Marcus by Goldman Sachs is relatively new player in the field of high-yield, online savings accounts that you should keep an eye on. I opened one of the predecessor GS Bank online savings accounts on October 11, 2016 and have enjoyed watching the interest rates grow from the original 1.05% APY, up to today’s 2.25% APY.
What is Marcus by Goldman Sachs?
Marcus by Goldman Sachs is a brand of Goldman Sachs Bank USA, offers no-fee, fixed-rate personal loans, high-yield online savings accounts and certificates of deposit
How Complicated is the Website?
A simple interface for a simple product. While new features are on the horizon with the recent acquisition of Clarity Money, the current experience is one of simple elegance.
Overall functions are limited to the basic needs of an online savings account. In general, all documentation is provided in an electronic format including statements and tax reports.
Check balances, open a new account, track your recent transactions and deposits, download and print statements, transfer money online securely, add beneficiaries, download your 1099-INT tax form, manage your account profile and preferences, including mailing address, email address, password and more.
Are Marcus savings accounts FDIC-insured?
Yes. Marcus savings accounts are provided by Goldman Sachs Bank USA. Goldman Sachs Bank USA is an FDIC member, which means that funds deposited in Marcus savings accounts are insured up to the maximum allowed by law.
The Federal Deposit Insurance Corporation (FDIC) is a United States government corporation providing deposit insurance to depositors in U.S. commercial banks and savings institutions. The FDIC insures deposits according to ownership category (such as individual, joint or accounts with beneficiaries). The current maximum amount is $250,000 per depositor, per insured bank, for each account ownership category.
Ways to Access your Marcus Savings Account
Online: You can access your online savings account at Marcus.com. Log in with your email address and password.
Chat: You can communicate directly with a Savings Specialist via the Chat button which appears when you are logged in to Marcus.com during business hours.
Automated Phone 24/7: Goldman Sachs provides an automated phone system at 1-855-730-7283 that allows you to check your balance, transfer funds and more.
Live Representative: You can also speak with a live representative, Monday to Friday from 8:00am – 10:00pm eastern and Saturday to Sunday from 9:00am – 7:00pm eastern, at 1-855-730-7283.
Outside of the United States: Internationally, you can call 1-212-357-0026 for account access.
The Goldman Sachs Group, Inc. is an American investment bank and financial services company headquartered in New York, NY. Founded in 1869, Goldman Sachs has established itself as a dominant, global brand for investment banking, investment management, securities, asset management, brokerages and securities underwriting.
In August 2015, Goldman Sachs acquired GE Capital Bank from General Electric which included a consumer online banking platform, just under 150,000 retail customers and $8 billion of online deposits. By April 2016, Goldman Sachs had rebranded the platform and launched GSBank.com in order to aggressively target the “online-only” consumer banking market.
The website was rebranded again in December 2017 as Marcus by Goldman Sachs and in addition to their online savings accounts and certificates of deposit, the bank began offering no-fee personal loans.
Richard has been conducting research on American Banks for more than 20 years. He received his Master of Accountancy (MAcc) in 1998 and is a licensed Certified Public Accountant (CPA). In the aftermath of the 2008 financial crisis, Richard found himself surrounded by friends and family who were concerned about the safety of their money and needed help navigating banks and bank accounts. His desire to share his knowledge led to the development of BankProfessor.com