I read a few blogs, nerdwallet reviews and decided that Marcus was going to be amazing- WRONG. Let me tell you how I got robbed. I opened an online savings account with Marcus by Goldman Sachs on June 23, 2021, I transferred $1000 from my personal bank checking account and $8000 from my savings account ($9000 total) on June 23. The money left my personal bank account. I went to log in my Marcus account on June 25 to find that they locked me out of my account. I called customer service and they said they don't know why it's locked and nothing can be done until Monday June 28 because the team that unlocks accounts isn't here on the weekends. So I call on Monday, they say they are force closing my account and I can't get my money back. I called my personal bank and they said nothing can be done because the money left the account and is in the Marcus account. The representatives at Marcus would not tell me why they closed my account, when or how I will get my money back. All they say is the account is closed and no transfers can be made, and they can't transfer any money back. I have been calling my personal bank and Marcus everyday, several times a day to find out where my money is and what the he11 is going on and it's July 4th and I still have no answers or my money back. This is theft. Marcus bank literally stole my money. They should not be allowed to operate. The customer service is useless and rude. They just give me the run around. I have now called in recording the phone calls on my end. I filed a complaint with the Federal Reserve. I literally cannot believe this is happening.
i opened an account at a certain guarantied rate and they told me i had 30 days to fund it...when i went to fund the account they dropped the rate and told me that i missed the 10 day deadline. i told them that i was never told about the 10 day limit..they said that they will listen to the phone call and get back to me.
they called me back and said that they were wrong .but they still wouldn't honor the advertised rate...
i am putting the cash into a different online bank.
a have 4 cd's with them but it looks like customer loyalty means nothing to them...
Good news: Marcus does no-fee wire transfers both outgoing and incoming.
Bad news: Marcus robot refuses any 3rd party withdrawal; but this policy is hard to know about. An outside bank where I wanted to open a CD said they could go to Marcus and pull the money so long as I gave outside bank the Marcus routing # and my Marcus act #. But outside bank pull got rejected by Marcus causing outside bank to impose $35 fee. I phoned Marcus; they explained policy but told me they do wire transfers free. And outside bank forgave the $35 fee. All's well that ends well! Note: Marcus allows up to 4 linked accounts for ACH transfers; no problem. But if you don't want to cancel one and go through trial deposits to set up linked account for one-time use, then beware that outside bank cannot do a 3rd party pull.
I have been with them for 18 months
They do hold your funds for a few days if you are transferring them but to their credit, you begin to earn interest immediately. So if you are using the Acccount soley as interest, the extra few days arent a concern.
They are very competitive with Interest
WEB site is easy to navigate
Hold times are actually not bad
I will agree that the customer service reps dont know anything and often times they place you on hold.
They have been witholding interest rates on my savings which is double whammy because I file interest earned with IRS. I noticed it when I had a $78 interest post as $66 and I saw similar posting in other months. It took 20 minutes for the rep to figure it out and to explain to meo Apparently the "Interest witholding" is by default checked (HOW Awfull, you cant trust banks or our government). They wont electronically uncheck the witholding which is frustrating. We are well into the 21st century. There is no excuse for that paper or sending out cards. Banks dont use these methods to conduct business, we shouldnt do it either.
I asked to restore the witholdings. Its a small amount but this is about principle. So if they dont restore the interest Im out. TBH with all the negative reviews, it just may not be worth it and i should probably bail. Had no idea they had so many negatives
They lie about almost everything I deposited money into saving with $100 offer promotion kept 90 days, but they never gave me anything and I called they gave me all kind of bs excuses and not gave me $100 also, apr will drop soon as you deposit your money and I heard they will change you made-up fees (If the money drops less than 5k or close the account.) be aware.
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.
Not sure how to describe my epxerince with Goldman Sachs bank, but l can proudly tell you that its one of the worse bank l have ever deal with in my life, l hope none will experience what l do over $6. such poor leadership .
l will highly recommend to stay a away from this bank.
After 5+ years of funding new CDs and money market accounts, this morning I was told that outbound wires are no longer permitted to accounts not already linked to my Marcus account. The maximum is 4 linked accounts. With outbound wires no longer available, there is little incentive to keep this account going forward.
Total slight of hand with your money. It will typically take 7 days for funds to become available after depositing them. Same the other way. I was told all this "bla,bla,bla FDA" BS for why it took so long, which does not hold up. My old online account, Dollar Savings Direct never took more than 3 business days in either direction. The money took 1 day to be withdrawn from my US Bank account which means Marcus has been hanging on to this money for at least 4 days.
Marcus has good cd rates, but I will never do business with them again.
They make it really easy for you to send them money (their key concern).
They make it really hard for you to get your money back upon maturity (your key concern).
I notified them that I wished to withdraw my money upon maturity - at least two weeks ahead of time. They assured me I would get a wire to my bank account. Instead, they renewed the cd for another year. I had to repeatedly call (not easy to get a live person on the phone) and talk to several people before my money was sent two days later. Delaying payment appears to be their business strategy - read other reviews on this site. I asked about interest that I was owed for the extra days and was told that would have to be approved by a manager. I truly believe they purposefully make it hard to withdraw money. A plaintiff's attorney should look into this practice and file a class action lawsuit.
Does anyone have a way to reach them via email for savings account??? I opened a savings account with Marcus by Goldman Sachs and have my unemployed benefits paid into it I needed some part of the money and I moved it to my linked account but i didn’t get no money in my account and it locked me out I called them and they told me they don’t know who I am. They said my account could not be found. Wtf someone help out on this. What’s can I do to get my money back please.
Marcus has failed to close a CD and transfer to external bank account. It's a larger balance, so could not change the maturity plan online, so I was forced to call into the tele-center (makes no sense for an online bank). I called in and placed the maturity instructions to close the CD upon maturity a couple weeks before the maturity date - actually did this twice over the last two weeks before maturity, and they have still failed to process the request and just rolled over the CD, at a much lower rate of course. Do not use this online bank.
Stay away from this particular online bank. It locks and closes one's account without notice and justifiable cause. The staff is incompetent. The staff members don't return telephone calls. The bank's staff takes forever to process transfers once account is closed and makes it difficult to receive one's own money, even to an account that is linked to it for transfers. The people who run this particular online institution should be fired and the bank itself should be shut down. This is not a financial institution that values its customers and treat everyone equally. Don't believe the hype.
Bank has terrible customer service. Consistently you speak with a robot. Once you reach a real person that person has no idea what they are doing. Had several transactions reversed incorrectly. Incorrect phone number placed on account by bank. Website is almost useless and provides little detail as to what is going on with your account. Does not provide mobile banking capability. Not a 21st century bank. Completely stuck in the past.
Marcus has some competitive rates on occasion, but be prepared for an above average time commitment / hassle moving your money out.
In preparation for pulling a balance out of Marcus following maturity of a Marcus CD, I attempted (twice) to set up a new ACH link between another bank and Marcus. Marcus never showed the micro deposits from the other bank so I was unable to establish this ACH pull link.
I had ACH links at Marcus to other banks, but I was unable to make a transfer online from my Marcus savings account to any of these other previously linked accounts without calling (an error message to call was displayed when selecting my Marcus savings account as my transfer “from” account).
I opened a CD in August and it is now December. I have sent my signature card 5 times and they still don't have it on my account. Each month money is taken from the account because of this. I have spent hours on the phone trying to solve this with no help from them. I have offered to sign online, send an overnight fed ex and the answer is always no. I am closing my account and they are stealing $100 for closing early and will not waive that fee. I have done everything I can, they will not help and then take more money!!!! Don't waste your time here I have lost money instead of making any. I will never deal with them again.
I have been using Marcus since the beginning of 2015 without too many problems. However recently I ran into serious issues when I attempted to redeem 2 no penalty CD's with them. On 10/12/2020 I was able to redeem 2 NPCD's that matured on 10/12/2020 and immediately transfer their balances to my savings account. However when I attempted to redeem 2 other NPCD's that matured on 10/11/2020 (and were within their grace periods), my money ended up stuck in limbo. As of the morning of 10/15/2020 my money is still unavailable. Apparently the rules for redeeming a no penalty CD on the day of it's maturity are different than the rules for redeeming 1 day after maturity (within the grace period).
The Marcus website is also very slow and unstable - I was logged out multiple times when I tried to redeem my 4 CD's. I also found it hard to get reliable information from customer service about what my expectations should be relative to the timing of money movements.
While Marcus has competitive interest rates, the other aspects of doing business with them are frustrating and unpleasant. They clearly do not care much about how they treat their deposit customers. If you value reliable and predictable access to your funds I would NOT bank with Marcus.
Moral of the story:
If you open a CD with Marcus be sure to tell Marcus that they should close the CD when it matures. Otherwise you will lose access to your money if you try to redeem the CD in it's grace period.
The bank itself offers great value, with high interest rates on savings and CDs, high ach transfer limits, free wire transfers, and no fees. The website and app are sleek, obviously going for the modern minimalist style, which is great in my opinion.
A pretty big problem is that the website and app block access if you are outside the US or using a VPN (essentially blocking IPs that are non-US or IPs from VPNs). Perhaps that’s fine if you never leave your village... For travelers, or privacy minded VPN users, there will be added hassle on top of what should be a streamlined, digital banking experience for the 21st century.
I had a no penalty CD account for about 2 months. I wanted to close account. I used help with their chat on there site to close account online. It went through and the message said it will go through in 1 to 2 business days. I checked in the account where the funds were supposed to go and there was nothing. I went to my online account which showed an entry of transfer on Sept 2, 2020 and another entry on Sept 4, 2020 to reverse it back. I also had an e mail on Sept 3, 2020 that my account is closed. I called several times and talked to several supervisors and manager and was on phone for hours at a time. They even wanted to verify my original deposit with me on conference call to authorize my bank to check that money came from my own account. It was finally closed on Sept 8, 2020. I will never put my money in this institution. Everybody should stay away from this bank.
I have a Marcus Goldman Sachs Savings Account. The account has been opened for more than two years.
Marcus Goldman Sachs Bank locked me out of my account and froze my funds for trying to move funds to another bank account. I had to file a complaint with an agency to get this matter resolved.
Now I am closing my account with them
I have just about had it with Marcus by Goldman Sachs's outdated and clunky website. It is extremely slow and keeps logging me out a few seconds after logging in each time. Opening a CD online takes forever! Navigating between different screens will make you want to scream! I have better things to do than sit and watch the little "M" and the spinning circle around it for minutes (!) each time I click on a button. This website design and functionality belong to the days of the dial-up modem and should have been revamped a long time ago. I don't have any of these issues with any other bank's website, so I know it is not anything to do with my computer or browser.
I haven't had any problems with Marcus's banking products or customer service but the web experience is a huge negative. Marcus should get its website modernized and responsive or it will lose customers.
Marcus is by far the worst financial institution I’ve ever had. I’ve had them for about 2 months now and didn’t have a problem until I tried to transfer money out of the account. They are saying they can’t verify that I own one of my external accounts even though that’s how I funded my account. The transfer I was trying to make wasn’t even to the account they “can’t verify”. They requested I send a statement to them BY MAIL to verify my account. I sent this on Wednesday 8/4/2020 and it should be there by now. It is ridiculous this is the system they are using to verify accounts. Snail mail is not acceptable when you need your money. I can’t be more upset with this financial institution to hold my money for a week during a pandemic when I really need it.
If you need/want an online account with good customer experiences, a nice online platform and competitive rates - without limits, Marcus has it. Slightly below the "top tier" of rates but, the lack of "gotchas" and limits on xfers and has superior customer service. If you prefer the "big guys" and still want a better rate and [positive customer service, Marcus Delivers. I NEVER had a problem dealing online or by phone. They won't be THE rate .leader but will remain closer to the top vice sinking to average levels
I did the $10k for a $100 bonus deal but went in to edit my transfer out from one place to two. When I did that, it did not keep the prior date. I called and after a 20 minute hold a rep was supposed to ask a supervisor but we got cut off and he never called me back. I called back weeks later and after a 15 minute hold I got a rep and after another 15 minute hold they told me to pound sand. I wanted them to change the transfer to the next day...instead of the same day.
Anyway, I admit I missed it but its discouraging because I attempted to resolve it when it happened.
I will probably file a BBB complaint over it. Not expecting a positive resolution so I will probably later close my account over it.
On 4/14/20 I scheduled a transfer on their site to occur on 4/23/20. When I checked on 4/24/20 at their site as well as the bank where it was supposed to go, the transfer had not taken place. So I called them (Marcus by Goldman). The representative could not find any record of the transfer being requested. So I provided him the confirm number their site provided me on the last screen when I scheduled the transaction. The person went to check and consult with others and came back with the answer that as far as he and his colleagues know their system does not even provide a confirm number! And it is a 31-digit confirm number that only a computer will cook-up.
It was a large transfer to PSECU add-on CD, and now I think I may have lost my option to add to the CD for ever. Extremely costly for me. Be warned if you ever rely on their transfer service.
The representative was very courteous but there was nothing he could do. He said he will let the higher management know about the issue, but they are not allowed to call back to tell me what, if anything, they found. My scheduled transfer disappeared from their system without leaving any trace. They also do not have any way to check scheduled transactions online, so if you wanted to check a few days later that your scheduled transaction was still there you can't.
opened this account when I saw the online savings account rate was at 1.70%. dropped to 1.55% a day later. online said external transfers take 1-3 days. opened the account on 4/13/20 and made 1 transfer that night and then one the next morning on 4/14/20. both deposits left my regular bank account within 1 day and entered the marcus goldman account a day later but apparently the funds will not be available until 4/21/20. having to wait 6 days for my money to be available to me once it hits the marcus account is rediculious. I had this same problem with another institution and thought maybe the marcus goldman account was better. I was wrong. Will be removing my money after this. nobody should have to have a hold on their own money.
After depositing tens of thousands of dollar they locked out my savings account. they constantly giving me the run around to all kinds of unrelated supporting docs. do yourself a favor don' asking them to send me i writing which they refuse!. t even think about putting any money here.
I have been a long-term client of Marcus.
I found my account was closed for no reason and my CD that has matured over a week ago also just vanished, which was extremely frustrating.
I have been calling the customer service three times for this issue. They acknowledged that the CD matured, but I was told - quote " We don't know how long it will take to process the fund, but we are working on it. Our specialist will give you a call"
You must be kidding?!?
Stay away from this bank if you can.
I've used Goldman Sachs Marcus for 3 years and I've not had any major difficulties with savings or CD accounts, EXCEPT for opening a NEW JOINT account.
Even if you have existing joint accounts, in order to open a new joint account online, BOTH account holders have to be available and present to enter their Marcus login information. However, if the 2nd person has a existing Marcus ID, Marcus does not ask for that information. Instead they over-write any existing password. This is not clear from their procedure and I had to call in to verify that this was the case. The net effect of this difficulty is that I've not opened a new joint account since doing the first one because the procedure is convoluted, unclear, and a pain in the butt.
For comparison, Capital One had a procedure where you could just copy all that information from your existing account. Made the process simple.
The online application process was simple, well-designed and easy-to-use. However Marcus by Goldman Sachs is unable to title a savings account or CD with a Living Trust name. I was very surprised since most customers with a sizable account will need that feature. Furthermore they are unable to assign a Living Trust as a Beneficiary (an alternative that would suffice). The second issue (although not a deal breaker) is there is no interface for Quicken and there is no plan to add one. I am hoping that these issues are at least on the future planning board.
I liked my Marcus savings account at first for like the first 2 months up until one day i noticed 25 dollars were missing out of my account which i thought was weird cuz i was keeping track of how much i put in so I didn’t think anything of it. Maybe it was a glitch or whatever but then recently i put in another 50 and same thing happened. My account showed a different amount and now i’m missing 75 dollars. I called and asked customer service but apparently that’s all the transactions that showed up on the account so they couldn’t do anything. It pissed me off cuz there’s no proof of it being the amount that it was at before it went down again. I pulled my money out of the account, can’t trust them.
Received ACH approval and transferred in funds. When I tried to transfer out funds shortly after, they locked me out of my account and said I had to mail in a paper statement of the bank that they had already approved for ACH! Why approve it in the first place! And they won't allow me to e-mail or fax in the paper statement, only regular mail. AND Goldman did not informed of any of this - I had to call and find out why my account was blocked. I really needed the money from the ACH to pay my property taxes, but could not get the money out. Very frustrating - I have dealt with dozens of banks and find this process unprofessional. Also, their website is slow.
I am sticking with Marcus for their competitive rates, no-fees, and their focus on attention to detail in the customer service experience.
To get my bias out of the way it's worth noting that I used to work at Marcus. We started with just 27 employees and I watched the bank grow to more than 200+ employees in the states and open up a Branch in England from 2017-mid 2019. I was very impressed during my time working there with how they created a culture of focusing on the customer. This helped me learn that businesses who are successful are the ones that put the most focus on serving others, since I have noticed employees in other lines of work where the customer is not as big of a focus.
It seems most of the reviews here which are less than positive relate to Product Features like not being able to edit/set a CD to rollover online, time-frames for money transfer, and not having an app yet. I will do my best to address these concerns.
To address these I would mention to take some of these with a grain of salt since some of the reviews here may be outdated. The bank rolled out some of the very features people were frustrated with like the ability to set a CD to auto-renew online through the website while I was still employed there this past year. Regarding money transfers, I would pose the question: if you are saving for long-term, is it still important to you that your funds are highly liquid? Marcus's electronic transfer time of 1-3 business days is comparable to other banks, and I would rather patiently wait this time-frame knowing my funds are secure than having a bank who gets my funds same day but is not as secure.
Regarding security, Marcus has multiple checkers for error in place for each transfer they service, SSL encryption on their website, and also operational processes using people and proprietary systems designed in house to flag for and prevent fraud. This should come as no surprise since Goldman Sachs has stayed in business for over 150 years by being careful, compliant, and focusing on serving the customer.
Other banks may sometimes be more reliable for transferring funds same day, but for this reliability you will either pay fees to competitors such as Chase and Wells Fargo (who both charge for wires), have to use a credit union to transfer funds (which may be a budding business that does not have as long-standing a record as a large bank), or the trade-off for speed to a savings account could be that you won't have the same security checks in place with them vs. going with Marcus.
For some deals in life like buying a home where you need immediate access to funds the wire transfer option through calling on the phone is still the quickest way to get money out of the bank, same goes when you have an emergency come up.
The best part is Marcus does not charge a fee for this like you would pay for the same service at other secure banks. An example of this today is that I had such an issue come up where I was not monitoring my funds carefully enough at another bank so I called Marcus to do a transfer so I will have the funds as soon as possible. I called right at their cutoff of 4pm E.T. for same-day wire transfers unfortunately (I'm living in California and wasn't keeping track of the time difference), so I will have the funds come tomorrow first thing, but generally if you call them first thing in the morning for a wire then the transfer happens same day for you without fees.
However, for scenarios like buying a home generally the best way to do this is to plan ahead to have the funds in a checking account for the close to escrow, or for an emergency, it is better to keep some funds in a short-term checking account that has immediate liquidity.
These accounts are designed for saving for specific goals, not necessarily liquidity, which makes sense for the product being a high-yield savings. 5 Stars with everything except the Web/Mobile experience since they do not have an app released yet, even though it was a topic we would often get requests for when people would call in while I was still employed there.
My best guess on why they don't have an app is just that if they do release an app then they will want to make sure it is up to the Goldman Sachs standard before bringing one to market. It is more than likely, seeing how they just partnered with Apple in releasing the new sleek credit cards with no number on them. In the meantime, their website is mobile friendly with your smartphone.
Feel free to comment or message me and I will do my best to respond when I have time or to answer your questions where I can.
I had been a customer for the past 6 years. I made a transfer to my own external bank account. They promptly debited from my account, but even after 4 days it was not delivered to my destination account. They now have locked me out from online access and they have to verify my external accounts. 3 calls so far each 20~25 mins with no resolution so far. The only answer, someone is working on my case and will reach out in 24~48 hours. I am revising my feedback as they did correct the issue in about 30 hours. and hence revising my review.
Demanded a paper document be mailed to them proving I actually owned the originating account. My argument was that if I didn't actually own the originating account how was I able to fund this Marcus account? So I had to jump through unreasonable hoops just to ACH my money out of this institution of insanity. It's like when you go fishing and a crawfish gets on your bait and won't let go. Don't cast your line into these muddy waters.
When the rate was high at least they had that going in their favor. But now with their rates dropped they have become a complete waste of time. Nobody there knows what they are doing, every phone rep tip toes around their answers probably afraid of failing their phone call. Management cant answer any questions with the confidence and sophistication needed by a financial institution. Luckily they are an online bank so you can avoid having to speak with these individuals but when the website crashes you may be stuck wasting an hour trying to call in. Not worth it.
I opened a savings account 90 days ago under a promotional offer to receive a $100 bonus. The 90 days is up. I just called and was told it will take 14 calendar days to post the bonus! Fyi, similar deal at Fifth Third Bank, bonus posted on the day the requirement was met.
I've had this account for a few years now. The original website design was replaced by a design that was slow and klunky but now it's been recently updated and now is much more intuitive and faster.
Moving money in and out of multiple accounts (ACH) has always been speedy including moving large amounts (for me, say to pay off a house). Buying CDs has been straightforward too.
I did have a transfer revoked once by their fraud department. I setup a third ACH and then soon moved a decent amount out of the Marcus account which was flagged so I could see them doing that. They said they tried to contact me multiple times though, which must have been done from unknown phone numbers and didn't leave messages because I never noticed them but it was straightened out with a phone call.
Tried to open an online account. Answered all their personal questions they put to me. Was told to call this number, I did so. Was told they couldn't open the account, but would not give me a reason why? When I asked her for the reason, she just hung up on me??
I was going to transfer $50,000 from my no-interest bank into a high-interest online account. They are rude and condescending. It's no wonder these morons went bankrupt in 2008-2009. I'm actually so happy it did not go through because I found a real online high-interest bank in American Express.
I have been a customer for a few years and I was generally happy until I wanted to wire money out. Either because of poor training or poor controls, but every day there is another reason why they cannot wire my money out. First I was told that I can't use the linked account that was the source of wires in to the Marcus account because they could not (all-of-a-sudden) confirm my ownership. Then, I was told that I could either mail in a statement from the linked account or use any other account other than the linked account. Then, the wire did not work for a different account because, again, they could not confirm ownership. I was next told that they would call the linked account bank to confirm my ownership but I was told that, after multiple attempts, no one would pick up the phone. So, I called and someone picked up immediately. I then gave the Marcus person the contact info of the other bank person. Now, after around 4 days and maybe 6 calls, I am waiting to see if the wire is being executed today. This is extremely frustrating. Previously, a wire took so long that someone at Marcus called me to apologize and gave me $50 for my inconvenience.
I have had my account for a week and have had nothing but a bad experience, with the exception being opening the account. Opening the account is easy. Even setting up your external banks to transfer money in is relatively easy, you are able to login to major banks without having to wait days for trial deposits. But any hope I had at pleasureable experience stopped there. I opened my account on Wednesday 4/3, setup my external accounts, and made a transfer. Everything was going good at this point. The money was received the next day, but not available to me. Friday came still no money. The weekend passed on Monday no money. It was until Wednesday 4/10 that I got access to my money. ONE. WEEK. LATER. Completely unacceptable. My main reason for opening this account was get in on these people’s 6 year CD rate of 3.05% before they lowered it. So I opened that CD as well, actually I didn’t mean to open it. I went through the first couple of screens but never confirmed I want to open the CD. They still opened the CD. I should mention that the money I was transferring into my savings account was going to be used for the CD. I was fine the CD being opened since I had the money coming and the website was showing 3.15%. In the interim the rate was lowered to 3.05%, the CD was not funded as checked everyday to see if they gave me access to my money. When I finally got my access to my money, I checked to see if the interest rate was showing the higher rate, it was. I completed the transfer of the money to the CD. I went back to check and they had lowered my interest rate. At no point in time was I advised of this before. Other than that, the website is awful and not something you would expect from a national bank. I got screwed by these people, don’t follow me. I will stick with Ally for my needs. Ally’s rates may not be as high as other banks, but they have a much better website and do provide the customer with information.
Would like to give 0 stars!! I opened 2 savings accounts with Marcus (Goldman Sachs) last month, March 2019. A few days ago, I wanted to check my balances, but when I logged in my accounts were locked. I called today to unlock the accounts and they said they closed my accounts, but can’t tell me why. It is “a business decision.” All of the money will go back to the accounts they originated from. This is unacceptable and makes absolutely no sense!!!! They can’t tell me why my own bank account was closed? I looked online and I didn’t violate any rule. I am very disappointed. I was looking forward to saving and saving at that 2.25% interest rate. I advise people to not even bother opening an account, it’s a waste of time. I really hope they do transfer all of my money back to me, since now I do not trust them at all!!
CD matured 11/18; I phoned (yes, they answer phone on Sunday) & requested funds be mailed to me. I was told to "allow 7 to 10 business days". It took 3 days (11/21) for a check to be ISSUED. The check finally got to the post office on 11/27! Throughout this ordeal the start-counting day for the "7 to 10 business days" kept changing. First it was 11/18, then 11/21; next I was told date check was issued doesn't count & next day was holiday, so count from 11/23. The last conversation I was told to start counting from 11/27 when the post office received it.
Then to add to my frustration, the post office "misplaced" it. When I went to my local post office to inquire, I was told it was time to file a claim. I phoned Marcus & was told "the bank does not file claims". I requested stop payment on the check & a replacement be sent. The bank gave me 2 choices: (1) they would issue a stop payment but I would have to wait 90 days before they would send a replacement, or (2) I could file a claim with the post office. I took #2 & filed with the post office 12/3. The post office finally located the check & delivered it on 12/11.
Of course, Marcus was not concerned about the delay - after all, they still had use of my money WITHOUT paying interest! Don't expect service from their Customer Service. And, yes, expect to be put on hold 3 or so times when you call. A Very Dissatisfied Customer
After reading several reviews on this bank and opening several CDs I was very hesitant when I needed to cash out a maturing CD and how long it would take to get the money deposited in my credit union. I was expecting the worst but was pleasantly surprised when I called on Monday and on Wednesday the money was in my account.
Good luck getting money out of your account. I closed a no-penalty CD and it took 9 days and many hours on the phone for 6 days to transfer the CD to a Marcus savings account (an internal transfer that should take less than 5 minutes). Customer service puts you on hold all the time. Every phone call was 25 to 45 minutes long, with most of the time being on hold. Because there is no secure email, there is no electronic record of any customer support issue.
I have had a savings account with Goldman Sachs Bank for some time and two days ago wired out all my money. The people suggesting they haven’t had a problem simply haven’t been around long enough or perhaps have small-time banking needs. The reality is that Goldman Sachs has leveraged its once respectable name to create a cash machine for them with the worst customer service in the business. You simply cannot rely on them to complete the transactions you schedule. Wire transfers are verified with phone calls coming from numbers you cannot identify. Occassionally a transaction will be blocked by “anti-fraud” personnel, again phoning you from an unidentifiable phone number, telling you to call the bank at the main number. When you call the bank, they have no record of the anti-fraud activity and instead begin an investigation into the “phishing” phone call that was in fact their own anti-fraud team. Of course your relied-upon transaction never happens. Then try raising a person with the authority to examine the whole picture. Impossible. If they weren’t victimizing you, you’d find it hilarious. My advice: take 0.05% less interest somewhere else and sleep better at night.
I was very happy with Marcus until I was opening another CD online and my money went out of my Savings Account and did not go into my new CD. When over $4K suddenly goes out of your account in a simple transaction from one Marcus account to another new account it is frightening. I called in and it took 2 days for them to fix the problem. Once the money was "recovered" and put into my CD account a tech called me. I told him I was having problems seeing my account transactions on my savings account. He said it should be fixed now. That was a week ago. I have called back 4 times now and even spoke to a supervisor who lied. They tried to tell me I could click certain Credit/Debit or Last 30 Days/60 Days/2018 dropdowns and it would correct it. I told them it had not and the first customer service rep acted like she didn't believe me even though they had just had a serious technical issue on my account. When I spoke to the supervisor he told me he couldn't guarantee the tech guys would work on it but he would call me back the next day....crickets...LIAR!!!!! I am in the process of researching which regulatory agencies oversee Marcus Bank Savings so that I can see if the Federal Reserve, the State of Utah or the Comptroller of the Currency regulates them and will take an interest in making sure their software and technical practices are up to standards because I believe they may not be. I have never had such a problem with any other online bank or financial company. They are the worst of the worst of online banks and now it scares me that I have a large sum of money on deposit with these clowns. Don't look at the great rates and be fooled into banking with them. Look elsewhere. I wish I had heeded some of the reviews on here.
Marcus is excellent. I have utilized 4 different on line accounts and currently use Marcus as one of two to hold a high yield savings account. Marcus does not play games and frequently leads the entire pack in rate increases. Only account that seems to occasionally take the lead on rates is CIT - and they play games - I used then cancelled my account with them. Marcus and AMEX are the two best and money access is as advertised. Marcus gets the nod due to speed of rate increases. Not sure what the complainers expect. I assume that most do not read the requirements because what is spelled out in both accounts happen. Every bad review I have read on the Marcus account notes expectations that are not part of the way this account is set up.
They make it extremely easy to put your money in their bank and extremely difficult to take your money out on a CD. Here is how the process works: you can only tell them your plans on maturing Cd’s during their 7 day (weekend count) period They go through all the normal verification questions to make sure who you are and they also give you a special code. God forbid if you forget your code because my elderly mother did & you have to go through major heavy lifting to reset it. Ok now we got the code changed they need to text you a separate code to cancel your cd. If you don’t put a cell number on your account then they will call you with the code “1-3 business days later” (it actually took 2 1/2 days) Of course all of this is during their 7 day (weekends count) window to close out your cd. They verify the code by calling you so make sure you are babysitting your phone or you might miss their call. After this verification they will call you back within 48 hours to determine how to get your money back to you. It really feels like they do everything they can to make sure you don’t move your money. Well, this move will cost them 5 customers & a substantial amount of money. Even though these guys have a great well known name stay as far away as possible from this bank.
I was with Goldman Sachs and Marcus (same company) for about 2 years. I left Marcus because they were always playing catch-up with the other online banks. They would stay stuck at the same old 1.6% forever while I was already receiving 1.85% many months ago from my other online banks. I would have no way of knowing if and when Marcus EVER intended of raising their rates. If some of you folks out there become perturbed about the few days interest you lose that it takes for a bank to initiate an ACH transfer, then you will certainly not like the few months it always takes for Marcus to catch up with everybody else's rates LOL Barclays is another Johnny-come-lately with whom I closed my account last year for this same reason. I currently bank with Cit Bank and Purepoint. PurePoint has been the most proactive about raising their rates quickly, and they do it voluntarily for you. Cit bank has since raised my rates voluntarily for me too, but they have had a more checkered history about doing it voluntarily. (In the past I only needed to call CitBank and request the higher rate, and it was no problem to me)
I have been a customer since July of 2017. I was immediately impressed when I opened the account, and for the most part have stayed that way.
I have been using online banks since 2008, and Marcus at Goldman Sachs checks just about all the boxes in terms of what I want from an online bank. It is possible to get a slightly higher interest rate from some other banks, but almost all of those banks have issues which make a slightly higher interest rate not worth the hassle.
The only reason I am giving a 4 star rating instead of the 5 star rating is the user interface. As a lot of other people have mentioned, the interface was changed so that it is the same from both a computer and a smart phone.
As a software engineer, I am amazed that anyone would make that design choice. As a customer, it is beyond annoying that I have to use a phone interface on my computer.
The best that can be said about using the interface from a computer is that you can make it work, but it is not efficient. The prior computer interface, while simple and not splashy, let me do my banking efficiently. That is all I want from a bank web site.
I agree with the others that the Goldman Sachs/Marcus website is a horrible design and is very difficult to navigate. But it gets worse. In addition to an online savings account, I also have a CD with them. I called them on the date it matured, and stated that I wanted to take half of the amount in my matured CD and open a new CD, and place the remainder in my saving account. I was informed that because I wasn't transferring the full amount, it would be considered a new account and that I would have to sign some paperwork which would be sent to me via US mail. I went online and saw that a new account had been established with the full amount of the matured CD. I called them, and they confirmed that this was not what I requested, however, they needed approval to make this change. After the approval was granted, everything was supposedly taken care of. Today, I received a statement from them showing the full amount, once again in this CD, plus an amount for federal withholding deducted. I have never paid federal holding in my life! I can't access EITHER of my accounts unless I sign away my rights for something which does not specify the account. This is a never ending nightmare!
Now that Marcus has my money/CD, an attempt is being made to force me to comply with all their nefarious terms, AFTER the CD purchase, before I can again access to my previously opened online account.
This is the most repulsive, disingenuous organization/bank I've encountered. Deal with Marcus at your own (high) risk. See also the informative post below: "Beware of Marcus".
Complaint options: Federal Consumer Financial Protection Bureau (CFPB) https://www.consumerfinance.gov/
State Attorney General, Better Business Bureau.
Marcus will not let you sign in to your account unless you agree to receive everything electronically. This requirement wasn't there when I opened the account
They they have customer service representatives available on Saturdays if you want to discuss a loan but not if you want to discuss a savings account. How absurd.
I'll be closing my account ASAP on Monday morning.
I can only say I am very sorry I have three CDs with this institution. Following is why I am not happy at all.
1. The use of a users email as their name and log in is absure, other reviewers have stated they lost their money already.
Therefore that is why I believe they sent this out to all account holders today,
The requirement and the long list to absolve themselves of any responsibility sent today 6/01/2018 , unless you sign and agree you cannot log in is absured and sickining, therefore I have converted to paper statements. One reviewer on here stated they changed her benificiary. N
Numerous other both here and on the better business bureau, these reviews should be read before you get an account here. I requested today that they provide a list of the beneficiaried to me in writing on these accounts. First they told me they cannot do that, only when I stated I will be reporting them to the better business bureau did they say they would comply. I will wait to see what happens here.
I would suggest you read the fine print they want you to agree to before committing yourself, and that they own your information, furthermore their penalties are in fact outrageous, not to mention there are better instutions out there paying a much better rate, and not ripping off the public, with one years loss of interest.
They were good and website was good before they introduced this Marcus Brand. I did not deposit my money with Marcus at all. A total headache all around.
.Just not surprising at all this just released today 6/29/2018
The two Wall Street firms Goldman and Morgan Stanley, meanwhile, failed an annual "stress test" requiring them to maintain adequate financial strength even following a hypothetical severe recession and market downturn
My experience with this bank has been totally average. The online platform is helpful. I can usually speak to someone personally quickly if I need to. Overall I have been really pleased with the savings rate. I only use this account as a savings account so I cannot speak to any other services.
I currently have a savings account with Goldman Sachs. I cannot say that I am satisfied with this bank. I have had trouble logging onto my account online. I have spoken to customer service about the concern, but no one has been able to help me due to the fact that I no longer have the same phone number in order to verify my information. I consider the procedures of this bank to be very unacceptable. As I client with this bank I would simply like to check my balance on this account so that I can retrieve my funds and close this account. I have a primary bank other than Goldman Sachs, and thus I am not too concerned with this concern now. However, Goldman Sachs is not a bank that I will ever be banking with again.
Goldman should be *ashamed* of this. The user experience on the website is horrible. I deposited money a week ago, and despite the fact that the money cleared, I still do not have access to it.
Trying to call them, but they say that only the "Home Loan" division is open on the weekends.
I want to get my money out of the bank. While Capital One has lower rates, I've found their customer service and website to be much, much better.
If you ever want to her your money back out of the account, stay away from GS bank. The customer service team is not well trained and never knows the answers to my questions, always having to ask their supervisor. When I do get the an answers, they are inaccurate. Because of their mistake, my wire transfer failed. Even though the other bank has debited back the money to GS, they are still holding onto it and telling me to keep waiting to have the money returned to me. Because of the bad training and archaic processes, my home closing has been delayed by several days. This is a absolutely unacceptable. I am leaving GS bank as soon as I can get my money out of there and I recommend the same for anyone else who ever expects to get their money out in a timely manner.
I used Goldman Sachs (AKA "Marcus") in the past for a savings account. The interest rates on the account is quite high (1.60%), and I was able to make a savings account quickly with little pain. I was then able to link my other bank accounts seamlessly, and everything was running smoothly. I was even able to add a joint user to the account. Throughout the time I had the account I encountered no problems, and never had any issues with the service. However, I eventually left because I was able to find better savings interest rates elsewhere. The interest rates at Goldman Sachs (Marcus) is quite high, much higher than you will find in most conventional banks. However, if interest rate is the number one item you are looking for, I would advise looking elsewhere.
Goldman Sachs offers a high-interest savings online experience, called Marcus. The idea is great, the rates competitive, and it is a nice option for finding a high-interest savings account. But, the customer service interface could use some work. Given that it is an exclusively online service, using IVR or calling for a real person can be frustrating and not yield much results. If you are away from any source of internet and only have a phone as an option, it is hard to deal with the banking system and get questions asked. They could improve this experience by having a more intuitive ivr and better customer relations people who are knowledgeable of their own online system
I decided i needed to open at least one savings account so i started looking in to certain ones. I saw the benefits of online savings compared to standard ones and was sold. With Goldman Sachs and Synchrony they offer high values so your multiplies faster. And with both being online it's less tempting to do transfers because it's almost "forgotten" in a way. The only negative is if you absolutely need to do a transfer the length of time is pretty extensive. I know with other places it's almost instant that the money can go into your account but all it takes is a little more time management. All and all I highly recommend both services.
This has been my best experience when talking about my savings saved in an account and also because I can check my account in a very simple way which anywhere in the world I can check my financial statements and my savings that always they have been saved in a very safe way in this bank
I recently opened a Goldman Sac's High Yield savings account and I can't believe that I didn't do it sooner. The whole process was incredibly fast and easy. Fund the account was simple and setting up reoccurring deposits was also a breeze. The fact that they offer such a high interest rate is icing on the cake!
I opened an account at Goldman Sachs online bank (now called Marcus) about two years ago because I trust the Goldman Sachs name to make me money and because the interest rates for savings accounts were high! It took a while to get the account up and running - that was sort of a difficult process. However once the account was working it has been easy to use. I only make a few transfers in and out each month and also have a weekly small amount deducted from my linked checking account so I have "automatic" savings! The rates are VERY competitive, and that is the main reason why I think this is a great account. I have recommended it to my friends and family so they can take advantage of the high rates too.
I was looking to get a better APY on my savings than I was receiving in my savings account at the local bank. I searched online and compared several choices. Goldman Sachs savings offered a much higher rate with no fees. I opened an account easily online and transferred some money into it. I receive monthly account statements online and have had excellent customer service. I have earned way more than I would have at my regular bank and am very happy with my decision. Goldman Sachs has changed its banking name to "Marcus" for some reason, but as they say, "a rose by any other name smells as sweet," and I love the smell of money.
I opened a savings account with then GSBank about a year or so ago. I was drawn to the bank when I saw that it had the best interest rate for savings accounts at what was then 1-percent. I have found it to be a very easy bank to work with: I have accrued no fees from my usage of the bank's services, the bank's systems for depositing work efficiently and quickly, allowing me to deposit a tidy sum every couple weeks automatically from my account, and the website's user-interface is simple and friendly. In the time since I opened the account, the bank became "Marcus". Despite this change, I have seen no degradation in service or quality.
I tried to open an account with Marcus the website is broken enough that I couldn't even create the account.
There was a page that was supposed to verify your identity which didn't load correctly and every time I would come back to the website any link I followed pertaining to my account would redirect to the home page. The questions page was not an option to get back to.
Furthermore, when trying to re enter my info, there is an option to sign in and expedite the process, but the page that you enter your information on automatically signs you out which means the "make it faster by signing in" button is a complete lie.
I'm not sure how comfortable I am with saving my money with a company that has so little regard for their website, especially not one that is online only. The interest would obviously be good if it was possible to make an account in the first place.
I opened an account with Goldman Sachs because I had read online about their high yield savings accounts. At the time, the interest rate for the savings accounts were 1.60%, which is higher than most other banks out there. I have not had much experience with their customer service because my needs are pretty small. Goldman Sachs is a good place to keep an emergency fund in a high yield savings account.
I have been a user of Goldman Sachs online banking/Marcus for about a year. It has been a huge upgrade from my previous bank, the savings account provided by Goldman Sachs is a high yield savings account unlike any i have had before. Their annual percentage yield is four times the national average making the option quite competitive. In addition to this their response via customer service has been unparalleled as they have been very fast to respond to any questions or needs I have within 24 hours via email and within the hour via a phone call. I am often directed to an actual person when calling in which is a huge plus. Overall I have become more financially secure using Goldman Sachs banking products and will be happy to use them into the future.
Other banks have CD "Maturity Options" to direct your funds at CD maturity, via online actions. Not GS/Marcus – their misleading practice is to hold maturing funds hostage until you call – or forget to call ? so Marcus can use those funds or renew the CD at a low rate.
I've relayed to Marcus that I will not purchase another CD at their worse-than-annoying bank.
they have the worst security ever. My online account was emptied except for $54.they use your email address as your username. So you log in with your email. Then click reset password and they email you a temporary password. now you log in and empty the account. A sixth grader could do this. Remove your money before someone else does.
I started with a personal loan with Marcus (Goldman Sachs Bank). After realizing how good their customer service was and how easy it was to work with them i decided to open up a savings account. I already had accounts with Chase and Bank of America and didn't really need another bank account but the interest rates they were offering was much higher. I was nervous because there were no branches for me to go to (at least where i live) and withdrawing money would be tougher but that's also why i only opened a savings account. Why not make it a little tougher on myself lol, however withdrawing money isn't hard at all. I would highly recommend anyone to open an account.
My last CD was matured on 4-3-2018, but GS Bank is holding my money hostage. I was told that it would take 1~2 business days to process. I have filed complaint through CFPB. GS Bank also tried to steal my money by blocking access to my account before, there was a button next to login, saying click this “ loan” button to get a code to access your account, made me look like I owe this bank money in order to steal my money. Every time I called, automation asked several times “Is this about loan?”
This is the list of things GS Bank tried.
1. I have to give a written notice 7 days in advance, in order to make a transfer through ACH.
2. Constantly trying to make me look like I have a loan through this bank.
3. CD renewed automatically, when I didn’t want to renew, it would take 1~2 business days to transfer
I’m planning to take this bank to court, therefore, I have to take steps and put efforts in resolving this issue. Court doesn’t like angry vengeful plaintiff, even though this bank did me wrong, therefore I may have to contact this bank a couple of more time, which I loathe to do. I have to show court that I have tried everything. Some people may think that waiting 1~2 days is no big deal, but this bank is holding my $253,249.87 illegally, on top of that, I am not sure that money will be transferred 2nd day, since GS Bank called me today 4-4-2018, saying that it was in process, but Amanda still didn’t tell me when I could get money even at this point one day later, kept saying again that it would take 1~2 days, which is this bank playing games with our hard earned money.
I’m sure that some of you want to contact me, my name is Young Flegal #724-516-3338.
The website looks like it was programmed by an 8th grader. Large block letters as if designed for the visually impaired. Also, you can't log in without going to your email account and obtain a series of numbers to be entered on the login screen. One of the worse
disorganized websites I've ever seen.
I have held a savings account with Goldman Sachs Bank (now called Marcus) for several years. I've been very pleased with their extremely competitive interest rates on both their savings and CDs - both of which are easily better than any other bank I've found so far, and have increased a lot in the last two years. I've never had any issues with customer service, which has always been responsive and helpful, and transfers to my other banks tend to be relatively quick and straightforward. I recommend this bank to anyone that's looking for a great savings account.
When the bank switched over to the new Marcus interface, I wasn't really pleased with the new website design as it didn't clearly show my transactions and it was much more difficult to find statements, full account numbers, etc. It has improved somewhat recently, but still isn't quite as user friendly as the old GS Bank website. Also, while the website is easy to read on a mobile device, they don't offer a mobile app, so there is some limitations in that regard.
Goldman Sachs / Marcus has currently been at 1.50% for a few weeks already. How long will they linger there at 1.50% while some online bank rates have been at 1.60% just as long, and others more recently are paying even higher rates. (ie; 1.75% to 1.85%.) While I may not feel comfortable with some of the lesser known bank names offering up to 1.85%, I do consider the online PurePoint bank at 1.60% (and 1.75% offered inside their brick & morter bank) and Cit Bank at 1.75% to be fairly solid banks, with certainly a 1.75% rate being substantially more incentive then is Marcus at their 1.50% rate.
After having been with Goldman Sachs for more then a couple of years already, (back when they were GE Capital) I'm noticing that they are always one of the last banks to raise their rates. And when and if they do raise their rates, it never seems to keep up with the competition. I'm starting to get tired of this catch up game and the accumulative losses that add up over time with having a large amount of cash sitting and waiting at the lesser rate. I'm monitoring this bank frequently now, and seriously considering pulling my cash out of Marcus at the end of the month and moving it to Cit Bank. I also expect the Fed to raise rates even higher this year, but suspect that Marcus will remain the laggard behind PurePoint, Cit Bank, and other more proactive banks who will likely always raise their rates higher and sooner then will Marcus....if Marcus' past performance is an indicator of what to expect from them.
I am SO happy I found this bank. There aren't any fees associated with it, and so far, my APY rates have gone up. My initial interest rate started at 1.19%, then went to 1.20%, to 1.40% and now, ever since they changed their online service name, the monthly interest also went up to 1.50%. I've made over $12.00 total in interest, and I've only had the account for about 6 months - that's more interest than I've ever gained from all of my 10 years of having several other savings accounts combined. If I have had any issues logging in, I was able to speak to a representative, or recording if I preferred, and got what I needed to log in very quickly. They representative was really nice and quick to help me move on with my day. The website is extremely easy to use, it just has problems with loading quickly. I thought maybe it was just a user issue, but it's happened on many different computers. My mobile experience has been consistently positive. I'm excited to put more money in this account and have even higher interest paid to me.
What can I say about Goldman Sachs? Let's start off with that whopping 1.5% interest rate! That is double most banks average savings account interest, but that's not even the start! They offer free financial counseling, great CD's, wonderful customer service for even the smallest of concerns! I had to request a proof of account for a direct deposit, and GS bank knew what I needed, sent it right out, and sent a personal thank you note! Without a doubt, Goldman Sachs is the friendliest, most convenient, highest return yielding bank that I have ever had the immense pleasure of dealing with. I even suggested to my parents who are retired to utilize GS bank to maximize their savings, and they thank me every single day!
I started a savings account through Goldman Sachs Marcus savings account and at first I had a lot of issues with the website. Signing up was easy, but I tried to connect my bank account so I could begin to deposit into my savings. The login option set up an account with an incorrect routing number which was weird, and so when I deleted that and signed up manually, it never went and I had to call customer service. Customer service was great! I actually was able to talk to a person! The women was friendly and understanding and answered all my questions. There also wasn't a long wait, despite online reviews saying otherwise. Although I finally got it connected after over a week of issues and was able to add money I'm still getting emails saying I haven't deposited money. Overall the APY is really good compared to other savings accounts so I'm hoping it will all be worth it in the end.
Goldman Sachs is a great bank to keep your money and to learn how to become financially secure. I have an online savings account and a certificate of deposit with Goldman Sachs. I really enjoy my savings account because it has a 1.5% annual percentage yield. This is a lot higher than many of the other financial institutions in my area. I only needed one dollar to open the account. And, even better they limit my withdrawals and transfers to six times a month. That is a great component because it helps me to actually do what I am trying to do-SAVE! My certificate of deposit is a five-year term and has a 2.50% annual percentage yield. This again is one of the highest in my area. But, not only is Goldman Sachs a good place to keep your money, they really help you become more financially literate. They hold informational events that help you understand your finances. They even offer several monetary grants and loans for small business owners! If you are looking for a financial institution that not only cares about your money but also your financial advancement, then Goldman Sachs is the financial institution for you!
I have been using Goldman Sach's Marcus online banking products for a few months after initially discovering online banking had many benefits over conventional banks. One of the main features that I have enjoyed is the much higher rates than the larger, more common branch banks that we have all over the country. I also like that my CD's don't have any fees associated with them and I am able to get the high interest rates despite not starting my savings or CDs with large amounts of money. My first CD of my ladder was only $1,000 over a 60 month period, and at the time, I was able to get it at 2.25% interest rate, which is as much as 10 times higher than any other bank out there. I am very happy overall, but my only issue is customer support can be spotty, especially at the peak times of the day, such as lunch time. A call can take 10-15 minutes before you are connected to someone and this can be a little frustrating, but I guess it's the price to pay for high interest rates.
The overall experience I've had with GS is great. They always handle my deposits accurately and quick. I've been with them for approximately 5 years and I won't go back to any other institution.My savings account also has a really high interest rate of around 1.5% which is among the best in the industry nowadays. I would recommend people who have an interest in investing to formally open an account with GS based on the experience that I'd had. My relatives have also said the same thing, considering the fact that they have the same services that I use with them. All in all, GS is a very customer friendly bank, they have great reasonable fees, great background history, and to top it off on the world's largest investment banks.
I began banking with Goldman Sachs when I was just 18. I had inquired about which banks had the best interest rates for savings accounts and/or CD's and Goldman Sachs was at the top of that list. After getting in touch with a financial representative for the bank, they aided me in arriving to the conclusion that it would be best to do a CD with a term of 2 years to get the return I was expecting. After this superb customer service, I also started a savings account with this bank (which I still have to this day). After those 2 years passed, I reopened another CD with them.
Dealing with Goldman Sachs is always a more than pleasant experience. There isn't a single worker there that is apathetic regarding their job or servicing my financial needs. I still bank with Goldman Sachs to this day and will continue to for many years to come.
But I just had a really annoying experience with Marcus that I thought I’d share. Having been paperless with GE and GS for all the years I’ve had an account with them, a paper statement just showed up. I am paperless for convenience and more important to protect myself against identity theft. So I went to Marcus.com to reset the account to paperless. There is no way to do that. So I call customer service, and tell the robot I want paperless. The robot says “you can do that on our website – do you still want to enroll in paperless statements?”. I say yes, and get a customer service rep who tells me: 1) there is no way to do this on line; 2) her system shows that I am set up for paperless; 3) if there is a co-owner (there is – my wife) then probably she is set up for paper statements; 4) if the co-owner calls in she will not be able to go paperless because since the integration all preferences are frozen. This is pretty basic stuff, and they can't get it right.
Goldman Sachs bank is the go-to choice for anyone wishing to create a savings portfolio for the future. Anyone can start, with just a simple $25 deposit into a GS savings account online, gaining the highest interest rate in the U.S. after a mere 10 minutes of work. Couple that with their absolutely ludicrous C.D. savings interest, and you can prepare for the future starting today! A simple deposit of $5 a week could jump-start a retirement fund, and after 20 years, your savings would be more than $8,000! In the economic turmoil of the current age, it is important to plan ahead, and Goldman Sachs is the best choice.
I have been using GS Bank, now known as Marcus: by Goldman Sachs, since early last year. I was initially drawn to the bank by the competitive interest rate it offered on their online savings account, as well as the solid brand name of Goldman Sachs. I wanted a safe way to generate interest so I decided to open an account with $8,000.00 that I didn't have an immediate need for. I was very happy with how easy it and quick it was for me to open an account and deposit my funds. I really like the way the site is set up and how I can access the information about my account. So far I can say I have had a very positive experience with the bank. I have found the monthly limit on withdrawals and transfers (6 times a month) is very reasonable and easily fits in with my needs. I would recommend the GS Bank online savings account to anyone looking for a strong interest rate from a solid reputable company.
I joined when they were GE Capital Bank and the transition to GS Bank was smooth. They have the best ACH service around and they've maintained incredibly competitive rates. They were never out of my top three and are are currently my 2nd highest rate.
Customer support was average or a little above but they've since removed secure messaging and I cannot remember if they ever had live chat. They were alright about responding though they were not receptive to simple changes that would improve the banking experience. If you get a good rate and ACH works, you'll be fine.
They generate a separate PDF statement for each account you have. They seemed surprised and imagined it would be impossible when I asked if they could make one combine statement. Not a big deal but if you CD ladder, it's a PITA to combine them yourself each month.
They are going through some major growing pains right now. The "Marcus" rebranding was not just unneeded but actually resulted in a huge degradation of the site and online banking experience. Some manager must have learned about web practices and technologies from about 10 years ago and really made a mess of things.
Hopefully the feedback will make it to the right places and they'll fix the site. Based on what I see of their tech and design, that wouldn't be too hard to pull off in a few months with a small team and faster with a large one.
tl;dr I'm happy with my awesome rate there and their so far demonstrated commitment to keeping high rates so I will continue to bank with them. I hope to see some improvements to the site and customer support in the near future.
I was with GE Capital before it was purchased by Goldman Sachs, total time several years and balance >$100K. Now GS has rebranded the on-line savings accounts as "Marcus". Never had a problem with either GE Cap or GS's previous sites. MARCUS IS HORRENDOUS. LOTS OF SEPARATE SCREENS AND REPEATEDLY CHOOSING THE SAME SINGLE ACCOUNT AFTER LOGIN. LOTS OF ADVERTISING FOR OTHER INVESTMENTS. LOTS OF REPEAT LOGINS. LOTS OF STUPID ANIMATED FLOATING ELEMENTS AS THE USER REPEATS THESE STEPS. All of this to simply find out the monthly interest amount. Or to download a year-end interest statement for tax prep, which of course is not yet available on 1/27/2018 because they're too busy making the site as irritating as possible.
I have had a great experience with GS Bank. I was able to open the account online with no difficulty. The reasoned I opened the account is that the savings account has a very competitive interest rate. There are also no monthly fees, and no minimum balance requirements. You are limited to 6 withdrawals a month, but this is standard with respect to all savings accounts. It is also easy to set up online transfers between this account and other accounts held at external accounts. You can have up to 4 external accounts linked at the same time. While I have only had to call customer service a few times in the past, I have found them to be helpful and friendly. In short, if you are looking for an online bank with a high interest rate, this is a very good option. I also should note that I have not found it problematic at all that this is an online only entity. Not having physical branches has had no effect on my account or the level of service I received. Not having branches is what allows them to offer such a high interest rate, so this is definitely worth it.
When Goldman Sachs opened Marcus it revamped the online bank site. It’s a mess. The web site simply does not perform its functions, but instead leaves the client hanging. It’s not that the web site is slow to load banking activities. It simply doesn’t load the intended activities. Then after logging out and then logging in again, hoping against hope that ‘fixes’ the problem, you’re still left hanging, unable to conduct your banking. Remarkably awful.
Not sure what happened since they switched to Marcus platform, but I am a long time customer since they were GE Capital and they recently held up my funds and made me jump through hoops for no particular reason. I will be closing my account and moving elsewhere. The new website stinks and now they are just making problems where there are none. I don't need the headache. The only thing I can say positive is that the customer service people seem nice and try their best to help. There are other online banks with better rates and less hassle.
My wife and I just closed our accounts (totaling more than $500,000) with "Marcus". We had been extremely satisfied with the predecessor banks, GE Capital Savings and Goldman Sachs (GS) Bank. However, after GS switched to the "Marcus" website, we found that we could not access our accounts outside the U.S. (nor could we access our accounts from our VPN, which has a U.S. IP address). Since we travel outside the U.S. more than half the year, this made continuing to bank with GS Bank impossible. The telephone representative who helped us close our accounts was extremely helpful and apologetic. She told us that, apparently, GS Bank does not wish to worry about guaranteeing the security of its online banking when accessed by account-holders from outside the U.S.
If you do not need to access your account from outside the U.S., GS Bank is a good choice - high rate, excellent credit rating (P-1 / A1) - although I cannot comment on the new website (since I was never able to access it!). But if you need access to your accounts 24/7 from outside the U.S., this is not the bank for you.
For those looking for a high-yield savings account, GS Bank is the way to go. It features a higher yield compared to many brick and mortar institutions as well as other online banks as well. Additionally, the Goldman Sachs names gives me comfort that my money will be handled in a safe and responsible manner. The application process was easy and the transfer of funds into the new GS account went without any issues.
Five months ago I was searching for an easy online bank that would give me a better interest rate on my savings account. I applied to a different bank and the application process was long, I eventually became frustrated and applied to GS bank. The application process was fast and I was approved and was able to open a savings account within a few days. They also have a rate 1.5% interest rate on savings accounts! I have been able to connect several different accounts and directly deposit a percentage of my check into my savings account each month. The process to set all of that up was very simple, and I am not usually great with technology. While I have only been with them for a short time, I have nothing but good things to say.
After trying multiple times, managed to open a account. Registered external account and transferred money (i thought). But after 4 days, nothing happended. Apparently, they silently cancelled/reverted the transfer. No communication and nothing. Now i need to find a way to close my account. Webpage experience is worst for a company of goldman sachs status. Whoever designed/mainting this bank's webpage shouild get fired.
For three days unable to open an account as a current customer, no contact info for tech problems. Long wait times over and over again via phone. Customer reps, when you wait 20-30 minutes to speak to one, simply have a script and no real answers or solutions. There are many other banks offering high interest rates - check them out first.
The new Marcus site is a complete joke. You literally cannot access your account outside the US. This is shocking and even using VPNs I have been unable to access. They also block mint and all similar sites, so if you happen to be overseas on business or vacation, you won't even be able to figure out your account balance. The phone hotline is a farce and you will spend 20 minutes talking to a computer before getting connected to anyone.
GS Bank was perfectly fine. Great rates, and I can easily check balance and transfer in/out. It's not complicated but they have screwed it up somehow with the new Marcus site. Rates went up to 1.4% but if you can't access the account, then obviously its not a serious choice. Moving my money out the minute I'm back in the states.
The old GSBank site worked great. Marcus is a piece of garbage. Nothing works properly, it's like a really bad beta site. Can't open accounts, balances don't update properly, and on it goes.
Today I tried to login while traveling, and found out the site won't let you login if you're outside the US! So I can't access my accounts while traveling.
Whoever is responsible for the Marcus site should be fired immediately. The rebranding was pointless, and the site is the worst bank site in existence.
WAKE UP GS BANK/MARCUS, AND GO BACK TO THE OLD SITE AND BRANDING
You better check the actual amount of interest. I checked on my savings account and the APY is not what I earned in interest. It was less. Using Bank of Internet USA, the November APY using the Yearly compounding formula was only 1.282, not 1.3 and December was 1.3381, not 1.4.
I will be closing my account out.
customer for about year now and was enticed by Goldman Sachs' name and higher than average saving interest rate.
info for your marketing team. 25 years old working professional
Let me tell you. Marcus is an awesome name and thanks for the lens cloth that you sent via USPS mail after the re-branding. However, I do HATE your new user interface. The UI from GSBank was practical and it worked. Don't update something that works. My reasons for the UI review is as follows: I'm unable to view your routing number without a google search. I'm unable to link external via third-party bank/Fidelity account due to saving account hidden and the only place to find it is via the digital statements. The re-branding essentially added more clicks to complete basic functions. Next, please thinking about separating the deposits/subtractions on the transaction history from the balance. It is easier to read and verify transactions when you separate them into two columns like every other institution. Lastly, you need to make your website functional rather pretty as it is the sole portal for depositors and your bank.
next review: savings and cd rates.
your savings rates are competitive and i only moved my money once when barclay had 0.10% higher than you for like 30 days. Ally Bank has a 12m-CD for 2.00% which is enticing but online reviews claims some have difficulty with the opening and redemption part of the CDs which I will hold off for now. Fidelity have CDs outside of brokerage/IRA accounts for 1.75% 12 months.
For my main point regarding interest rates, please stay competitive with your CD rates also as you do have competition. Clients will leave for convenience (and the fact that there are better products out there) when it is difficult to navigate your new new website.
Third-party link issue for your IT team:
the OTP code that you send out after entering password and username is blocking the link with new and existing applications.
I highly advise GS to re-evaluate the UI after re-branding as I have read in earlier posts, it is causing headaches for existing customers which would cause withdraws to other banks and hurt your total money on deposit.
I started Banking with Goldman Sachs Bank (Now re branded as Marcus) in the spring of 2015 right when had just rolled our their savings accounts from their acquisition of GE Capital. I was intrigued by their interest rate which at the start was 1.05 per year and was much better than what i was getting in my Chase savings account. The overall process went fairly quickly, especially for a bank without physical branches. While the product offerings are fairly limited the high interest rates make it worth while to keep a savings account with them. Since I have been with them, they have increased their interest rates (currently at 1.3%) and expanded to offering CD's too. I have not interacted with their customer service, which is primary due to the fairly basic and easy to use website and limited product offerings (hard to have issues with something as simple as a savings account). A negative for some might be that they do not have a mobile app, however I only get into the account once or twice a month to make a deposit or withdraw so it does not impact me. Overall, I would recommend using GS Bank (now Marcus) for it's high interest rate and ease of use.
Ever since they launched the new website, I am unable to do the most basic things. I tried to open a new Online Savings account (currently have CDs only) and after asking screen after screen of questions, I received a "something must have gone wrong" message. Then I tried to add a beneficiary to an existing CD and after hitting submit, the Marcus logo kept spinning and never completed the request. I think they need a new IT department, because they don't appear to test anything before launching. By the way, I agree with others that the new branding to "Marcus" is stupid and the overall look, feel and navigation of the new site is horrible. Unfortunately they don't provide any clear way to provide feedback directly through their site, so I hope someone from GS reads these reviews. After my existing CDs mature, I am done with this bank.
the new marcus website is horrible. it does not work
properly. the statements page does not load my information. the beneficiary page does not load my information. the menu button on top does not work in most of its web pages. you have to keep hitting the back arrow to find a page that works. I called customer service 3 times to report all this and still nothing works properly. they should go back to using the GE WEBSITE DESIGN. now I am planning to move my money to American express bank, or discover bank OR synchrony bank , at least they work correctly.
GS Bank (Now called Marcus) is hands down the best savings account I have owned. The rates far, far exceed what you will ever get at a brick and mortar bank and the web interface is streamlined and simple. The transfers are easy to setup and schedule, with options for reoccurring transfers which show up on a separate screen so you know what is going on with your money. In addition, the timely tax forms that are automatically sent every year make filing a breeze. I can't recommend it enough; I have had multiple friends open accounts who are just as satisfied. I will move on if their rates drop below what I can get elsewhere, but if they can keep it up they have a customer for life.
Previous GE Capital and GS Bank (which has same website look n feel derived from GE Capital bank) was decent to use and faster. But Goldman sachs introduced this new Marcus website platform really sucks... So bad website and have to scroll up and down to see just minor details of account... so bad website...they should replace this design and development team as by being my self web developer / software engineer... this is not acceptable response time from bank website! Hope GS bank will fix this slowness and ugliness of the site!
I liked Goldman Sachs Bank until today, when I am locked out of my own account with absolutely no recourse or assistance from the bank. Since I am on an overseas trip right now, GS Bank won't even enable the login page to show up on my mobile gadgets, since they state that Marcus is for their customers in the US only. Well, I guess they don't care now for their high net worth customers who travel overseas frequently, so my recourse would be to terminate banking with this Circus of a Bank. The worst own goal ever, and from a supposedly established financial giant.
been pretty happy - until this new re-branding to Marcus - nothing could be more irritating than
the new website which is a huge waste of pixels - mostly white ones as there is huge amount of nothingness on the webpages, and now one must click and click and scroll to find any thing.
That is - if you can log in at all.
Calling them is another new experience in waste of time and space continuum. A synthesized automated system designed to understand complete sentences - that can't do anything except ask for just a bit more information"- and when you finally get let me transfer you to someone who can help - it will be experiencing high call volume and they suggest you go to the website and login (which you can't),
I prefer a more old fashioned bank that has a website meant to be viewed without scrolling to see more than 3 lines of information.
I think the biggest positive banking with Goldman Sachs is the savings accounts. The rates are extremely competitive and it makes it an attractive proposition for anyone looking to save and actually make money.
The online interface is very straightforward and easy to use, and it is not confusing to use the scheduling options like it can be with so many other online only banks. And come tax time, they do send out the forms right on schedule without me havint to reach out to them (which I've had to do with online banks in the past) .
There are no fees and the rates have been adjusted fairly over the years I have used them. I recommend them to anyone looking for a easy , no frills, banking experience.
as a mint user I'm not able connect my accounts, despite the fact they advertise on their website.
I had to close my account as soon as I opened it. I spoke with a couple reps at the bank, and they have no intention for this connectivity.
I can only say positive things about my experience with GS Bank (Goldman Sachs Online Bank) so far. I use the bank to manage my online savings and am incredibly happy with the 1.30% annual yield I currently have. I was initially drawn to the brand of Goldman Sachs but worried the fees may be high and not worth it. I was pleasantly surprised to find out there were no transaction fees when I signed up and have been incredibly happy with the ease of transferring my money in and out of my account.
I have been banking with GS Bank for about five months now. It was really easy to open and account and the interest rate on the savings accounts is much higher than any of the other banks I have used before. It has been really easy to set up transfers from my primary bank to GS. I feel as if my money is in a smart and accessible place. Moving forward, I would definitely consider opening up a checking account with GS Bank as my primary account. My only concern is that there is no app for the Bank. In this day and age of technology, it would be a big benefit to have an app that goes with the bank.
I haven't had any significant problems with Goldman Sach, but one odd thing they have with Joint Accounts: every month you get two statements. The statements are numbered and these numbers are different, so you have to check that the results are identical. It's a hassle and I don't understand why when I login, I will always see two identical (except for the statement #), statements, for each and every month.
Now it's up to me to check that they are indeeed, duplicate.
If you are looking for an online bank to use for a savings account, GS Bank is on the best that you can find. Their rates are always competitive with the online savings market rate, and they even raised my interest rate three or four times since my account was opened. Interest is compounded daily and paid monthly. You can make a deposit via electronic transfer from an external bank account, wire transfer, or mailing a check. One of the main drawbacks is that you can't deposit cash but this has never been a problem for me. As with all online banks (and many traditional savings accounts), you have a limit of 6 debits/withdrawals per month/statement period. It took them a day or two to open my account but transferring the money from my external bank for my initial deposit went smoothly. One of the only cons that I have with this account is the customer service aspect of this bank: unlike some other online banks, their call center is only open during the day Mon-Fri, and if you will have an issue reaching someone if you need help with your account outside of those hours. I have never really had a need to contact customer service though, but it is something to consider. Other than that, it is an excellent account with remarkable rates. I simply needed an account to store cash for a rainy day and I have found the best bank for that purpose.
Their web site has been down for "maintenance" the entire month of November (going on six days now). Just trying to find out how much interest I earned in October, but what if I actually NEEDED some of MY money. I have had MANY other online bank accounts and have NEVER seen a website down for more than a few hours !!!!
Who can I report them to, the FDIC ???
I opened a bank account with GSB due to its interest rate and bank rating. I had nothing but trouble with them. I was continually locked out for no good reason ( my pc automatically enters my saved passwords) and even after going through their password recovery process, which didn't work and after speaking with a rep, who was unable to unlock me, i took the path of least resistance and closed my account.
My Certificate Deposits are in GS Bank. Actually GS Bank bought my previous bank, so my CD ends up from GS Bank. I feel GS Bank is a reputable bank company. I called Customer service couple times to re-arrange my CDs when they are matured. The customer service people is friendly and professionally. The products in GS Bank's CD is very old fashioned. Not a lot flexible. And they charge a big fee if you want to take back your money prematurely. Their rate is OK. can not compete with many small internet bank, but above average than other big banker. I think their 5 years CDs are usually with better rate than others, but the 1 year or 2 years CD have very low interest rate. Many banks' checking account has similar rate with their short term CDs. GS Bank do provide me option of paper and paperless statement options. I am generally satisfied with their service to my CD account. But I do feel they are not very eager to acquire more business, I got called from other banks for their financial advise services, but GS never offer me / introduce me with their financial advise service in more than 5 years. I guess bigger bank usually is not that aggressive.
GS bank's online savings account is one of the very best ways to save a substantial amount of money without thinking about it. The interest rate is impressively high, at 1.3% last time I checked, with no limits to the amount of interest you can earn! Plus, there are no fees to be concerned about and the money transfers quickly into my regular bank account, within a couple days, whenever I need it. I wasn't sure if I would get much usage out of an online savings account, but my experience with GS bank has been unbeatable. The website is easy to use, completely secure, and looks pleasing to the eye. I recommend this bank to my family and friends looking for a competitive interest rate and a convenient no-frills savings.
A few days after after funding my account at GS Bank, I spoke to them about cancelling it and they charged me a penalty of two hundred and seventy days of interest. No grace period. I lost over one percent of my total deposit in under a week.
GS bank is a relatively good bank with good customer service and low fees. The products they design are suitable for general customer need and the financial rating is stable and solid. The saving account is under the provision of FDIC so there's a certain minimum deposit protection. However, I wouldn't recommend putting a large sum of money due to its relatively young history since inception. Overall, this offers attractive saving products which beat competitors.
We got rolled over into a Goldman Sachs Savings Account from GE Bank. It was a wonderful transition. They made it smooth and kept the amazing rate that we had before the changeover. They have continued to keep some of the highest rates around. They make moving money to/from their accounts very easy. The accounts are straightforward and do not have the hidden fees that many bank accounts now have. We only use them online (no brick and mortar) and it has been super easy. Their technology is up to date and everything moves very quickly and efficiently while cutting out the middle man of a brick and mortar bank. I would highly recommend this bank for their fast and efficient service and their highly competitive rates.
...but when the CD matures they make it a NIGHTMARE to receive the matured funds. There is NO CUSTOMER SERVICE mindset at Goldman Sachs Bank. I have mailed written instructions to GS Bank to deposit the maturing funds in the previously established AND VERIFIED personal account WHERE THE ORIGINAL DEPOSIT CAME FROM.
Not good enough for GS. They want me to call - each time one of the 14 CD's matures!!!
My only guess is so they have an opportunity to keep the money or cross sell... NOT HAPPENING!!!
I will NEVER do another bit of business with GS Bank!
GS bank offers a few online product mostly savings accounts and CD. Their rates are very competitive. Opening an account online is fairly easy. Within about 4 to 5 business days my new account was set up. They use the regular "small deposit" means to verify a linked external account, from which I deposited my initial funds. Bear in mind they do not have a checking account product. So I cannot use GS bank as your main cash/check outlet. I must have another retail bank for those. The GS bank is a good place to park my extra cash with a little higher interest though. The web security measures and verification process are solid. The bank itself has good reputations in terms of business confidentiality. Their online statements are easy to follow.
I've had a bank account at GS for about 4 years. I initially opened it for an online savings account. The interest rate was pretty competitive to a different online bank. I chose GS because it has a very solid reputation as a company, so I believe my money will be safe and taken care of. There was no minimum to open it which was what I was looking for. The online interface is easy to use and functional. I've had a overdraft on accident one time and customer service was able to waive my fee and I liked that. I don't really need to visit a physical bank because I like the convenience of handling my finances online. I am considering opening a CD with the bank when my CD matures at a local credit union. The CD rates are very high at GS.
I recently deposited a substantial amount of money into a Goldman Sachs online account due to the nice, enticing interest rate and it was one of the biggest mistakes I have made in banking. I requested a check over three weeks ago for a real estate closing and to date still have not received. Goldman Sachs call center says that the check was sent certified mail, and the post office says the certified mail is lost in transit. My request to Goldman Sachs for a replacement has not been honored to date. Goldman Sachs online bank call center is now telling me that I will have to wait 90 days for my money!!! My money that they are responsible for holding until I request - I have to wait 90 days to receive now.....
Please beware of this bank, you cannot get anyone to speak with other than the call center. My emails to the Goldman Sachs executive team have gone in-answered. Dealing with Goldman Sachs has been a nightmare. Beware.
I signed up for GS Bank due to their above average interest rate. We have regretted the decision since and I want to make sure other customers don't make the same mistake. GS Bank had no issue taking a very large deposit that was transfer from my local bank. After a few months of banking with them I couldn't get GSBank to download transactions to my financial software( it worked for a few weeks ), I decided that it wasn't worth it. My nightmare started when I try to transfer the same large amount out of the bank to the linked account that was already validated by trial balance. GSBank cancelled my withdraw due to what they claim was a fraud alert on their system. Note that their system had no issue taking my large deposit but trigger an alert when we decided to withdraw the fund. They claimed that only way to release the fund is for us to send in my bank statement from my local bank. I didn't think it is right for one bank to ask for statement of another another instruction and asked for other options to verify the account (they could even check my credit profile and know I have relationship with the local bank). When I asked to speak with a fraud specialist, they won't transfer me directly to resolve this issue. Overall a terrible customer experience.
Online banking with GS Bank has been a dream. They offer the highest online savings yield I've seen (1.20%) with no limits on monthly deposits, no fees, and a total account limit of a whopping $1 million, which was just recently increased from $250,000. I actually switched my online savings account from Barclays Dream Account to the GS Bank account a few months ago. The reason I did that because GS Bank had no monthly deposit limit, whereas Barclays had a $1000 monthly deposit limit. That was an issue for me because I like to save at least $2000 a month, so the Barclays account limited my savings target. GS also had a higher yield without any restrictions, whereas Barclays had a yield of 1% with bonuses for consecutive deposits for 6 months and no withdrawals for 6 months. That's too long for me to see a higher yield. Let's just say I've been super happy I made the switch, and I wish I had done so a lot sooner!
I've been with GS Bank for a few years now, albeit not by choice--my account with the old online-only GE Capital Bank got turned over to them. I was wary at first, but I decided to keep my savings account with them, to see how it fared. They've far exceeded my expectations. First, they raise their interest rates quite regularly--to my recollection, a whole .10%-.20% in the last year. That's still far more than most brick and mortar banks offer at all. I've never paid them a penny in fees. Crucially for an online-only bank, their website is excellent. I can't stress that enough. It works as well on mobile as it does on my desktop, and I've never had an error, problem, 404, outage, anything. Considering that website is the only link between me and my money, it needs to work perfectly--and it does. Adding new external accounts is very easy; the test deposits have always been really fast (usually the next business day). Their customer service is excellent. I travel abroad quite often and they have a dedicated international number. Their service center is also open for 16 hours a day, so I never have to worry about not being able to call in time (on the few occasions I've had to call). I'm so impressed with them I opened my first CD with them last month. If they keep operating this way, I'll be a loyal customer for a long, long time!
I opened a deposit account with GS bank approximately one year ago and am very happy with the decision. My main reason to open the account was for having an account to place my money that would provide a reasonable interest rate while still having the ability to freely access the money. When I first opened the account, I also had a deposit account at a similar institution but the GS Bank interest rate was higher than the other bank in addition to my traditional checking account. It is very easy to transfer money between my banks. In addition, the interest rate recently increased to 1.20% which is pretty competitive with CD rates at other banks with the added liquidity of having access to my balance at all times.
We have a high-interest savings account with Goldman Sachs bank. We like it because it yields a much higher rate than the savings account we have linked to our checking at our local back. Our account also does not require a high daily balance (even our old bank changed the minimum to $350 daily balance). We are also able to transfer money back into our checking account at another bank if needed. My only complaint here is that you have to wait a certain period of time in between such requests, and they often take several business days to clear. However, this is not a big deal because this account is more for our long-term savings and not for emergency funds.
Today GS Bank lost a new customer. I applied for a set of joint CD ladder accounts for my wife and I. After not hearing about the application within the "48 hours" response time, I called to ask about the status. From there is was a downhill slide fast and furiously from the first customer service operator who could do nothing but quote, paraphrase quote, and repeat statements of why she could not give me the status of my account. I needed my wife on the phone due to it being a joint account - well she's in another state taking care of her mother. All I wanted to know was the status of the application and where do I send the check to open the CD's. After 15 minutes of the GS Bank employee parroting remarks about Patriot Act, need my wife on the phone, would like to help but can't, etc, I requested my application be cancelled. If a customer can't get simple information over the phone, what kind of customer service could I expect over the long haul? It was another litany of parrot, repeating statements of why she could not cancel my application. Seriously? You are now going to hold me and my wife's CD application hostage? A customer can't withdraw a joint application that was applied for on-line? I was given the direction to do an on-line application last week when I first called to set up the accounts and learned that the only way to set up the joint account without my wife on the phone was on-line! The 15+ minutes of back and forth conversation disolved into my continually responding to everyone one of her statements with "I'd like to speak to your supervisor" (all recorded). It was downright demeaning, sad and frustrating at how many times I had to say, "I'd like to speak to your supervisor", and told she would not escalate the concern because I was not a customer. Did you hear that, now I'm not a customer? Count them - over 20 times I requested to speak to her supervisor! I finally was connected to a Luke W. who cancelled my application. Yes, I know, GS Bank gets to retain my personal information for Patriot Act reasons and what not, but had the first person been seasoned enough to simply give me the status of my application, GS Bank would have retained a new, happy customer. So, now after speaking with Luke about the above scenario and I'd like to ensure my application has truly been cancelled, Luke tells me he can't give me his last name due to bank policy and I won't receive a cancelled notification in the mail or email. That concerns me. With the recent Equifax fiasco and other breaches of on-line security how is a customer to know their accounts have truly been cancelled? Run a credit report I hear you say? Yeah, right. I was hoping for the beginning of a long relationship with GS Bank but sorry, I'll look somewhere else that has excellent customer service to give my money to.
I have started an account with Goldman Sachs Bank for my daughter. She is still very young and I want to teach her the value of saving money while she is still at an impressionable age. I secured the Goldman Sachs Savings account because Goldman Sachs offered an annual savings rate of 1.2% per year. This was roughly 120 times higher than the rates offered by my local and regional brick and mortar banks. We have only had the account for a few months, but I am still very pleased with it at this point. It has been rewarding to be able to log in to the Goldman Sachs website, pull up my daughter's savings account and not only show her exactly how much money she has saved already but exactly how much her money has earned in interest.
I recently switched savings accounts GS Bank from my previous bank for two reasons. First, GS Bank offered a higher APY (1.20%) compared to my previous bank. Second, GS Bank has no limit on monthly deposits, whereas my other bank did. I usually transfer $2000 into savings a month so I needed an account like GS Bank's to meet my monthly savings goals. One downside is that Goldman Sachs doesn't have a mobile app, but I can live without it. The customer service people are typically busy but know their business and helpful when you need it.
No customer service Available all through the night and No customer service on Saturday at all and No customer service on Sunday at all. And they often LOCK your account even though you enter Correct user name; Correct password; Use SAME device; Answer 1st security question Correctly but not the 2nd, which I'm 99% sure is correct. Therefore, they need to get off online as they're really only a Brick and Mortar Bank -- who btw are always open on Saturdays! (TIP) Several online banks are now offering a higher percentage.
I currently have a saving account with Goldman Sachs Bank, and I am extremely happy with my experience so far. The website doesn't have all of the bells and whistles of a national bank, but it is functional and very easy to navigate. It is definitely made up for in the interest you are getting paid. The interest rates in this environment are low, but on my savings account I am getting paid 1.25%. The money is not locked into a CD, so I can access it whenever I want. I would recommend this bank to anyone. The only downfall is you can not go into a location and speak with someone, however the few times I have had to call I have spoken with some very friendly individuals that were able to help me. I have had such a great experience with GS Bank, and am very happy. I wish they offered checking accounts because I would move all of my banking over to them given the chance.
I've been using the Goldman Sachs Bank for online savings for a few months now, and I think have a had a very good experience. Initially, I was a little concerned at the idea that it was all completely online, but that seems to be why my experience has been so positive. I have several checking and savings accounts, but it seems that in utilizing an online bank (since there are less fees overall) it's more beneficial because you get a higher interest/APY rate than all of my other banks combined! The highest interest I have ever received for a checking/savings account it about 0.08%. With GS online bank, I have an interest rate of 1.20%! The only thing I noticed was that I have difficulties logging in on certain devices sometimes, it gets temperamental and locks me out when all of my security answers are correct. However, I am able to unlock myself quickly by dialing a number and having a computer help unlock me. Other than that, if I ever need further assistance, I was able to call and speak to a live person who was kind and helpful and got me off the phone as quickly as possible. I enjoy my experience very much!
It's very well known that GS Bank (Goldman Sachs Bank) caters to the higher class, but fairly recently they opened up their savings accounts to anyone who had at least $1 to put into the account. Very competitively designed, they opened with an interest rate of 1.10%, which was the top of the highest rate offered at the time. It was only matched by Ally and Synchrony Bank for their savings accounts until, this year in 2017, they increased their interest rate to 1.20% making them the top general savings bank and crushing the national average.
They also offer an array of CD choices ranging anywhere from 1.40% for a 12 year term to 2.30% for a 6 year term to maturity. Although I do not invest in CDs, they seem solid for ladder investing (investing in multiple CDs so each expires at a certain time to reinvest over and over).
Their website is extremely basic and lacks basically anything more than bare-bones features...but that's all it needs to work so I forgive it for that shortcoming. After all, I'm looking to save money in this account, not keep track of spending. One of the huge negative, however, is their complete lack of a mobile app which puts them far behind in terms of modern interfacing. Supposedly it's on their to-do list, but for now you have to either push or pull from the GS Bank account itself, or from your bank account. The speed is incredible, though, since all my deposits to GS Bank were credited the moment I hit 'Submit' (although they were taken out of my bank account later on). This works well for maximizing your interest rates.
After trying to open a savings account with Bank of America, which is where I do all my checking, I was horrified by the extremely low rates. I would need a minimum deposit of $2,500 just to earn 10 basis points a year. What i loved about the GS bank was that they offered a killer rate of 1.20% APY with only a minimum deposit of $1. With a maximum of 6 withdrawals a month, my money is still available when I want it and the return is far superior to any of the name brand banks I have seen. While the customer service and lack of physical ATM locations is a downer, it is hard to argue against that upgrade in savings interest/year. I miss having a physical debit card, but really I'm only putting money in this account that I hope to stow away for the long haul.
I have $441,843.60 with GS Bank as of today, I just found out that GS Bank tampered with Agreement Numbers for Savings and each of CDs, one of my husband's Agreement has disappeared, therefore, I checked beneficiary information too. Sure enough, GS Bank messed with our new beneficiary's social security number. No wonder, why SS numbers have been disabled, so that GS Bank can manipulate it. Supposedly, my beneficiary would have been out of luck. Not so fast though, I screenshot everything with date on it, also printed every conversation with GS Bank in regards to these matters.
I have read somebody's complaint on this website, about GS Bank not telling him amount in Uncle's account. My beneficiary will have even our passwords and computer.
I now prefer paper copy of beneficiaries for online banks and brokerages, sending it by a return receipt, and still got to verify with them.
I set up transfer at receiving bank as much as possible today, our two CDs will mature soon. I'm ready to file a complaint through CFPB, if there is more disturbance till then.
Bottom line is, all financial institutions nowadays, try to keep the money for themselves when account owner is gone, therefore, we should be very careful.
For the first time, I tried to do an ACH transfer out using their website. Even though I wasn't exceeding any posted limits, the web page asked me to call Customer Service. After verifying my credentials over the telephone, they said someone would have to call me to verify the transfer request and it could take about 24 hours. The following day, I did get a call and went through the same regimen after which they said they would initiate the transfer and it would take three business days for the money to show up at the receiving bank.
And all this from a purportedly online only bank :-(
I had originally opened a savings account with GE Savings which was later bought out by Goldman Sachs. The transition was seamless and without issue. My main draw would have to be their excellent savings interest rate of 1.05% which is many time higher then your run of the mill banks. Definitely the highest you can attain outside of CD's and investment accounts and if you want to save but still be able to pull money out quickly it is an excellent option. Be aware that it does still take time to take the money out as you have to transfer it out of the account to your main checking account and then withdraw it so this might put off some people, but I personally don't mind.
The website itself is easy to use and definitely friendly I love coming on here and checking my balances and interest gained. There doesn't appear to be a mobile app on android but if you're using it as a savings account this shouldn't matter too much.
I have not dealt with customer service very often as there is usually no issues, but the one time I did they were helpful and friendly.
Terrible customer service and not international-friendly at all, which is extremely disappointing for the GS brand. The login page has been "under maintenance" for weeks and all I can get from them is "call us." But I'm an expat working abroad, and their "international" number charges us for an automated system that wastes our time instead of connecting us directly to an operator.
As soon as I gain access, I'm transferring my savings out to another bank with decent international customer service.
Being that this is an online only bank, you think they would skimp on the customer service but they do not! I have had two savings account with GS Bank since they were GE Bank. This bank has one of the highest interest rates on savings accounts. Not only do you regularly get your interest payments, you can also transfer money out so quickly! If you initiate the transfer before 5pm, your money will be in your checkings account the next morning. They are so fast, I love it!
I have a savings account with GS Bank. Their UI on their website is okay. I have had some issues logging into their website sometimes though. I have a feeling that their server is down every so often, so you can't login during those times. I use GS Bank because their APY is one of the highest I've seen available. I don't have any issues withdrawing or putting in money into this savings account.
I tend to follow rates and if the rate is good, I will open a new account. However, I would avoid anything to do with Goldman Sachs.
A relative of mine passed away and in order to get access to probate court, the administrator needed to get a copy of the bank statement. All the other online banks where he had funds provided the necessary paperwork in a timely manner. Goldman refuses to do so despite numerous phone calls and blames their legal department - and still will not provide a date when they can comment on a 1 paragraph letter prepared by the probate court.
Since the bank has no branches, you are at their mercy.
for .05%, difference STAY AWAY.
I have an online savings account with Goldman Sachs Bank. It pays a great interest rate, which is on par with CD's at other banks. However, you have complete flexibility to move money in and out of the account. The company pays interest monthly, and the account is very easy to set up. I recently purchased a house, so I had to put together a large amount of cash. However, I wanted to earn a little interest on that cash, so I put the money into my GS bank online savings account. I made a bit of interest before I needed the cash, and then was able to easily move the money out when it came time for my down payment. I would definitely recommend this bank to anyone looking for a higher yield online savings account.
There is no online app.
There are no branches.
There is no online support.
If you leave a message online, the reply will always be the following, no matter what you ask.
Thank you for contacting GS Bank.
In order to assist with your request, please call us toll free, Monday through Friday, between 7 a.m. and 11 p.m. CT, at 1-855-730-SAVE (7283).
Thank you for being our customer. We are committed to helping you reach your financial goals.
GS Bank Customer Service
When you call them, you'll wait and wait. Then you'll wait some more! After all that waiting, you'll get connected with some incompetent moron in India.
The reason I'm with GS Bank is that my original bank was bought out by them. Now I'm stuck in banking purgatory.
DON'T EVEN THINK ABOUT USING GS BANK!!!
Goldman Sachs bank has been a good online savings account for me for many reasons, but it has it's limitations.
The greatest benefit to me is that it has the highest interest rate of any online bank available. It gives 1.05 percent interest for money kept in the online savings account. Many local banks only give around .05 percent or so. It's nice to actually see the money kept in your account make money. While it may be less than the inflation rate - it still keeps up.
It's also very easy to tie your other accounts with Goldman Sachs to this bank. I am able to freely put money into CDs and can transfer to and from CDs to my savings account with a few clicks on the website.
The website is very simple. It's very easy to use. It's easy to get all your account information and it has a very simple to use FAQ section. There is also an online customer service representative that you can reach whenever you want.
The biggest problem for me with the website is it's complete lack of an Android or iPhone app. The only way to view your account is through the website. Most other banks have an app - but Goldman Sachs does not have an app. This is kind of annoying to me - because it would be nice if I could just open an app on my phone or tablet to view my account information and make transfers and what not. Unfortunately they have not integrated their service into an app.
I personally have had Goldman Sachs Bank for well over a year. I enjoy the competitive products they give on savings accounts. I'm making a good amount of money on interest alone. I enjoy the simplicity of transferring money from checking to savings vice versa. It takes around 2 days before I can see the money in my account. I like the fact that security with the bank is also top notch so I don't have to worry about my money being stolen. Goldman Sachs is also very simple. They take the thrills out of saving money. The platform is easy to use over the computer and everything is outlined to easily see the text on their website. I overall recommend this bank to people looking to save their money in a no-thrills way.
I have been a fan of GS Bank for a few years until now. Like any other online banks, GS Bank was honest at first, but it is getting more tricky everyday. GS Bank requires E-Sign for each CDs and Savings Account, which I didn't know this before. We have issued two CDs in our Savings Account, therefore I and my husband, each of us had to have three E-Signs, it is like we both have three different accounts. Worst part is that my husband was asked E-Sign for only one CD that was issued recently, but He E-Signed one more thing that we can't tell what it is, GS Bank told us that even though it is the same CD, if we both don't E-Sign at the same time, it will have a different CD reference number, and then failed to tell me what one more thing that my husband signed, since it is a bogus one. This is very disturbing to me, since we have a lot of money at GS Bank, and I praised this bank on this website before. It said "E-Sign for your CD to get the maximum FDIC coverage" it means that if I die, my husband will not get all, almost a half million in our account, only for one CD he E-signed. GS Bank has changed its system last weekend, therefore I can't see our "disabled" SSN in beneficiary by clicking on it, when I tried to confirm it still contains the right number, system kicked me out and took about 25 minutes to fix it by receiving about 10 different security codes through E-Mail.
Always, pay attention to little changes and never let your guard down. Most of all, support CFPB and use it when you have a problem with only FDIC insured Banks. not credit union banks. I can't put money in the bank without CFPB's back up nowadays. Let's educate each other more by writing our experience.
I have been using Goldman Sachs online banking for a couple of years now. It used to be GE online savings first (General Electric), but it has since changed now to Goldman Sachs. I have an online savings account where I make 1.05% interest on what I have in my account. When it comes to online savings accounts, I don't think that you will find a better rate then this out there. I have never had a problem transferring my money from my main checking into and out of this online savings account. The procedure is simple and is done the way most people expect. Whenever I have had any questions for customer service, I usually e-mail them. They will usually answer back within a couple of days and I'm ok with that. There is only a $1.00 minimum to have this account open and there is no "monthly fee" hidden anywhere here. I would recommend this online savings account to people who have a lot of extra money sitting in an account where they are making no interest at all. Let your money make money for you is what I always say. Interest payments are added to your account on the 1st of the month usually.
I opened a savings account with GS Bank. I was drawn towards this institution based on their competitive interest rate compared to the very low rates at the other banks I was using. In addition, while there are no physical location for GS Bank, it was very easy to add another bank account to my GS Bank user profile. This allowed me to easily transfer money from my one bank account to my GS Bank account. The one downside of this is that it takes up to three to four days once the transfer is initiated for the money o actually show up in my account on the GS Bank website.
GS Bank is where I do the majority of my savings. Their interest rates are better than anyone that I have ever banked with in the past. I place my large personal savings accounts with them. I have been with them since they were GE Capital bank, before Goldman Sachs bought them out and have only had to contact them once since Goldman Sachs purchased them. I tend to get 12 and 24 month CDs through them along with my online savings account. Every time I let a CD mature I need to contact them to let them know what to do with the CD. Each time I do this the process is quick and takes less than 5 minutes. I always get great support and help from the people as they seem to be located in the Untied States, and can take care of my requests easily. The only thing I wish they had was a GS Bank mobile app. All of my other bank accounts have a mobile app I can use to check on my accounts with, but GS Bank does not. That is the only thing I wish that they would add. Other than that I'm exceptionally happy with GS bank, and recommend them to anyone looking for a good savings account!
Tried to Open and On line savings Acct at GS , spent the 15 minutes typing everything for joint acct , then pass words , then secret names on and on.
Hit enter then I got we cannot open an account. , basically got rejected but no one can tell me why , did I enter something wrong or what .
Customer Service Rep said try Monday , I said you mean re enter everything without knowing where the error was or why ? They said yes.
Been married 39 years , same house for 17 , etc , just trying to open a simple savings account . But this system of rejecting without giving you a chance to fix is crazy . You have no idea how to fix.
Goldman Sachs bank has a quality product in their savings accounts. The rate is very competitive and gives you a nice safe way to earn some interest on your savings that is very low risk! The website is super easy to use and transferring in to savings from elsewhere couldn't be easier. I rate 5's all around- very responsive bank with good services, no fees to speak of for savings, and a good rate of return for a savings product. Not much else you could ask for!
I started banking with GS Bank back when it was GE Capital bank before it became GS Bank. I chose them because they have the highest interest savings rates in the country for accounts with no minimums. I have been completely happy with my experience with them and have been using it as my long term savings account for years due to the great rates. I have only had to contact customer service once in the past. When I called, it rang twice and went to a person located in the United States that was able to help me resolve my issue in under five minutes. I recommend GS Bank to all of my friends that are looking to increase their savings rates, and to everyone that is just looking for a new bank that does not charge the same outrageous fees that the other banks in the country charge. I do wish that they had a mobile app available for me to check on my money quickly, but it's not that big of a deal and something I could see them rolling out in the future.
Terrible Customer Service:
I opened an account with GSBank on 10/19/16 and after several inquiries and almost one month period the external bank account has not been linked. The customer service people are not very helpful and do not appear or eager to be helpful or business friendly.
They left me no choice but to take my business elsewhere.
GS BANK was very helpful and pleasant opening my account but failed horribly when I tried to take money out. They told me to call an initiate the wire transfer before 12:30 CST. To have it sent the same day. I called at 10:00a.m. EST and gave them all the information they said I needed. I created a PIN number that I was told to give them when they called back to verify everything. They called back within the hour and I gave them the number. Now it's 11:00 a.m. EST the next day and the wire still hasn't been sent. NEVER have I had a wire transfer take two days. I will be emptying out my account from GS Bank.
I originally joined GE Capital Bank. It has now transitioned to GS Bank. The transition was seamless and did not interrupt my banking activities. I use GS for high interest savings. Their rates are highly competitive. Due to my banking needs, I do not interact with customer service. Everything can be done online, and that is perfect for me.
Applied 2 days ago for a joint account. After I entered all personal information, the application didn't go though....had to call back several times. But each time, got different answers from rep. First one ask me to resubmit application, which I did...but failed again. Second rep said becasue it's a join account, they need to speck both of us. We managed to call back together...but spoke to another rep said "sorry, we cannot verify your identity, your application is declined." Don't even mention another call I made. I gave up. There are some other online banks with competitive rate and better knowledge reps.
The savings offerings at Goldman Sachs(formerly GE Capital for me, but GS Bank took over their savings accounts) are stellar and the percentage is far above average. This provides me with a way to safely generate a little more nest egg. In addition to just the good return % on savings with GS Bank, their web interface is very easy to use and makes it *super* easy to transfer money in and out as I need. There's also multi-step authentication with passwords, making you feel as secure as you can in this day and age. Overall their savings is a great banking product and they make it easy to use. What more could you want in a bank? Good rates and ease of use knocked it out of the park for me.
I went looking for a good online savings account alternative a while back, and settled on Goldman Sachs. This bank provides a competitive rate for savings at a solid 1.05%, and I'm happily accruing interest on a sizable sum now. Can't find rates like that at brick-and-mortar banks these days. I'm extremely pleased and plan to continue using this as a safe way to invest some money in a low-risk way to balance my portfolio. Good work all around- good website, no issues with customer service, and a good product. I walk away a very, very pleased customer from this bank. Very easy to transfer money to and fro with online services as well. I'll continue doing business with this bank and possibly expand my business with them to encompass other accounts and types of accounts. Highly recommended to anyone!
GS uses a system to verify your identity based on information from a credit reporting service. You must identify which if any of several items pertains to you. Make one mistake and you are turned down permanently. The problem is the data is wrong. Asked if I LIVED at one of several addresses, they gave an OFFICE address, and did not even get that right, transposing parts of the address. So when I said none of the above, I was right but they took it as a wrong answer and said they would never do business with me. A call to customer service got a computer that didn't have a clue when I asked for help.
I set up an online savings account for my son. The process to transfer money over from another institution was easy and secure. I love the interest rates!! His account doesn't draw a lot of interest, but it is so much better than the previous account that was getting 0.01% APY per month. It was really easy to add a new account when our youngest son was born. When I log in, the account overview is super easy to read. I can see both accounts at the same time. I highly recommend this bank for savings accounts. I will keep them in mind for any new accounts I will need in the future.
Overall, Goldman Sachs offered the best savings product that was available to me. It has the highest interest rate for a reputable mainstream bank. There were a few credit unions in other states with an ever so slightly higher interest rate, but I was skeptical about these institutions. The one downside is that GS doesn't offer a mobile app for your account, no ATM card and currently offers only private checking accounts for very high net worth individuals. So you'll be stuck having your checking account at a different institution.
GS Bank acquired GE Bank's Web Platform and left the web platform the exact same as it was before. I believe in them and what they are doing. Their deposit rates are some of the best, and you can earn a lot of money in interest if you have enough money on deposit. I think my only critique of the bank is the fact that transfers take longer than I would expect they should. They usually take up to 5 business days to complete, yet Google Wallet is able to deliver the money to your account instantly. I don't understand why the transfers are slow, but it is the best bank to earn easy interest on your savings. Other than the slow transfers, I have never had a really bad experience with this bank. All in all, GS Bank delivers.
I do my banking with GS Bank for my largest savings accounts. I had my money at a local bank and was initially hesitant to go to an online banking solution, but overall GS Bank has been fantastic. Their ability to transfer fast, and the fact that they charge me no fees allows me to keep my money with them making the best interest in the country, while also having my money easily accessible. I have had to contact their customer service once before when I was working on closing out a CD that I had with them, and transfer the balance to a different savings account with them. The customer service rep answered on the first ring of the phone, and it was someone in the United States that was able to help me. The whole interaction took under 3 minutes, and my money was moved and set up. I would highly recommend them to anyone looking for a CD or savings account!
I spent an entire hour going through the process to open an account -- including time spent reading all of the legal agreements -- only to have the website fail to take the final step and hang. As this was on a Sunday, customer service was closed and could not help. I went back through all the webpages to clear my sensitive information. The foundation of this service is ONLINE banking. If the online part doesn't work, why would I want to tie up my money with them? I'm moving on to a more reliable service.
I opened an online savings account through GS Bank a few months ago (originally with a different bank that GS bank recently purchased), and have been pleasantly surprised by how much I enjoy the account. Transferring money through my home bank to the online bank is quick, easy and efficient with the added bonus of no additional charges. I love the high interest rate I get on my Online Savings account (an unprecedented 1.05% with no minimum deposit!), and it's easy for me to save the money since I'm not tempted in spending it since it's online. I've yet to have any problems or issues warranting a call to their customer service department, but I feel that they would provide friendly helpful service if I ever needed it. I was worried when I heard that my Online Savings account was being purchased by GS Bank, but now I realize I had nothing to worry about. The online bank is safe, secure and yields a high return for a Savings account. I'd recommend GS Bank to anyone considering opening an account at an online bank.
I recently opened both a savings and CD account with GS Bank. GS Bank currently offers among the best rates that I have seen on the market (1.05% savings and 2.0% 5 year CD). The website is very streamlined and simple to use making for a good customer experience. I was able to complete the transfer money (from my brokerage account) instructions in about 5 minutes. It took ~4 days before the money became available to invest in the CD. The only small glitch that I encountered was an automatic email asking me to fund my CD two days before the transfer from my brokerage account was complete. This created some confusion that was cleared up very quickly with a call to customer service. Overall, GS Bank offers the two things that I personally value the most - highly attractive rates and a streamlined, intuitive user interface. Highly recommended.
I came across GS Bank over the news, and noticed that it is giving out that 1.05% savings rate (.05% more than Ally). So just for that, I had to apply to the web site twice. The first time failed, because the web site is really not designed for Google Chrome. The second time passed, as it functions properly under IE or Microsoft Edge browser.
It took me a few days for Ally to verify the linked GS account, and while I did not know that you can NOT touch the money until 5 biz days after deposit, this is a small price to pay I guess as long as they do start accruing interests as soon as money lands in the account
I tried to apply and when I reached the last screen the site broke and wouldn't accept by application. I tried several more times to ensure I wasn't doing something wrong. I then sent GS's customer service an email. It has been a week now and I haven't heard a word.
I have this account because GS took over my GE Capital Bank account. The interest rate, which is very good compared to most online savings banks, is the same, at least for the first month, as it was with GE. But what has me ready to bail is their privacy and 'information sharing' policy. With GE Bank, they simply did not share your information with third-parties for marketing purposes. With GS Bank, they share everything with everyone. And for me to opt-out of sharing, they apparently want to make that as difficult as possible. There's no place online to do so, or an 800 number, as is the case with most companies. I need to complete a form and mail it in to them. My big fat welcome package didn't even include an addressed envelope for me to return it with. My guess is that they want to make it difficult enough that a percentage of customers with either miss it, or not want to be bothered. Yes, I'm going to send mine in. But it tells me a lot about the culture and mindset of GS Bank, which is why it's likely I'll be transferring my funds to another bank soon.
Applied 3 days ago for a joint account for myself and my wife of over a decade. Website blew up when I hit the 'Submit' button the first time...had to call and wait for 20 mins before rep came on and apologized but said I would need to resubmit entire application...did that 3 days ago. Called today to check status...again had to wait for 15 mins before rep came on and said application was still under review and could I hold...I said 'yes'...waited again...rep came and said another rep was now reviewing application, just another few mins...finally rep came back on and said 'sorry, we cannot verify your wife's identity, your application is declined'...I mean, seriously? Stay away from these clowns.
I'm an Ally customer but always willing to take advantage of a better rate so I opened an account with GSBank. I made some errors setting up the account so I had to call customer service. My errors were corrected BUT C/S DOES have problems:
1) One time I was hung up on while waiting for a rep
2) C/S not 24/7 like Ally
3) No estimated wait time
There's a BIG problem with the site, IMHO, as there is NO available balance value in the data displayed for your account. Initially I transferred in $30 as a test. Account balance showed as $30 but attempts to withdraw $25 or $15 failed. When queried, C/S said funds become available after 5 business days. No way to know that from info available on the site.
I had so many accounts at different banks, still have. GS Bank is the most honest bank, which hard to find nowadays. Unlike other banks, GS Bank allowed me to designate beneficiary for our Savings Account on Website, CPO 360 doesn't not even allow beneficiary for CD. I do not use online bank as our main bank, anything happens, they'll block my account. On the other hand, GS Bank has no frills, no tricks what so ever that we do have substantial amount of money in GS Savings and CD. GS Bank is very transparent about everything in the package we received, I was misinformed by GE Capital about when my money starts to earn interest. I'm 100% satisfied customer of GS Bank.