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 1.70% 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
Before you open an account, you may be wondering how well the bank operates. In order to determine how well a bank is performing, we suggest utilizing several sources in order to determine if a bank is performing optimally.
Goldman Sachs – Bank Health Scores
Overall Health = Excellent ✅
- 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:
- 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 (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’ 1.70% APY is 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 January 2020, here are some rates from competitors that you may want to check out:
- HSBC Direct – 2.05% APY
- Vio Bank – 2.02% APY
- MySavingsDirect – 1.90% APY
- TAB Bank – 1.90% APY
- CIBC Bank – 1.85% APY
- Citi Accelerate – 1.85% APY
- Citizens Access – 1.85% APY
- CIT Bank Savings Builder – 1.80% APY
- Synchrony Bank – 1.80% APY
- American Express Personal Savings – 1.70% APY
- Barclays Bank – 1.70% APY
- Capital One 360 – 1.70% APY
- Discover – 1.70% APY
- Goldman Sachs – Marcus Account – 1.70% APY
- Ally Bank – 1.60% APY
Richard received his Master of Accountancy (MAcc) in 1998 and is a licensed Certified Public Accountant (CPA). He is the Senior Editor for BankProfessor.com