Marcus by Goldman Sachs

Overview / Commentary
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 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.

Related Posts

Marcus CD Rates as of 4-30-2024 - 4/30/2024

Marcus CD rates (APY) as of 4-30-2024 include: 6-month @ 5.10% (was 4.80%) 9-month @ 5.00% (was 4.90%) 12-month @ 5.00% (was 4.90%) 13-month NP CD @ 4.70% (no change) 18-month @ 4.60% (no change) 2-year @ 4.20% (no change) 3-year @ 4.15% (no change) 4-year @ 4.05% (no change) 5-year @ 4.00% (no change) 6-year @ 3.90% (no change) For more information regarding all Marcus CDs see: (Marcus stopped offering 14-month Promo CDs on 4/17/2024)

Marcus Online Savings Account Dips To 4.40% APY - 4/3/2024

Best to read the Marcus Bank reviews recounting funds unexpectedly being held, accounts surprisingly locked, and unreasonable difficulties in accessing savings.

Marcus CD Rates as of 3-21-2024 - 3/21/2024

Marcus CD rates (APY) as of 3-21-2024 include: 6-month @ 4.80% (was 4.90%) 9-month @ 4.90% (was 5.00%) 12-month @ 4.90% (was 5.00%) 13-month NP CD @ 4.70% (no change) 14-month Promo CD @ 5.00% (was 5.05%) 18-month @ 4.60% (was 4.70%) 2-year @ 4.20% (was 4.30%) 3-year @ 4.15% (no change) 4-year @ 4.05% (no change) 5-year @ 4.00% (no change) 6-year @ 3.90% (was 4.00%) For more information regarding all Marcus CDs see:

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11/10/21 - Higher Interest Rate For AARP Members
9/16/21 - Marcus By Goldman Sachs Referral Bonus
4/6/21 - Promo Cd Good Till May 31St
1/15/21 - $100 Bonus For $10,000 For 90 Days.
11/17/20 - Marcus "High" Yield Savings Rate Slashed To 0.50% APY
9/9/20 - Marcus "High" Yield Savings Rate Slashed To 0.60% APY
9/9/20 - Big Drop This Morning From .80% To .60% APY
8/27/20 - Marcus AARP 8-Month No-Penalty CD Rate Slashed To 0.85%
8/4/20 - Marcus Cuts Savings Rate To .80%
7/23/20 - Marcus Cuts All No Penalty CD Rates
7/23/20 - Marcus Savings Rate Bonus For AARP Members
6/16/20 - Huge Marcus Savings Rate Change
6/16/20 - GS Bank USA Savings Rate Down To 1.05% From 1.30% Today
5/8/20 - Marcus Slashes Savings To 1.30%
5/7/20 - .10% Bonus Rate For AARP Members On Marcus High-Yield Online Savings Account
4/30/20 - 7-Month No-Penalty CD 1.55%
4/15/20 - Online Savings Dropped To 1.55%
4/11/20 - 7-Month No-Penalty CD 1.70%
3/11/20 - CD RATE CUTS EFFECTIVE 03-11-2020
2/21/20 - GS Bank Lowers 11 Month and 7 Month No-Penalty CDs
1/3/20 - 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%
8/9/19 - 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%
7/16/19 - Goldman's Marcus Bank Offering 1% Deposit Bonus Up To $500
6/27/19 - Marcus Cutting Online Savings Rate From 2.25% To 2.15%
3/7/19 - Marcus (Goldman) $100 Bonus With $10,000 Deposit (2.25% APY)
1/4/19 - 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 - 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 - Savings Upped To 1.90% APY
8/9/18 - Small Savings Increase AT Goldman Sachs(Marcus)
7/10/18 - Goldman Sachs 3-Y. Brokered CD: New Issue, 3.05%
5/15/18 - Savings Rate Updated To 1.70%
4/16/18 - Marcus Raises Savings Rate To 1.60%
3/26/18 - Goldman Sachs Increases 5 Year CD To 2.75% APY
1/12/18 - GS Bank/Marcus Ups Savings Rate To 1.5%
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
10/12/17 - GS Bank Savings Rate Is Now 1.3% APY
10/3/17 - Goldman Sachs Increases 1 Yr CD Rate
7/17/16 - GS Bank (USA) Drops 5-Year CD Rate
7/8/16 - 12-Month CD Rate
4/18/16 - GS Bank Acquires GE Capital Bank's Deposit Business
8/18/15 - Savers Could Benefit From Goldman Buy

Reviews (318)

Overall Good Returns (Can Be 5.60), Satisfied In Long Term

Posted by: |

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.

For extra 1%, just use this link to open your account.
You can also get an extra 0.1% with an AARP membership which is pretty cheap.
So the overall rate becomes 5.60 percent which the highest these days for savings accounts. You can create an account here and message me if you have any questions.

Good But Rates Trail Others

Just giving some credit where credit is due. Been with Marcus about 5 years, maybe more. Have had no trouble and no complaints. Their rates aren't stellar, but all else is good. Transfers are quick and games are kept to a minimum.

They Closed My Account At Another Bank! UPDATE

Posted by: |

It seems that you cannot make an ACH transfer from a Marcus account to an external account you haven't already linked to. Effectively this means you can't open a new CD somewhere without opening a savings account there first and then buying the CD at that new bank from your savings account. BUT some banks require "new money" in order to get a good rate for their promotional CDs, so I don't know if you could get that rate once your funds are already in their bank. Also rates are changing fast these days and optimistically it takes a week to open a new savings account, during which time the good rate could be gone. I transferred the funds that Marcus "pulled back" to a savings acct. I have with another bank already linked to MGS and it was fast and smooth as silk. I phoned them for the next two days just to confirm that they weren't going to reverse the transfer. The CSR were very nice this time. MGS could save themselves a lot of bad feedback by clarifying their ACH policies somewhere.

I ordered a transfer of funds from my savings account at Marcus Goldman Sachs another bank to purchase a CD with a good interest rate. I went through the process of verifying test deposits into the Marcus account. Marcus called me the next day . I couldn't answer and I called them back two minutes later. They said they were calling to verify my transfer of funds to the other bank.. I thought this was odd - it has never happened with any other transfer I've made at any other bank. I told them yes, the transfer was legitimate and that I had made it. They said "fine, we'll go ahead". The next day I logged in to myaccount at the new bank and found that the CD that I had purchased with the funds from Marcus had been opened the previous day but then was closed on the next day. No sign of the funds, no explanation I immediately called Marcus and asked them if they knew what was going on. They said that because I didn't answer the phone when they called they decided to "pull the funds back" (their words) even though I confirmed everything with them 2 minutes later. I am outraged that they arbitrarily and without consulting or informing me closed my account at another bank and took the money back to themselves. Surely this can't be legal!?

ESCAPED Marcus Bank Of Goldman Sachs

Looking for a professional and reliable bank? Look elsewhere. Marcus is an unbelievable mess.

Here are just the highlights of my experience:

1) Without any notification, Marcus put a hold on my funds. A Treasury Bill that I’d scheduled to purchase was nullified. After calling Marcus to learn why they blocked the U.S. Treasury, I was informed that it was because I’d recently changed address. Had this Treasury Bill purchase gone through a brokerage firm instead of Treasury Direct I would have been slammed with high interest payments on a margin loan until the funding issue was ironed out. If moving to a new address raises doubts, then why not simply phone to clarify any concerns?

2) Without (again) any notification, Marcus put a hold on my funds. A debit to pay my credit card balance was bounced. Had there not been additional days before the balance was due, it would have caused the first late payment in my life, hitting me with a penalty, and damaging my credit score. Also, an ACH withdrawal to an external account was reversed two days after it had successfully been completed. Unfortunately, during the interval, I had transferred those funds elsewhere. This created a large negative balance in the external account which raised legitimate suspicions of fraud by that bank. The reason Marcus gave for putting a hold on my funds was that I had originated the credit card payment from an external financial institution (Marcus does not provide a bill payment service). Yet previously I had debited credit card payments originating from that same account without a hitch. If initiating another withdrawal from that external credit card account raises uncertainties, then why not simply phone to clarify any concerns?

3) Without (again) any notification, Marus reversed an ACH transfer to an external account. The day before Marcus had verified my ownership of this external account through a three-way call to that bank. When I phoned to learn the reason for blocking this funds transfer, I was told a myriad of falsehoods. First that the external account was open less than 90 days. Yet during the three-way call with that bank, it was confirmed that the account was open for more than eight months. Then the excuse was that my Marcus account was less than 90 days old. This was absurd as it’s been open for over a year and a half. The next reason was that I had a deposit on hold, however I pointed out that besides those funds, I had an available balance far above the amount being transferred. Inexplicably, the reply was that once a deposit is on hold, then zero funds are accessible regardless of how long the other past deposits have been sitting in the account as an available balance. These bizarre excuses went on and on. It was like dealing with a relentless sociopath. If transferring funds to a recently linked and verified external account raises questions, then why not simply phone to clarify any concerns?

When I went to file an online complaint with the federal Consumer Financial Protection Bureau, I saw there were close to three thousand complaints lodged against GOLDMAN SACHS BANK USA (i.e. Marcus Bank). I’ve dropped my balance there to $1 and switched to institutions which practice old fashion banking values such as honesty and respect towards the client, competency and assiduity towards the work.



Health Grade Components

FDIC Certificate #33124
Year Established1990
Primary RegulatorFED
Profit Margin
Return on Assets - YTD1.73%
Return on Equity - YTD16.48%
Annual Interest Income$7.98B
Assets and Liabilities
AssetsQ1 2024vs Q1 2023$549.2B$490.8B
LoansQ1 2024vs Q1 2023$168.2B$157.1B
DepositsQ1 2024vs Q1 2023$380.1B$337.2B
Equity CapitalQ1 2024vs Q1 2023$57.22B$50.38B
Loan Loss AllowanceQ1 2024vs Q1 2023$3.97B$3.81B
Unbacked Noncurrent LoansQ1 2024vs Q1 2023$3.54B$2.53B
Real Estate OwnedQ1 2024vs Q1 2023$0$0
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Marcus by Goldman Sachs Savings Account Rates

4.40%$0$1mOnline Savings Account

Marcus by Goldman Sachs CD Rates

5.10%$500$1mHigh-yield 6 Month CD
5.00%$500$1mHigh-yield 9 Month CD
5.00%$500$1mHigh-yield 12 Month CD
4.70%$500$1m13 Month No-Penalty CD
4.70%$500$1m7 Month No-Penalty CD
4.70%$500$1m11 Month No-Penalty CD
4.60%$500$1mHigh-yield 18 Month CD
4.40%$500$1m20 Month Rate Bump CD
4.20%$500$1mHigh-yield 24 Month CD
4.15%$500$1mHigh-yield 3 Year CD
4.05%$500$1mHigh-yield 4 Year CD
4.00%$500$1mHigh-yield 5 Year CD
3.90%$500$1mHigh-yield 6 Year 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

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