Yield CDs Are Internet Bank Rate Leaders
4/15 - Online Savings Dropped To 1.55%
4/11 - 7-Month No-Penalty CD 1.70%
3/11 - CD RATE CUTS EFFECTIVE 03-11-2020
2/21 - GS Bank Lowers 11 Month and 7 Month No-Penalty CDs
2/1 - Goldman Sachs Bank USA Offers Online Savings Account $100 Bonus
1/3 - 11 Month No Penalty CD Rate INCREASE To 2.00% APY
11/19/19 - Marcus Cutting Online Savings Rate From 1.90% To 1.70%
10/19/19 - 7-MONTH NO-PENALTY CD 2.00%
10/4/19 - Marcus Cuts 11 & 13 Mo No Penalty Cds By 15 Bps, Savings Rate Down 10 Bps To 1.9% APY
10/4/19 - Marcus.Com Savings Rate Down To 1.90% APY
9/13/19 - Marcus Cut No Penalty Cds & 1-6 Yr Cds By 15 Bps
8/27/19 - Marcus Cutting Online Savings Rate From 2.15% To 2.00%
8/15/19 - Inverted Yield Curve For No-Penalty Cds
8/9/19 - Marcus.Com 13-Month No Penalty CD Down 20 Bp From 2.35 To 2.15
7/29/19 - No-Penalty 13-Month CD 2.35%
7/19/19 - Goldman Sachs Bank USA Offers Up To $500 Savings Account Bonus
7/16/19 - Goldman's Marcus Bank Offering 1% Deposit Bonus Up To $500
6/28/19 - Goldman Sachs Bank USA Cuts Rates Except the 13-Month No-Penalty CD
6/27/19 - Marcus Cutting Online Savings Rate From 2.25% To 2.15%
3/7/19 - Goldman Sachs Bank USA Offers $100 Online Savings Account Bonus
3/7/19 - Marcus (Goldman) $100 Bonus With $10,000 Deposit (2.25% APY)
1/4/19 - Goldman Sachs Bank USA Ups Rates On Online Savings Account and CDs
1/4/19 - Marcus(Goldman Sachs) Raises Savings Rate To 2.25%
12/11/18 - Goldman Sachs Bank USA Ups Rates on No-Penalty and High-yield CDs
12/11/18 - GSB USA Ups Its 1 To 4 Years CDs A Bit
12/11/18 - 13 Month No Penalty CD 10 Bps Rate Increase To 2.25%
11/27/18 - Goldman Sachs Brokered Cds: 4 Yrs. 3.45%; 5 Yrs. 3.60%
11/20/18 - Goldman Sachs 5-Year Brokered CD, 3.60%; 4-Year At 3.45%
10/26/18 - Goldman Sachs Bank USA Ups Savings Account & Offers No-Penalty CDs
10/26/18 - Marcus Savings Rate Increases To 2.05%
10/25/18 - New 2.15% APY 13 Month No Penalty CD
10/12/18 - Online Savings 1.95% Now
9/19/18 - Goldman Sachs Bank USA Ups Rate On Savings Account
9/19/18 - Savings Upped To 1.90% APY
9/4/18 - Goldman Sachs Bank USA Hikes Rates on Seven High-yield CDs
8/9/18 - Small Rate Hike on Online Savings Account at Goldman Sachs Bank USA
8/9/18 - Small Savings Increase AT Goldman Sachs(Marcus)
7/24/18 - Goldman Sachs Bank USA Increases 12-Month High-Yield CD Rate
7/10/18 - Goldman Sachs 3-Y. Brokered CD: New Issue, 3.05%
6/26/18 - Goldman Sachs Bank USA Increases 5-Year High-Yield CD Rate
6/22/18 - Goldman Sachs Bank USA Hikes Online Savings Account Rate
6/13/18 - Goldman Sachs Bank USA Ups Seven High-yield CD Rates
5/15/18 - Goldman Sachs Bank USA Raises Online Savings Account Rate
5/15/18 - Savings Rate Updated To 1.70%
4/27/18 - Small Rate Hikes on Five CDs at Goldman Sachs Bank USA
4/16/18 - Marcus Raises Savings Rate To 1.60%
4/9/18 - Goldman Sachs Bank USA Hikes Online Savings Account
3/26/18 - Goldman Sachs Bank USA Hikes Rates on Seven of Its CDs
3/26/18 - Goldman Sachs Increases 5 Year CD To 2.75% APY
2/14/18 - Large CD Rate Hikes at Goldman Sachs Bank USA
1/12/18 - Goldman Sachs Bank USA Hikes Savings Account and CD Rates Again
1/12/18 - GS Bank/Marcus Ups Savings Rate To 1.5%
12/28/17 - Savings Account and CD Rate Hikes at Goldman Sachs Bank USA
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
Trouble Free Experience
I just redeemed a two year CD and am pleased with my experience.
When I purchased the CD online the application process was flawless. But after reading some of the negative reviews, I was wondering if I would have a problem redeeming the CD when it matured.
I set the option to close the CD and have the funds transferred to my outside bank account.
On the day that the CD matured, the funds were in my account that afternoon.
During my round trip transaction, I did not once have to seek the help of customer service.
Is What It Is - All Banks Suck
Most people I see with issues are lazy. All banks suck, but this is money - you need to pay attention and use caution. Example - the $100 bonus for $10K deposit - scheduled in, waited, and did not transfer out for an extra 10 days beyond the required date - no problems. Got the bonus. With CDs, watched the maturity date, set them to close instead of a rollover, and had no issues with funds. Can't comment on customer service because in 2+ years, have not needed to talk with them. It's an online bank. These are process-driven. Show caution and extra care and there should be no problems.
Long and short, manage your money. Don't leave it up to someone else.
I have had no issues with transfers in or out and have found Marcus to actually be a little faster than some others, especially for clearing the transfers.
Their schedule transfers and how they display are a little flakey, but I have been able to deal with it. I have also found it is better to cancel a schedule and set up a new one instead of trying to edit future transfers.
I have had 3 CDs with them in the past, currently, just use them for the high-interest savings product. Frankly, with interest rates so low, I really don't see a benefit to have CD products. It was one thing if you were locking in 3 yrs ago,. but today, if you are not getting half to a full point better on interest, it is better to have the flexibility with your money.
The website is decent, and I have never had an issue with interest calculations or amounts.
No Good For Seniors With A Family Trust
I opened a Marcus savings account a couple weeks ago to improve interest rate on my savings. The website and overall opening experience were ok. Unfortunately there is a big hidden deficiency in their accounts. We have a family trust and my other accounts, Ally, Amex, and CapitalOne all let us name our trust as the pay-on-death beneficiary. I figured Marcus would be the same.
After I got some money moved into Marcus I tried to set up the trust as beneficiary but they only accept individuals as beneficiaries. Deal breaker.
I'm going to have to undo hours of work, move my money back where it was and close the account.
Disgusting Business Practices
I moved all of my savings to Marcus at the end of 2021. Fast forward to April 28th 2022, and I am buying a house and need the money. I called on 04/28 to close the account, went through the verification process, provided my bank details, and was all set. Two days passed and the money was still in my Marcus account, so I called again. I was told that my account hadn't been closed on the 28th, as requested, but they were force closing it on the 30th. They wouldn't give me a reason, they said it was with another department but the money would be returned to the originating bank. I couldn't understand what I was hearing but as long as the money was on its way back, I figured I would be ok. But something wasn't right about the call - they were so vague and the whole attitude of the customer service was off so I called again on May 2nd to be told that it could take 2 - 4 weeks to return my money, and they still wouldn't give me any details, a reason, or a firm deadline. They won't tell me who's handling my case or put me through to anyone who will help. I have filed complaints with the FTC, the FDIC, the CFPB and the BBB trying to get to the bottom of it. I called back today (05/05) and was told that my money may now take up to 6 weeks to be returned. It's getting longer and longer and vaguer and vaguer and there is no one who can help other than the generic customer service rep. I am beside myself. I don't know what to do. I have asked for a manager to call me back, but my next option is to go to the press.
Data as of Q1 2022
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 33124 |
| Year Established | 1990 |
| Employees | 4801 |
| Primary Regulator | FED |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.83% |
| Return on Equity - YTD | 8.77% |
| Annual Interest Income | $1.68B |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q1 2022vs Q1 2021 | $474.6B$288.6B |
| Loans | Q1 2022vs Q1 2021 | $143.5B$96.84B |
| Deposits | Q1 2022vs Q1 2021 | $329.6B$225.8B |
| Equity Capital | Q1 2022vs Q1 2021 | $43.86B$30.53B |
| Loan Loss Allowance | Q1 2022vs Q1 2021 | $2.97B$2.20B |
| Unbacked Noncurrent Loans | Q1 2022vs Q1 2021 | $1.68B$2.32B |
| Real Estate Owned | Q1 2022vs Q1 2021 | $0$16.0MM |