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.
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.
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.
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.
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.
|FDIC Certificate #||33124|
|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|
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|
|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|
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