Wallets/marcus-by-goldman-sachs
Marcus by Goldman Sachs
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Overview
Marcus by Goldman Sachs is US online-only bank + subsidiary of Goldman Sachs + Marcus no longer issues credit cards and personal loans + only offers savings and CDs + 2026 Goldman Sachs announces agreement to transition Apple Card program and associated accounts to Chase ~24 months + 2024 Apple + Goldman Sachs $89M fine for Apple Card failures + Apr 2023 Apple Card Savings 4.15% high-yield account launch via Marcus 1, 2, United States report. 2025 baseline: Marcus US online-only bank + subsidiary of Goldman Sachs + Marcus no longer issues credit cards and personal loans + only offers savings and CDs; Goldman Sachs sharply curtailed its originations of personal loans amid the rollout of its credit card partnership with Apple distinctive Goldman Sachs consumer banking strategic pivot; 2026 Goldman Sachs announces agreement to transition Apple Card program and associated accounts to Chase distinctive Apple Card transition from Goldman Sachs to Chase.
Distinctive Marcus positioning:
- US online-only bank + subsidiary of Goldman Sachs (Goldman Sachs Bank USA; Salt Lake City branch; The Goldman Sachs Group Inc subsidiary)
- Marcus no longer issues credit cards and personal loans + only offers savings and CDs distinctive Marcus consumer banking simplification post-Apple Card pivot
- 2026 Goldman Sachs announces agreement to transition Apple Card program and associated accounts to Chase ~24 months distinctive Apple Card transition from Goldman Sachs to Chase
- 2024 Apple + Goldman Sachs $89M fine for Apple Card failures distinctive Apple Card regulatory enforcement
- Apr 2023 Apple Card Savings 4.15% high-yield account launch via Marcus distinctive Apple Card + Marcus savings integration
- Aug 2019 Apple Card launch by Goldman Sachs + Apple partnership distinctive Apple Card founding partnership
- 2016 Marcus by Goldman Sachs founding distinctive Goldman Sachs consumer banking heritage
- Marcus tailored to customers looking for savings products with high earning rates without the need for a full-service banking relationship distinctive Marcus high-yield savings positioning
History
1869 — Goldman Sachs Group founding by Marcus Goldman in New York City distinctive Goldman Sachs heritage (Marcus by Goldman Sachs named after founder).
2016 — Marcus by Goldman Sachs launches as Goldman Sachs Bank USA US online-only consumer bank distinctive Goldman Sachs consumer banking heritage.
Aug 2019 — Apple Card launch by Goldman Sachs + Apple partnership distinctive Apple Card founding partnership.
2020-2022 — Marcus by Goldman Sachs personal loans + Marcus Invest robo-advisor + checking accounts pilots.
Apr 2023 — Apple Card Savings 4.15% high-yield account launch via Marcus distinctive Apple Card + Marcus savings integration.
2023 — Goldman Sachs sharply curtails Marcus consumer banking operations + announces strategic pivot back to investment banking + Marcus personal loans wind-down.
Oct 23 2024 — Apple + Goldman Sachs $89M fine for Apple Card failures distinctive Apple Card regulatory enforcement.
2026 — Goldman Sachs announces agreement to transition Apple Card program and associated accounts to Chase ~24 months distinctive Apple Card transition from Goldman Sachs to Chase 3.
2025 — Marcus no longer issues credit cards and personal loans + only offers savings and CDs 1, 2.
Ownership & operator
Operating entity: Goldman Sachs Bank USA (NYSE: GS; Salt Lake City branch; The Goldman Sachs Group Inc subsidiary; US online-only bank).
Major shareholders: The Goldman Sachs Group Inc (NYSE: GS) parent + Goldman Sachs institutional + retail + foreign investors.
Regulators: FDIC + OCC + FRB + Utah Department of Financial Institutions.
Technical integration
Marcus by Goldman Sachs mobile app (iOS + Android) + marcus.com online + Marcus High-Yield Savings Account (FDIC-insured) + Marcus CDs (Certificates of Deposit) + Marcus Invest (robo-advisor; wound down 2023-2024) + Apple Card Savings 4.15% high-yield account (via Marcus); ACH + RTP + Fedwire; Marcus no longer issues credit cards and personal loans + only offers savings and CDs + Marcus is an online-only bank and subsidiary of Goldman Sachs, with loans and deposit products provided by Goldman Sachs Bank USA, Salt Lake City branch + Marcus by Goldman Sachs doesn't operate physical branches and therefore doesn't have the same overhead costs as brick-and-mortar banks, which allows it to pass along savings to customers in the form of high rates and low fees + Marcus by Goldman Sachs is tailored to customers looking for savings products with high earning rates without the need for a full-service banking relationship distinctive Marcus high-yield savings + CDs positioning post-2023 pivot.
Users & growth
Marcus US online-only bank + subsidiary of Goldman Sachs + Marcus no longer issues credit cards and personal loans + only offers savings and CDs.
Use cases
US retail + private + high-yield savings + CDs (Certificates of Deposit) + Apple Card Savings via Marcus mobile + marcus.com online; ACH + RTP + Fedwire; Marcus no longer issues credit cards and personal loans + only offers savings and CDs + Marcus is an online-only bank and subsidiary of Goldman Sachs, with loans and deposit products provided by Goldman Sachs Bank USA, Salt Lake City branch + Marcus by Goldman Sachs doesn't operate physical branches and therefore doesn't have the same overhead costs as brick-and-mortar banks, which allows it to pass along savings to customers in the form of high rates and low fees + Marcus by Goldman Sachs is tailored to customers looking for savings products with high earning rates without the need for a full-service banking relationship distinctive Marcus high-yield savings + CDs positioning post-2023 pivot.
Implementations & partners
Operator: Goldman Sachs Bank USA (NYSE: GS; Salt Lake City branch; The Goldman Sachs Group Inc subsidiary; US online-only bank); The Goldman Sachs Group Inc (NYSE: GS) parent + Goldman Sachs institutional + retail + foreign investors.
Apple partnership (transitioning to Chase ~24 months): Aug 2019 Apple Card launch by Goldman Sachs + Apple partnership + Apr 2023 Apple Card Savings 4.15% high-yield account launch via Marcus + 2026 Goldman Sachs announces agreement to transition Apple Card program and associated accounts to Chase ~24 months distinctive Apple Card founding partnership + transition from Goldman Sachs to Chase.
Major US online-only banks + neobanks + high-yield savings competitors: Ally Bank (US online bank; post-2009 GMAC conversion) + Discover Financial Services (US credit card + online bank) + Chime (US largest neobank for low-income + financially underserved; 8.6M active members; ~25M signups; post-Jun 12 2025 NASDAQ IPO at $11.2B → $18.2B day skyrocket) + SoFi (US neobank + lending + investing all-in-one fintech + OCC national bank charter Jan 2022 + 15M+ members + SoFiUSD stablecoin May 2026) + Varo Bank (US first neobank to receive full-service national bank charter from OCC Jul 31 2020) + Capital One Mobile (US Capital One Financial Corporation; NYSE: COF; 360 Performance Savings; Brex $5.15B acquisition announced Mar 2026) + U.S. Bank (USB) (U.S. Bancorp; NYSE: USB; US #5 bank by assets) + Chase Mobile (JPMorgan Chase) (Chase Bank + JPMorgan Chase US largest bank by assets; post-2026 Apple Card transition recipient) + Wealthfront (US robo-advisor + cash + lending; NASDAQ: WLTH post-Dec 12 2025 IPO ~$2B valuation).
Regulators: FDIC + OCC + FRB + Utah Department of Financial Institutions.
Fun facts
- US online-only bank + subsidiary of Goldman Sachs (Goldman Sachs Bank USA; Salt Lake City branch; The Goldman Sachs Group Inc subsidiary).
- Marcus no longer issues credit cards and personal loans + only offers savings and CDs distinctive Marcus consumer banking simplification post-Apple Card pivot.
- 2026 Goldman Sachs announces agreement to transition Apple Card program and associated accounts to Chase ~24 months distinctive Apple Card transition from Goldman Sachs to Chase.
- 2024 Apple + Goldman Sachs $89M fine for Apple Card failures distinctive Apple Card regulatory enforcement.
- Apr 2023 Apple Card Savings 4.15% high-yield account launch via Marcus distinctive Apple Card + Marcus savings integration.
- Aug 2019 Apple Card launch by Goldman Sachs + Apple partnership distinctive Apple Card founding partnership.
- 2016 Marcus by Goldman Sachs founding distinctive Goldman Sachs consumer banking heritage.
- Marcus tailored to customers looking for savings products with high earning rates without the need for a full-service banking relationship distinctive Marcus high-yield savings positioning.
- 1869 Goldman Sachs Group founding by Marcus Goldman in New York City distinctive Goldman Sachs heritage (Marcus by Goldman Sachs named after founder).
Comparison
| Feature | Marcus by Goldman Sachs | Ally Bank (US online bank rival; post-2009 GMAC conversion) | Discover Financial Services (US credit card + online bank rival) | Wealthfront (US robo-advisor + cash + lending rival) | Chime (US largest neobank for low-income + financially underserved rival; 8.6M active members) |
|---|---|---|---|---|---|
| Operator | Goldman Sachs Bank USA (NYSE: GS; Salt Lake City branch; The Goldman Sachs Group Inc subsidiary; US online-only bank) | Ally Financial Inc. (NYSE: ALLY) | Discover Financial Services (NYSE: DFS) | Wealthfront Corporation (NASDAQ: WLTH post-Dec 12 2025 IPO ~$2B valuation) | Chime Financial Inc. (NASDAQ: CHYM; post-Jun 12 2025 NASDAQ IPO) |
| Type | US online-only bank + subsidiary of Goldman Sachs + Marcus no longer issues credit cards and personal loans + only offers savings and CDs + 2026 Goldman Sachs announces agreement to transition Apple Card program and associated accounts to Chase ~24 months + 2024 Apple + Goldman Sachs $89M fine for Apple Card failures + Apr 2023 Apple Card Savings 4.15% high-yield account launch via Marcus + Marcus high-yield savings + CDs positioning | US online bank post-2009 GMAC conversion + Ally Auto Finance + Ally Invest | US credit card + online bank | NASDAQ: WLTH post-Dec 12 2025 IPO ~$2B valuation + platform assets $94.1B Feb 2026 + leading robo-advisor + automated investment portfolios + Wealthfront Home Lending Nov 2025 launch | US largest neobank for low-income + financially underserved + 8.6M active members + ~25M signups + Jun 12 2025 NASDAQ IPO $11.2B → $18.2B day skyrocket + Bancorp Bank + Stride Bank partner-issued |
| Country | US | US + CA | US | US | US |
| Distinctive | 1869 Goldman Sachs Group founding by Marcus Goldman in New York City (Marcus by Goldman Sachs named after founder); 2016 Marcus by Goldman Sachs founding; Aug 2019 Apple Card launch by Goldman Sachs + Apple partnership; Apr 2023 Apple Card Savings 4.15% high-yield account launch via Marcus; 2023 Goldman Sachs sharply curtails Marcus consumer banking operations + Marcus personal loans wind-down; Oct 23 2024 Apple + Goldman Sachs $89M fine for Apple Card failures; 2026 Goldman Sachs announces agreement to transition Apple Card program and associated accounts to Chase ~24 months | 1919 GMAC founding; 2009 GMAC conversion to Ally Financial post-GM bankruptcy | 1985 Discover founding by Sears | 2008 Wealthfront founding by Andy Rachleff + Dan Carroll + Jakub Jurek (originally KaChing); Dec 12 2025 Wealthfront NASDAQ IPO | 2013 Chime founding by Chris Britt + Ryan King in San Francisco; 2014 Chime SpotMe overdraft protection; Jun 12 2025 NASDAQ IPO $11.2B → $18.2B day skyrocket |
Status
Active, US online-only bank + subsidiary of Goldman Sachs + Marcus no longer issues credit cards and personal loans + only offers savings and CDs + 2026 Goldman Sachs announces agreement to transition Apple Card program and associated accounts to Chase ~24 months 1, 2, 3:
- Goldman Sachs Bank USA (NYSE: GS; Salt Lake City branch; The Goldman Sachs Group Inc subsidiary; US online-only bank) since 1869 Goldman Sachs Group founding by Marcus Goldman in New York City + 2016 Marcus by Goldman Sachs founding + Aug 2019 Apple Card launch by Goldman Sachs + Apple partnership + Apr 2023 Apple Card Savings 4.15% high-yield account launch via Marcus + 2023 Goldman Sachs sharply curtails Marcus consumer banking operations + Oct 23 2024 Apple + Goldman Sachs $89M fine for Apple Card failures + 2026 Goldman Sachs announces agreement to transition Apple Card program and associated accounts to Chase ~24 months.
- Marcus no longer issues credit cards and personal loans + only offers savings and CDs.
- Apple Card Savings 4.15% high-yield account via Marcus + 2026 Apple Card program transitioning from Goldman Sachs to Chase.
- FDIC + OCC + FRB + Utah Department of Financial Institutions regulated.
Sources
- 1 Marcus by Goldman Sachs review: Eye popping interest rates for a savings account — Fortune
- 2 Goldman curtailed personal lending after launching Apple card — American Banker
- 3 Goldman Sachs Announces Agreement to Transition Apple Card Program to Chase — Goldman Sachs
- United States report In-corpus:
reports/countries/US-united-states.md
Source
Biography extracted from marcus-by-goldman-sachs.md. See matrix.md for standards-support matrix if present.