Goldman Sachs Bank USA Reviews (57)
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best bank on the list but no longer the most competitive
Review on the Online bank -
The idea that they aren't competing is wrong. They'll give you 1% more on your savings if you run around promoting their brand and get a friend to sign up. Great marketing scheme actually, since those so inclined will be blasting a code through social media and hyping the brand for which they will receive a max of about $750 in compensation. And, those not able to get the extra 1% will try anyway over Labor Day and still help them build brand equity.
Review on the Online bank -
completely crazy that they aren't competing. tumin over at DA pointed out that the last time that fed funds was 1.50 to 1.75, Marcus was at 1.50%.. now they are at 1% and will give you an extra 5 bps if you play around with their np cd. time to move out of this one and say so long.
Review on the Online bank -
Goldman Sachs or Marcus is a dependable brand that always stays competitive and focuses on the user experience. This is more than I can say for the others on this list. Plus, look for their No Penalty CD option as a nice way to make a little more on your cash while surrendering liquidity for only 10 days.
Review on the Online bank -
I have a few million dollars in cash across several online banks. It is not exciting with interest rates so low, but I will take 20 grand or so in interest, even if it is fully taxable over the $5 in interest that Chase would give me to keep the money there. Marcus is the only one where I will routinely go over FDIC limits and it is one of very few which isn't run by Mickey Mouse.
Review on the Online bank -
I was very disappointed to learn that Marcus quietly began offering much higher rates to aarp members earlier this year. I am in that demographic and a Marcus customer but I cannot take advantage of the rate because I am not a member? It is also age discrimination.
Review on the Online bank -
My own experience with Marcus was terrible. I opened the account, they failed to properly track the opening deposit, representative blamed me for the failure and I lost weeks of interest. I was told a rep would call me to discuss and that hasn't happened. Not worth the time or aggravation.
Review on the Online bank -
Goldman Sachs, founded in 1869, launched Marcus: by Goldman Sachs® in 2016. Commonly referred to as simply Marcus, the new consumer bank diversified its savings and loan offerings to retail customers. Until then the bank had operated as an investment bank and trading house using funds primarily from the wholesale market. I hope our host will update the name to avoid any confusion. Searching "Goldman" will not lead one directly to Marcus.
Review on the Online bank -
called customer service April 18, 2020, had to wait 40 minutes on hold, talked to a well informed polite person for as long as I wanted. He said CDs are not callable, previously I was told they are. so you figure it out. in this constantly lowering of rates time it may become important. Why should Golman pay consumers just under 2% when the Fed gives them all they want for .025% or less ??
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this CD is callable. so if rates generally drop and the bank does not want to pay current rates they can cancel the CD and pay you off. Phone help is effective but they forget to tell you to sign a in case of death form, they have no email help, you can stop them from selling some of your info, they have an arbitration clause.
Review on the Online bank -
Had 3 CDs and High Yield Savings. Then bought their 1 yr maturity CD at APY 2.05. 12 days afterwards noted rate increase to 2.15 APY. Cursed by bad timing then got message my rate was increased to 2.15. I am really impressed with their customer service. Excellent web site, competitive rates in high yield savings (1.7 APY) and the best options in choices of CDs. Added bonus is as soon as CD is funded with ACH transfer you get zero lag for interest credit before actual funds in their account. Web site is easy to use and provides options for beneficiaries. Best overall on line in my option. Other accounts at PNC (high yield savings) and Barclays (high yield savings and CDs)
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I have been very pleased here for years with all of the name changes, etc (GE Capital to Goldman Sachs to this). I did not appreciate the recent and quiet rate drop am glad that I learned about this no penalty CD. I was able to lock in a rate for 13-months with no penalty and only a $500 minimum.
Review on the Online bank -
I made a mistake with the timing of some transactions and tried to move $300k into my Goldman Sachs account from a corresponding account before the money had arrived in the corresponding account. A few hours after I entered the transaction as an immediate transfer, I realized it would be rejected and tried to call Goldman to cancel the transaction because I thought they would charge me some enormous fee. I reached the rep in a second and he said that there is never a fee for anything like this, or a fee at all! Right there they won my business. Barclays or or Ally or Synchrony would have raped me for this.
Review on the Online bankMustbenice | Dec 15, 2018
Well one would wait for it to clear before trying to move it somewhere else. Besides the moving of the money from bank to Bank loses interest. Those banks have similar interest rates so your not really earning that much more .
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I have been using Marcus for over 6 months. Their CSRs are helpful and opening up an account was easy. Linking to external accounts (4) only produced one hitch but Marcus sleared that up. The transfers go through pretty quickly and they are aggressive at hiking their deposit rates before other online banks.
Review on the Online bank -
I had an issue with a large transfer from HSBC that was delayed (by HSBC of course). Meanwhile I had made some transfers out of my Marcus account and realized I would be dramatically overdrawn. I called Marcus and the first thing that their fellow explained is that I would never ever be charged a fee. I found that very refreshing.
Review on the Online bank -
Been with Ally and several others. I opened the OSA with these guys and was immediately sold after seeing the ACHes went through immediately. This happened both in and out. I cannot stand all of the holds that other banks given. Transfers here are instantanious.
Review on the Online bankTimH | Jul 9, 2018
They do put a hold on your account. If you notice when the transfer is initiated and when the money is actually AVAILABLE, there is a delay. However, they will credit interest to your account IMMEDIATELY even on uncleared funds which other online banks do not.
A Terkowitz
Feb 15, 2024 |