Written by Ali Cybulski, Published 9/30/2024
Marcus by Goldman Sachs is a brand of Goldman Sachs Bank USA and Goldman Sachs & Co. LLC, which are subsidiaries of The Goldman Sachs Group, Inc. This online-only bank offers a high-yield savings account and certificates of deposit (CDs), plus GM-branded credit cards and a variety of financial resources.
The Marcus Online Savings Account pays an annual percentage yield (APY) of 4.4%. You can open an account with no minimum deposit but will need to fund your account within 60 days or the bank may close it. Open an account on the Marcus app in minutes, according to the bank; link other checking or savings accounts, and transfer money into your Marcus savings account. Same-day transfers are available, and you can schedule them online, in the Marcus app or by phone.
Marcus by Goldman Sachs also offers three types of CDs: a high-yield CD, a no-penalty CD and a rate-bump CD. The minimum deposit to open a CD is $500.
The high-yield CD is available in terms from six months to six years, including a 12-month term with an APY of 5.15%. This product also comes with a 10-day rate guarantee: Make the minimum deposit within the first 10 days, and if the rate on your CD goes up during that time, you’ll get the higher rate.
The no-penalty CD earns an APY of 4.70% and comes in 7-, 11- or 13-month terms. As long as your account balance has reached the $500 minimum and your account has been funded for at least seven days, you can withdraw all of your money. No partial withdrawals are allowed, so your account will be closed after you cash out.
The 20-month rate-bump CD offers an APY of 4.40%. How this CD works: If the bank raises the rate, you can switch to the higher rate one time, and you’ll earn that rate until the end of the term with no fee or penalty.
If you have a question or concern about a deposit product, customer service is available 24/7 by phone at 855-730-7283 or by chat. You may also be able to find the answer to your question at the bank’s extensive FAQ page.
Marcus by Goldman Sachs pros and cons
Pros:
• No monthly fees on savings account
• Low minimum deposit for CDs
• 24/7 customer service options
Cons:
• No physical locations
• No checking accounts
• No cash deposits
Best Bank To Deal With Online
Marcus Bank's rates on CD's are only .10% lower than most smaller regional banks & that can make a significant difference on larger deposits. Marcus website is better than any bank I've experienced in over twenty years. They post your interest at the first of every month and show it to you. They show you an estimate of your CD's total earnings at maturity.Your deposit is compounded daily .They give you 30 days to add to your CD. You can withdraw the interest every month , if needed . You can direct the bank as to what to do upon maturity with your funds . ACH transfer went through the next business day, no problems.....If their rate was just .10% higher today, I'd be back there. ...I've found higher rates, I haven't found a better place to do business.
Average Bank
Average bank watch when making transfers to external bank accounts cause they tend to lock down your account for verification reasons...
Massive Problem Moving Your Money Out.
I had a CD and had to spend hours on numerous calls to get the money moved out of Marcus and back to my local bank. This became very stressful since was a considerable amount of money and I was starting to think I was going to have to go to an attorney and get advice or representation. They finally did move the money before I had to go to that extreme. They need to streamline the process of getting your money out. I can't do business with a bank like this due to this problem.
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.
Data as of Q4 2024
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 33124 |
| Year Established | 1990 |
| Employees | 4136 |
| Primary Regulator | FED |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 1.41% |
| Return on Equity - YTD | 13.02% |
| Annual Interest Income | $31.91B |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q4 2024vs Q4 2023 | $558.2B$521.1B |
| Loans | Q4 2024vs Q4 2023 | $185.7B$166.6B |
| Deposits | Q4 2024vs Q4 2023 | $389.7B$381.8B |
| Equity Capital | Q4 2024vs Q4 2023 | $63.03B$54.78B |
| Loan Loss Allowance | Q4 2024vs Q4 2023 | $3.9B$4.05B |
| Unbacked Noncurrent Loans | Q4 2024vs Q4 2023 | $2.89B$3.21B |
| Real Estate Owned | Q4 2024vs Q4 2023 | $0$0 |