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 over the years, up to the current 0.50% APY.
What is Marcus by Goldman Sachs?
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. Therefore, 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. Furthermore, the FDIC insures deposits according to ownership category (such as individual, joint or accounts with beneficiaries). For instance, the current maximum amount is $250,000 per depositor, per insured bank, for each account ownership category.
Ways to Access your Marcus by Goldman Sachs 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.
Banking Health Score
There are many banks and financial institutions to choose from and it is important to be able to distinguish the good from the bad. Our team reviews each bank on a monthly basis to ensure that the information we share is as up to date as possible. Not only is the financial strength of a company important, but also how well their customer service is rated by actual customers like you.
We also believe that in order to determine how well a bank is functioning, that several sources should be utilized to compare one bank to another.
That said, here is a list of scores from trusted sources that you should consider before making your banking decisions.
Goldman Sachs – Bank Health Scores
Bank Professor’s Bank Score = ⭐⭐⭐⭐⭐ 5 stars out of 5 stars
- Bankrate’s Safe and Sound Rating: 5 out of 5 stars
- BauerFinancial Star Rating: 4 out of 5 stars
- BankTracker Troubled Asset Ratio: 1.11
- FDIC: Actively insured
More about the rating system:
- BankProfessor rates banks monthly on a one-to-five scale based on revenue, net income, total assets, total equity, capital ratio, rating agency scores, profitability, and troubled asset ratio.
- Bankrate.com ranks banks and credit unions quarterly on a one- to five-star system, with one being the lowest rating and five the highest. The rating is given based on regulatory filings about the financial institution’s capital adequacy, asset quality, profitability and level of cash available. It compares those levels with peer and industry norms.
- BauerFinancial offers a similar star rating system as Bankrate (a one- to five-star system, with one being the lowest rating and five the highest).
- BankTracker was created by the Investigative Reporting Workshop of American University and MSNBC.com. They determine a bank’s troubled asset ratio. According to the site, the ratio is “a strong indicator of severe stress inside a bank because it shows the bank’s ability to withstand loan losses”. In other words, the higher the ratio, the more “trouble” they are in.
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 re-branded the platform and launched GSBank.com in order to aggressively target the “online-only” consumer banking market.
The website was re-branded 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.
While the Marcus’ 0.50% APY is comparatively a great rate, there are still banks out there that will offer you an even higher APY – or they may have better perks – such as sign-up bonuses.
As of July 2021, here are some rates from competitors that you may want to check out:
- Aspiration Bank – 1.00% APY
- Vio Bank – 0.57% APY
- CIBC Bank – 0.52% APY
- Ally Bank – 0.50% APY
- Citi Accelerate – 0.50% APY
- First Foundation Bank Online Savings – 0.50% APY
- Goldman Sachs – Marcus Account – 0.50% APY
- Synchrony Bank – 0.50% APY
- TAB Bank – 0.50% APY
- TIAA Bank – 0.50% APY
- American Express Personal Savings – 0.40% APY
- Barclays Bank – 0.40% APY
- Capital One 360 Performance Savings – 0.40% APY
- CIT Bank Savings Builder – 0.40% APY
- Citizens Access – 0.40% APY
- Discover – 0.40% APY
- MySavingsDirect – 0.25% APY
- HSBC Direct – 0.15% APY
How to Close a Marcus Savings Account
To close your Marcus Online Savings account, you can either call Goldman Sachs directly at 1-855-730-7283, or you can close your account via online banking – here are the steps to do that:
- Login to your online account
- Select the Account Details tab
- Click the 3 dots menu in the upper right corner
- Select “Close this account”
- Proceed to transfer all of your remaining funds out of the account