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.

4.15% New APY For Marcus Goldman Sachs - 5/10/2023

The rate went up. Just received email

Marcus Bank Hikes Online Savings Account To 4.15% APY (5.15% With Referral) - 5/9/2023

Marcus Bank by Goldman Sachs Online Savings Account ~ 5.15% APY 4.15% Savings APY + 1.00% Referral Bonus 5.15% For at least 3 months Here's a link to a referral code: https://www.marcus.com/share/ELI-Z7F-FMGH No minimum deposit and no fees. No limit to the number of withdrawals or transfers you can make from your Online Savings Account. ACH transfers of $1,000,000 or less made through Marcus by 12 pm ET on a business day, will be transferred to/from other banks by 5 pm ET that same day (All transfers are subject to conditions that may delay funds). Interest is compounded daily and credited monthly to your account. To add or remove a beneficiary, log in to your account and select “Manage beneficiaries.” You can also give us a call, 24 hours a day / 7 days a week, to add or remove a beneficiary. Online Savings

Marcus $100 Credited To Account On May 4 - 5/4/2023

Account shows bonus applied $100

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2023
2022
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Earlier

5/10 - 4.15% New APY For Marcus Goldman Sachs
5/9 - Marcus Bank Hikes Online Savings Account To 4.15% APY (5.15% With Referral)
5/4 - Marcus $100 Credited To Account On May 4
4/19 - Marcus CD Rate Changes For 4-19-2023
4/17 - Apple Card Savings Account Starts Today 4.15% APY
4/17 - Goldman Targeting Its Apple Card Holders With New 4.15% APY Savings Account
4/14 - Marcus By Goldman Sachs Ups Its Online Savings Rate To 3.90% APY (4.90% APY With Referral).
3/28 - 10 Month CD 5.05%
2/15 - Marcus Ups OSA To 3.75%
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 (262)

No Problems Here

Posted by: SpanishPeanut | May 14, 2023

Hola,
Not sure why the negative reviews. No bank can steal money, they would not be FDIC insured. I am guessing you might have a loan with them and you are not repaying that loan as contracted there might be terms and conditions to hold your money. Think people think.

Comment

Overall OK

Posted by: Roadking765 | Mar 2, 2023

Been using Marcus high yield savings for a couple of years with no major complaints. When I transfer money out of account via ACH to my BOA checking account the transaction is always done in no more than 1 business day. Only issue occurs when using online site and trying to transfer out more than $125,000 in one transaction...then the questions begin .Heard they might be changing their limits for withdrawals in the future.

Marcus Withdrawals

Posted by: Savings223 | Apr 1, 2023

I requested a $350 transfer to my local bank. There was a pop-up form asking me why I was withdrawing this money. Mostly something annoying on their website. I'm putting money into Vanguard now and no more money goes into Marcus.

Comment

Trouble Transferring Funds To Linked Account

Posted by: al15 | Apr 11, 2023

I’ve had an account with Marcus bank for several years now and had no complaints with the bank until recently. A few weeks ago, I initiated a transfer to a linked account at another bank that was well below the daily limit. Later that day, my husband received a phone call about the transfer. The CSR claimed that they wanted to make sure that he authorized the transfer, which is odd since it is a joint account. The next day, I logged into the account to make sure that the transfer went through and saw that Marcus had reversed the transfer. I talked to a CSR on chat and another one via phone and both of them told me that they couldn’t talk with me about the transfer. They could only talk to my husband about it. Since this is a joint account and they had already talked to my husband the day before about this same transfer, this made absolutely no sense to me. My husband wasn’t around at the time so I demanded to talk to a supervisor. The supervisor claimed that the transfer was reversed because they needed to do a 3 way call with our bank to verify that the account was ours. If this is true, why didn’t they tell my husband about this the day before when they called him about the transfer and why is a verification phone call needed when test deposits had already been verified to prove ownership of our account? After the supervisor talked with our bank, they finally approved the transfer and the funds hit our external bank the next day. Total time wasted while chatting with Marcus about this transfer was approximately 2 hours. I don’t trust Marcus after this so I plan on closing the account soon.

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Health

Data as of Q1 2023

Learn why bank health matters

Health Grade Components

Overall
FDIC Certificate #	33124
Year Established	1990
Employees	4896
Primary Regulator	FED

Profit Margin
Return on Assets - YTD	1.35%
Return on Equity - YTD	13.41%
Annual Interest Income	$6.51B

Assets and Liabilities
Assets	Q1 2023vs Q1 2022	$490.8B$474.6B
Loans	Q1 2023vs Q1 2022	$157.1B$143.5B
Deposits	Q1 2023vs Q1 2022	$337.2B$329.6B
Equity Capital	Q1 2023vs Q1 2022	$50.38B$43.86B
Loan Loss Allowance	Q1 2023vs Q1 2022	$3.81B$2.97B
Unbacked Noncurrent Loans	Q1 2023vs Q1 2022	$2.53B$1.68B
Real Estate Owned	Q1 2023vs Q1 2022	$0$0

APY	MIN	MAX	ACCOUNT NAME
5.05%	$500	$1m	10 Month CD Special
4.75%	$500	$1m	High-yield 12 Month CD
4.75%	$500	$1m	High-yield 18 Month CD
4.35%	$500	$1m	High-yield 2 Year CD
4.35%	$500	-	20 Month Rate Bump CD
4.30%	$500	$1m	High-yield 9 Month CD
4.30%	$500	$1m	High-yield 3 Year CD
4.25%	$500	$1m	High-yield 6 Month CD
4.25%	$500	$1m	13 Month No-Penalty CD
4.00%	$500	$1m	High-yield 4 Year CD
3.80%	$500	$1m	High-yield 5 Year 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