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 CD Rate Changes For 1-25-2023 - 1/25/2023

Marcus CD rate changes for 1-25-2023 include: 1-year CD @ 4.40% (was 4.30%) 13-month NP CD @ 3.85% (was 3.50%) 18-month CD @ 4.75% (was 4.40%) 2-year CD @ 4.35% (no change) 3-year CD @ 4.00% (no change) 4-year CD @ 4.00% (no change) 5-year CD @ 3.80% (no change) 6-year CD @ 3.70% (no change) To view all Marcus CD rates see: https://www.marcus.com/us/en/savings/high-yield-cds

Marcus by Goldman Sachs Brings Back $100 Online Savings Bonus for 2023 - 1/20/2023

Now through February 15, 2023, Marcus by Goldman Sachs is offering a $100 bonus when depositing $10k or more of new money in a new or existing Online Savings Account.

Marcus Online Savings Account – $100 Cash Bonus Offer Terms - 1/19/2023

https://www.marcus.com/us/en/savings/osa-savingsbonus?prd=os&chl=em&schl=emd&cid=Test_Vanity#terms

View all posts from:

2023
2022
2021
Earlier

1/25 - Marcus CD Rate Changes For 1-25-2023
1/20 - Marcus by Goldman Sachs Brings Back $100 Online Savings Bonus for 2023
1/19 - Marcus Online Savings Account – $100 Cash Bonus Offer Terms

12/21 - Marcus Raises Savings Account Rate
11/8 - Marcus CDs (Except 5 Yr And 6 Yr) Break Into "4% Club"
11/8 - Marcus Matches Capital One With Rate Of 3.00% APY
10/28 - Marcus Online Savings Now 2.5% APY
10/26 - Marcus CD Rate Changes As Of 10-26-2022
10/14 - Online Savings To 2.35%
10/7 - Marcus CD Rate Changes As Of 10-7-2022
9/22 - Marcus Rate Increases
9/9 - Marcus Finally Increases OSA To 1.90%
8/25 - Marcus CD Rate Changes As Of 8-24-2022
8/12 - Marcus High-Yield CD Rates As Of 8-12-2022
8/12 - Marcus On Line Savings Rises To 1.70%
7/29 - Marcus Ups Savings To 1.50 And No Penalty To 1.55%
7/1 - 20Bp Increase For Online Savings And NP CD Rates
6/26 - Marcus By GS - 5 Yr & 6 Yr Are @ 2.90%
6/22 - Online Savings And NP CD Rates Increased
6/17 - Marcus By GS Adjusts Rates Up For 4Yr, 5Yr & 6Yr
6/1 - Marcus Ups Rates Again On Savings .85% And NEWP .90%
5/18 - Online Savings Increased To 0.70%
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

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.

Reviews (238)

Web Portal Is Very Well Designed

Posted by: WillE | Nov 15, 2022

First, not sure what all the negative reviews. Lot's of them have grammatical errors, so maybe their understanding of backing systems is also challenging.

I've wired funds from by credit union several times and the deposit to my Marcus savings account occured the next business day. I was then able to fund new CD accounts via their website and the funds transferred immediately from my Marcus savings to my new Marcus CD.

Website is easy to navigate and I do like the ability to manage your CD maturity plan for each CD right on the website.

Rates are great so I park my money here and every so often I will transfer money to my full service bank with an external transfer I had set up.

Never had to speak to a representative on the phone, just via chat. This bank has worked fine for my needs.

Overall Good Returns 4.40% APY, Satisfied In Long Term

Posted by: bankcookie | Jan 19, 2023

I have been a client since they started. My honest opinion is that they have issues if you move money a lot, you will have to verify your external accounts on a call and such. Otherwise they are decent. They give free Wire Transfers which hardly any bank gives and their ACH is also pretty fast. I see lot of complaints regarding the low rate but there are ways to fix that if you see below. The other option is to keep opening new accounts with the small banks. They give good rate for a while but then dont keep up and it becomes a pain to keep switching.

They are running something for additional hundred dollars if you bring in ten thousand in new money and keep for ninety days. Just google "marcus $100 savings bonus" and you will see lot of results, this site doesnt like links I think.
You can also get an extra one percent in your interest rate if you open the account the way mentioned below.
For the extra 1%, got to "marcus" dot "com", then slash, then "share", then slash, then "SAN", then dash, then "PVH", then dash, then "1BHH"
You can also get an extra point one percent :) with an AARPmembership which is pretty cheap.
So the overall rate becomes four point four zero percent which the highest these days for savings accounts. You can create an account here and message me if you have any questions.

Marcus Similar Experience

Posted by: sandicharles | Sep 15, 2022

I am also a long time customer with Marcus and have had similar issues attempting to transfer funds OUT of Marcus. First an email says that the funds were transferred. Then an alert arrives to call Marcus. This has happened twice. Each time I must spend over 30 minutes on the phone re verifying that I am me, and then listening to an explanation of how the accounts that I verified were not really verified. It is scary that this bank which seemed very customer friendly at first, puts up signficant road blocks when customers try to tranfer money to a different bank. This is NOT a good banking practice. You can report the bank to the Federal Reserve. They have an easy form.

DEPOSITOR BEWARE

Posted by: Gtrucker2023ab | Jan 28, 2023

So I had came across the high yielding savings account 3 days ago. Skeptical, I linked my primary bank account via Plaid continued to fund my account. No problem. I was told because my account is new I'd have to wait a week before the funds became accessible but I'd still be earning interest on the deposit. Completely understand, everything is on the up and up. 2 days pass by & I try to login to check my account, but was told my account was locked & I needed to call customer service. On the phone I was told because of "Verification Issues" the transfer I've made will be reversed to my bank once it clears their own hold which is a week! Not only that but once my account is empty they will force close it. No more details were given & the customer service agent wouldn't transfer me to the specialist she was getting this information from. Very appalling to have my account for virtually no reason benounced to me. More frustrating is the transferring and holding waiting on my own money due to this discord.

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Health

Data as of Q2 2022

Learn why bank health matters

Health Grade Components

Overall
FDIC Certificate #	33124
Year Established	1990
Employees	4908
Primary Regulator	FED

Profit Margin
Return on Assets - YTD	0.68%
Return on Equity - YTD	7.38%
Annual Interest Income	$4.11B

Assets and Liabilities
Assets	Q2 2022vs Q2 2021	$501.9B$351.2B
Loans	Q2 2022vs Q2 2021	$154.6B$103.7B
Deposits	Q2 2022vs Q2 2021	$348.8B$282.2B
Equity Capital	Q2 2022vs Q2 2021	$44.50B$32.00B
Loan Loss Allowance	Q2 2022vs Q2 2021	$3.39B$2.12B
Unbacked Noncurrent Loans	Q2 2022vs Q2 2021	$1.13B$1.87B
Real Estate Owned	Q2 2022vs Q2 2021	$0$7.0MM

APY	MIN	MAX	ACCOUNT NAME
4.75%	$500	$1m	High-yield 18 Month CD
4.40%	$500	$1m	High-yield 12 Month CD
4.35%	$500	$1m	High-yield 2 Year CD
4.35%	$500	-	20 Month Rate Bump CD
4.00%	$500	$1m	High-yield 3 Year CD
4.00%	$500	$1m	High-yield 4 Year CD
3.95%	$500	$1m	High-yield 9 Month CD
3.85%	$500	$1m	13 Month No-Penalty CD
3.80%	$500	$1m	High-yield 5 Year CD
3.75%	$500	$1m	High-yield 6 Month CD
3.70%	$500	$1m	High-yield 6 Year CD
0.45%	$500	$1m	7 Month No-Penalty CD
0.35%	$500	$1m	11 Month No-Penalty CD