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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4/6 - 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
1/22 - 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%
12/11/18 - 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
Recent change to Marcus was not a great move
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.
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.
Don't Trust GS Marcus
Good rates on some promotional products. Easy to open a CD account.
Deception (omission of important facts) starts when CD nears maturity and they want to renew at a MUCH lower rate despite dishonest promo emails.
Some CSRs try to be helpful but "back office" people interfere. Get what you can from them but DO NOT TRUST THEM OR EXPECT FAIR TREATMENT ONCE THEY HAVE YOUR MONEY!!!
Marcus At Goldman Sachs
I see by the reviews Marcus is getting that I am not the first person they duped. When one of my CD's matured I contacted them to have them send the money to our Trust. When I didn't hear back from them I called and was told they don't send money to a trust. They have a 7 to 10 working day window in which conveniently corresponds with their 10 day rollover policy. They NEVER contacted me to give me that info and then rolled the money into another CD at a much lower rate. I had to pay what I call a "ransom" to get my money from them, which by the way I'm still waiting to get!
I, like almost all the people who wrote reviews, will NEVER use Goldman Sachs again. There is a lot more to this story regarding a lot of other misinformation along the way that I will spare you the details. I would give them zero stars if it was available.
Data as of Q1 2021
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 33124 |
| Year Established | 1990 |
| Employees | 2469 |
| Primary Regulator | FED |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 1.26% |
| Return on Equity - YTD | 11.68% |
| Annual Interest Income | $1.18B |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q1 2021vs Q1 2020 | $288.6B$254.7B |
| Loans | Q1 2021vs Q1 2020 | $96.84B$103.6B |
| Deposits | Q1 2021vs Q1 2020 | $225.8B$180.2B |
| Equity Capital | Q1 2021vs Q1 2020 | $30.53B$29.52B |
| Loan Loss Allowance | Q1 2021vs Q1 2020 | $2.20B$1.89B |
| Unbacked Noncurrent Loans | Q1 2021vs Q1 2020 | $2.32B$909.0MM |
| Real Estate Owned | Q1 2021vs Q1 2020 | $16.0MM$14.0MM |