The Marcus by Goldman Sachs Online Savings Account draws in customers with its lack of fees, high APY, and same-day transfers of certain high amounts. But for some, the inability to deposit checks remotely could be a dealbreaker. Read on for complete details about what this savings account has to offer.

Most of Marcus' products would be transitioned into the wealth and asset management businesses. Checking accounts would be available only for high-net-worth clients and some corporate partners. Its robo-advisor, Marcus Invest, and savings accounts would be offered only to high-net-worth customers.

Two years later David Solomon took the helm at the investment bank and Marcus took a backseat for a moment. Ultimately, what has happened to Marcus was potentially down to two issues. Over-eagerness on the part of the bank, or a lack of strategic planning.

In response to the escalating losses in consumer banking, management recently announced it would not originate any more Marcus personal loans, and would likely let the existing loans roll off its books. As of the third quarter of 2022, Goldman held $5.2 billion in personal loans on its balance sheet.

No ATM network: You will not be able to easily access the money in your Marcus accounts, as there is no ATM network whatsoever. This is more than simply having to pay for an out-of-network ATM fee. If you need cash from your savings account in a hurry, you must initiate an ACH transaction or wire funds to another bank.

Goldman Sachs Bank USA is an FDIC member, which means that funds deposited in Marcus Online Savings Accounts and CD accounts are insured up to the maximum allowed by law, which is currently $250,000 for all your individually-owned accounts combined, $250,000 per owner for jointly owned accounts and $250,000 per ...

The rapid growth of the card, which was launched in 2019, is one reason the consumer division saw mounting financial losses. Heading into an economic downturn, Goldman had to set aside reserves for future losses, even if they don't happen.

Goldman Sachs reported a sharp drop in profit on Wednesday as dealmaking and trading, a core part of the mega bank's business, dry up. The Wall Street titan also felt the pain of a nearly $1 billion reduction in the value of its consumer and real estate businesses.

The bank said this year that it had lost more than $3 billion tied to those efforts since December 2020. The bank is still unwinding most of the business, at a loss, and it may expect more ugly headlines until that is finished.

One of Wall Street's biggest banks plans to lay off up to 3,200 employees this week, as it faces a challenging economy, a downturn in investment banking, and struggles in retail banking. It is one of the biggest rounds of layoffs at Goldman since the 2008 Global Financial Crisis.

Goldman Sachs Bank USA is an FDIC member, which means that funds deposited in Marcus Online Savings Accounts and CD accounts are insured up to the maximum allowed by law, which is currently $250,000 for all your individually-owned accounts combined, $250,000 per owner for jointly owned accounts and $250,000 per ...

Marcus by Goldman Sachs consistently rates highly according to Bankrate's analysis of savings and CD accounts because of its competitive savings and CD rates, but it doesn't offer checking or money market accounts.