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.
The interest rates are very competitive, and the phone customer service has good availability. The problem is that they recently changed the website to Marcus.com, which has all of these fancy graphics but is actually much more difficult to use than the old gsbank.com. It's not a dealbreaker, but it still sucks that the bank management people don't understand that huge text and fancy graphics don't make the website a better user experience.
I have just about had it with Marcus by Goldman Sachs's outdated and clunky website. It is extremely slow and keeps logging me out a few seconds after logging in each time. Opening a CD online takes forever! Navigating between different screens will make you want to scream! I have better things to do than sit and watch the little "M" and the spinning circle around it for minutes (!) each time I click on a button. This website design and functionality belong to the days of the dial-up modem and should have been revamped a long time ago. I don't have any of these issues with any other bank's website, so I know it is not anything to do with my computer or browser.
I haven't had any problems with Marcus's banking products or customer service but the web experience is a huge negative. Marcus should get its website modernized and responsive or it will lose customers.
Marcus has some competitive rates on occasion, but be prepared for an above average time commitment / hassle moving your money out.
In preparation for pulling a balance out of Marcus following maturity of a Marcus CD, I attempted (twice) to set up a new ACH link between another bank and Marcus. Marcus never showed the micro deposits from the other bank so I was unable to establish this ACH pull link.
I had ACH links at Marcus to other banks, but I was unable to make a transfer online from my Marcus savings account to any of these other previously linked accounts without calling (an error message to call was displayed when selecting my Marcus savings account as my transfer “from” account).
Marcus has failed to close a CD and transfer to external bank account. It's a larger balance, so could not change the maturity plan online, so I was forced to call into the tele-center (makes no sense for an online bank). I called in and placed the maturity instructions to close the CD upon maturity a couple weeks before the maturity date - actually did this twice over the last two weeks before maturity, and they have still failed to process the request and just rolled over the CD, at a much lower rate of course. Do not use this online bank.
|FDIC Certificate #||33124|
|Return on Assets - YTD||0.34%|
|Return on Equity - YTD||3.06%|
|Annual Interest Income||$5.41B|
|Assets and Liabilities|
|Assets||Q4 2020vs Q4 2019||$271.7B$228.8B|
|Loans||Q4 2020vs Q4 2019||$91.03B$83.60B|
|Deposits||Q4 2020vs Q4 2019||$217.3B$168.1B|
|Equity Capital||Q4 2020vs Q4 2019||$30.02B$29.33B|
|Loan Loss Allowance||Q4 2020vs Q4 2019||$2.52B$777.0MM|
|Unbacked Noncurrent Loans||Q4 2020vs Q4 2019||$2.49B$508.0MM|
|Real Estate Owned||Q4 2020vs Q4 2019||$8.0MM$15.0MM|
Always verify rates and promotions with the bank or credit union. We are not Marcus by Goldman Sachs; we are a rate comparison website and cannot provide official rates or promotions.
|APY||MIN||MAX||ACCOUNT NAME||VIEW DETAILS|
|0.50%||-||$3m||Online Savings Account|
|APY||MIN||MAX||ACCOUNT NAME||VIEW DETAILS|
|0.60%||$500||$1m||High-yield 5 Year CD|
|0.60%||$500||$1m||High-yield 6 Year CD|
|0.55%||$500||$1m||High-yield 12 Month CD|
|0.55%||$500||$1m||High-yield 18 Month CD|
|0.55%||$500||$1m||High-yield 2 Year CD|
|0.55%||$500||$1m||High-yield 3 Year CD|
|0.55%||$500||$1m||High-yield 4 Year CD|
|0.45%||$500||$1m||7 Month No-Penalty CD|
|0.35%||$500||$1m||11 Month No-Penalty CD|
|0.25%||$500||$1m||High-yield 9 Month CD|
|0.25%||$500||$1m||13 Month No-Penalty CD|
|0.15%||$500||$1m||High-yield 6 Month CD|
Marcus by Goldman Sachs is an Internet only bank and does not have branch locations. Its headquarters is located at 200 West Street - New York, NY 10282