Marcus by Goldman Sachs

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.

Marcus by Goldman Sachs Brings Back $100 Online Savings Account Bonus - 1/20/2022

Marcus by Goldman Sachs (internet bank) is offering a $100 bonus when depositing $10k of new money in an Online Savings Account, now through February 16, 2022.

$100 Bonus For $10,000 Deposit For New And Existing Savings Accountholders(Additlonal Terms Apply) - 1/19/2022

https://www.marcus.com/us/en/savings/osa-savingsbonus#terms Special Offer: $100 Cash Bonus Get $100 when you deposit $10,000 or more in new funds into a new or existing Online Savings Account. Must deposit within 10 calendar days of enrollment, and maintain at least $10,000 of those new funds, plus your existing balance as of 12 am ET on the day you enrolled, in your account for 90 consecutive days. Enroll by 2/16/22.

Higher Interest Rate For AARP Members - 11/10/2021

If you are a member of AARP, the interest rate for the Online Savings Account will be 0.10% higher than the stated available APY for 24 months. This currently makes it 0.60%. Also, the 8-month No-Penalty CD is 0.55% APY, instead of 0.45% APY.

View all posts from:

2022
2021
2020
Earlier

1/20 - Marcus by Goldman Sachs Brings Back $100 Online Savings Account Bonus
1/19 - $100 Bonus For $10,000 Deposit For New And Existing Savings Accountholders(Additlonal Terms Apply)

11/10 - Higher Interest Rate For AARP Members
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.

11/17 - Marcus "High" Yield Savings Rate Slashed To 0.50% APY
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

Reviews (198)

Overall Experience Has Been Great

Posted by: MarkD1010 | Sep 1, 2021

I opened my savings account in 2017 and have opened 36 CDs since then as well. While it is true that you had to call CS at maturity to change CD terms or balances at one time that functionality is now online. I have spoken to CS a handful of times over the years and have always had a pleasant experience and have had my issues resolved quickly. I find the rates to be competitive and I have no real need to cross shop rates due to my lower balances. I have never had an issue with the website and find it be intuitive and easy to navigate. I would have no issue recommending the services I have used to other people.

Is What It Is - All Banks Suck

Posted by: LucasHood | Jul 1, 2021

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

Posted by: GaryWCarlson | Apr 14, 2021

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.

Comment

Marcus Took My $300K+ Hostage – Long Time Customers Beware!

Posted by: YieldTracker | Oct 26, 2021

I originally opened an account with this bank in Dec 2014 when it was GE Bank & I linked it to my local small town bank account upon opening. The transition from GE Bank to Marcus seemed to go with no problems & everything continued on as usual. This week I purchased a boat & needed to transfer funds to my linked account of 7 years. I proceed to Marcus online system to do a transfer & was unable to do a transfer after several attempts.

I had to call them & after 2 hours on hold with multiple CSR’s they told me my linked account was not verified (after using it for the last 7 years). Not a single person could explain to me how my linked external account that I set up when opening Marcus & has had hundreds of successful ACH transfers over the years, with some in just the last month, would no longer work.

After hours of working CSR’s on the phone they agreed to ACH $50G to my linked bank account, the rest I need to find an alternative such as a wire transfer. Goodbye Marcus, our 7 year relationship is over. If you are a long term customer like me, they see no problem in randomly shutting down your connected account & taking your money hostage, which in my case happen to come when I needed to access it the most.

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Health

Data as of Q3 2021

Learn why bank health matters

Health Grade Components

Overall
FDIC Certificate #	33124
Year Established	1990
Employees	3580
Primary Regulator	FED

Profit Margin
Return on Assets - YTD	1.04%
Return on Equity - YTD	10.16%
Annual Interest Income	$3.79B

Assets and Liabilities
Assets	Q3 2021vs Q3 2020	$387.4B$277.9B
Loans	Q3 2021vs Q3 2020	$119.4B$86.38B
Deposits	Q3 2021vs Q3 2020	$272.2B$218.8B
Equity Capital	Q3 2021vs Q3 2020	$40.20B$29.84B
Loan Loss Allowance	Q3 2021vs Q3 2020	$2.21B$2.37B
Unbacked Noncurrent Loans	Q3 2021vs Q3 2020	$1.55B$2.15B
Real Estate Owned	Q3 2021vs Q3 2020	$9.0MM$13.0MM

APY	MIN	MAX	ACCOUNT NAME
1.00%	$500	$1m	High-yield 5 Year CD
1.00%	$500	$1m	High-yield 6 Year CD
0.80%	$500	$1m	High-yield 4 Year CD
0.75%	$500	$1m	High-yield 3 Year CD
0.70%	$500	$1m	High-yield 2 Year CD
0.55%	$500	$1m	9 Month CD
0.55%	$500	$1m	High-yield 12 Month CD
0.55%	$500	$1m	18 Month CD
0.45%	$500	$1m	7 Month No-Penalty CD
0.35%	$500	$1m	11 Month No-Penalty CD
0.25%	$500	$1m	13 Month No-Penalty CD
0.15%	$500	$1m	High-yield 6 Month CD