Reviewed by A Terkowitz | February 15, 2024 |
best bank on the list but no longer the most competitive
| Online Savings and Money Market Rates | APY | MIN | MAX | |
|---|---|---|---|---|
| Online Savings Account
|
3.90% | $1 | 1,000,000 |
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|
| Online CD Rates | APY | MIN | MAX | |
|---|---|---|---|---|
| 6 Month CD
|
4.10% | $500 | $1,000,000 |
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|
| 7 Month No Penalty CD
|
3.90% | $500 | $1,000,000 |
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|
| 9 Month CD
|
4.10% | $500 | $1,000,000 |
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|
| 12 Month CD
|
4.25% | $500 | $1,000,000 |
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|
| 13-Month No Penalty CD
|
3.90% | $0 | - |
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|
| 18-Month CD
|
3.90% | $500 | $1,000,000 |
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|
| 20 Month Rate Bump CD
|
3.90% | $500 | $1,000,000 |
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|
| 24 Month CD
|
3.70% | $500 | $1,000,000 |
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|
| 36 Month CD
|
3.65% | $500 | $1,000,000 |
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|
| 48 Month CD
|
3.60% | $500 | $1,000,000 |
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|
| 60 Month CD
|
3.60% | $500 | $1,000,000 |
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|
Marcus, the online bank owned by Goldman Sachs, has raised all of its online CD rates this morning. While all rates have been raised, their one-year rate is now at 2.55% which is one of the highest online one-year CDs available.
Editor’s Note: Marcus is an advertiser on BestCashCow. Please read our Advertiser Disclosure here.
Marcus has raised its online savings rate to 2.05%. The rate is available online and has a $1 minimum.
Marcus has raised its 13-Month No Penalty CD rate to 2.25% APY. Since the rate is 20 basis points above Marcus's online savings rate and the account may be closed at any point after one week without penalty, this product offers an easy way to boost your savings rate.
Today, Marcus raised its 13-month No Penalty CD rate by 10 bps to 2.35% and its online savings rate by 20 bps to 2.25%.
Marcus has lowered its 1-year CD rate from 2.70% to 2.60%. See the best online one-year CD rates here and see online-year CD rates near you here.
Marcus has lowered its 5-year CD rate from 3.00 to 2.90%. See the best online five-year CD rates here and the see rates at banks near you here.
The Goldman Sachs subsidiary became the first major online bank to lower its online savings rate. The move is in anticipation of a Fed Funds rate cut at the end of July.
The rate on Marcus's 13 Month No Penalty CD product, which BestCashCow had strongly recommended since its launch late in 2018 at 2.35%, has fallen to 2.15% APY. Marcus has also added a 7-month No Penalty product at 2.25% and a 11-month No Penalty product at 2.20%. We don't find these products as compelling. See all online special term CDs here.
Marcus has cut its online savings rate from 2.15% to 2.00%. As BestCashCow has advised for some time, depositors here would be well advised to consider moving their deposits to the bank's No Penalty CD products.
Marcus, Goldman Sachs' online bank, has lowered the rate on all of its CD offerings by at least 15 basis points. Their one-year CD product is now at 2.25%, down from 2.40%. They have also eliminated all of their No Penalty CDs, except the 7-month one which is now offered at 2.10%. BestCashCow previously wrote very favorably about the No Penalty CDs, and we still see the 7-Month No Penalty CD as being an attractive alternative to their 2.00% savings online rate.
Marcus has lowered its online savings rate to 1.70% today. The online division of Goldman Sachs also dropped all of its CD rates by 10 basis points (and all of its no penalty CD rates by 20 basis points).
Marcus has lowered its 12-month CD rate from 2.15% APY to 2.05% APY.
Marcus has lowered all of its attractive CD rates. Your rate on new CDs from one to four years is now 1.85% APY which is hardly attractive. The 7 month no penalty CD product remains. The rate there is 1.70%. That is more attractive.
Marcus, a division of Goldman Sachs, has lowered its online savings rate to 1.30%.
Marcus has lowered its online savings rate from 1.30% APY to 1.05% APY overnight.
The 7-Month No Penalty CD that BestCashCow had recommended was lowered again to 1.00% APY.
All CDs greater than one year are now 1.10% APY, except the 5-year rate which now stands at 1.15% APY.
Goldman's subsidiary has gone from very competitive to not competitive at all in a very short period.
Marcus by Goldman Sachs's new OSA rate is 0.80% APY.
Marcus has lowered its online savings rate from 0.80% to 0.60% today.
Marcus has lowered its online savings rate.
Marcus became more competitive overnight, raising their savings rate by 10 bps. It also raised its no penalty CD to 0.75 APY. The CDs are especially attractive versus its major competitors with its 5-year online CD at 2.15% APY and its 2 and 3 year CDs at 1.60 APY. We however urge caution around the CDs, except the No Penalty ones that can be broken without penalty after 2 weeks. Online rates are heading much higher soon and you can already purchase US Treasury of the same duration with higher yields.
Marcus has raised its savings and no penalty CD rates.
Marcus has lowered its 1-year CD rate from 5.50% APY to 5.35% APY.
Marcus by Goldman Sachs is hoping you won't mind getting a lower savings rate, even while interest rates are rising. They lowered their online savings rate by 10 basis points today to 4.40%. Their 6-month, 9-month, 12-month and 18-month offers offerings are also 10 basis points lower, while their 24-month has fallen by 20 basis points.
Marcus has lowered its 1-year CD rate to 4.80% from 5.00%. Two weeks ago their rate was 5.15%.
Parent Bank Initiatives:
Climate Mitigation: We will expand our clean energy target to $150 billion in financings and investments by 2025 to facilitate the transition to a low-carbon economy. To increase access to climate solutions, we will launch a Clean Energy Access Initiative that will target the deployment of clean energy solutions, such as distributed solar and clean cookstoves, to underserved markets.
Updated March 31, 2024
Goldman Sachs Bank Climate Score: B
Goldman Sachs Bank Climate Score Info: Goldman Sachs continues to be a major financier to the oil and gas industry but has taken a leading role in financing major renewable energy projects.
Customer Reviews for Goldman Sachs Bank (52)
A Terkowitz
February 15, 2024 |
best bank on the list but no longer the most competitive
Is this review helpful? Yes:0 / No: 0
John WIlliamson
August 6, 2022 |
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.
Is this review helpful? Yes:3 / No: 0
jp2
July 1, 2022 |
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.
Is this review helpful? Yes:3 / No: 1
Lisa
June 24, 2022 |
No longer competing on service or rate. Bye.
Is this review helpful? Yes:3 / No: 1
Rebecca
April 26, 2022 |
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.
Is this review helpful? Yes:1 / No: 2
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