Goldman Sachs

Is Goldman Sachs safe for savers?

For money in a Marcus savings account, a Marcus CD or Apple Savings, yes. Those balances are deposits at Goldman Sachs Bank USA, an FDIC-insuredDeposit insuranceA government-backed scheme that repays bank customers up to a set limit if their bank fails, such as the FDIC in the US or the FSCS in the UK.More in the glossary bank, and are covered up to $250,000 per depositor, per ownership category. Behind that sits a global systemically important bankG-SIBA global systemically important bank: one of the large banks the Financial Stability Board lists each year because its failure could harm the world economy.More in the glossary with an A1/A+/AA- rating and a liquidity coverage ratioLiquidity coverage ratioA bank's cash and easy-to-sell assets compared with the money that could flow out in a 30-day crisis. It must be at least 100%.More in the glossary of 126%. We score Goldman 72/100. The main deductions are for conduct, above all the 1MDB scandal, and for a capital cushion that has narrowed this year.

Marcus, Apple Savings and which entity holds the money

Goldman spent the 2010s building a consumer bank and most of the 2020s taking it apart. Marcus personal loans, GreenSky and the General Motors credit card are gone. In January 2026 JPMorgan Chase and Apple announced that Chase will replace Goldman as the Apple Card issuer, in a transition expected to take about 24 months and still subject to regulatory approval. Goldman's June 2026 report still lists the deal as pending.

What remains is a large savings business. At 30 June 2026 Goldman held $227.7 billion of consumer deposits from Marcus and Apple customers, up from $207.9 billion six months earlier. All of it sits at Goldman Sachs Bank USA (FDICDeposit insuranceA government-backed scheme that repays bank customers up to a set limit if their bank fails, such as the FDIC in the US or the FSCS in the UK.More in the glossary certificate 33124). Because Marcus and Apple Savings are the same bank, a saver with $200,000 in each in their own name is only insured for $250,000 in total.

Investment accounts are different. Money managed by Goldman's wealth business or held at the broker-dealer Goldman Sachs & Co. is not a bank deposit and is not FDIC-insured.

Capital: solid ratings, a thinner buffer

	Moody's	S&P	Fitch
Goldman Sachs Bank USA	A1	A+	AA-
The Goldman Sachs Group, Inc.	A2	BBB+	A

The group's standardized CET1 ratioCET1 ratioA bank's highest-quality capital (mainly shares and retained profits) as a share of its risk-weighted assets. Higher means more room to absorb losses.More in the glossary fell from 14.3% at the end of 2025 to 12.9% at 30 June 2026, as risk-weighted assets grew by about $63 billion. Its requirement is 11.4%: a 4.5% minimum, a 3.5% G-SIBG-SIBA global systemically important bank: one of the large banks the Financial Stability Board lists each year because its failure could harm the world economy.More in the glossary surcharge and a 3.4% stress capital buffer from the Federal Reserve's 2025 stress test. That leaves a 1.5-point margin, better than Citibank but well short of JPMorgan Chase. The bank subsidiary is stronger, with a CET1 ratio of 13.5% against a 7.0% requirement. Fitch upgraded the bank to AA- in the second quarter of 2026.

Liquidity and funding

Goldman is still mostly a trading and investment bank, so deposits make up only about 38% of its $1.48 trillion of funding sources. The rest is repo and other secured financing, bonds, short-term borrowing and equity. Its liquidity coverage ratioLiquidity coverage ratioA bank's cash and easy-to-sell assets compared with the money that could flow out in a 30-day crisis. It must be at least 100%.More in the glossary averaged 126% in the second quarter, with $542 billion of high-quality liquid assets on average.

Its $558 billion of deposits are a mix. Consumer savings is the largest block. Brokered CDs ($52 billion) and deposit sweep programmes ($42 billion) are mostly insured but less loyal than ordinary current accounts. About $300 billion, or 54%, was FDIC-insuredDeposit insuranceA government-backed scheme that repays bank customers up to a set limit if their bank fails, such as the FDIC in the US or the FSCS in the UK.More in the glossary, a higher share than at most big US banks thanks to Marcus.

The 1MDB case and Apple Card penalties

The conduct record is why the score is not higher. Between 2012 and 2013 Goldman arranged $6.5 billion of bonds for 1Malaysia Development Berhad, and former bankers took part in a scheme to divert the money and bribe officials. In October 2020 the firm settled with the Justice Department, SEC, Federal Reserve, New York's financial regulator and authorities in the UK, Singapore and Hong Kong. Goldman's Malaysian subsidiary pleaded guilty to conspiring to violate the Foreign Corrupt Practices Act, the parent signed a three-year deferred prosecution agreement, and the Fed fined it $154 million. The US charge against the parent was dismissed in May 2024 after it met the agreement's terms.

The consumer business added its own case. In October 2024 the CFPB ordered Goldman Sachs Bank USA to pay a $45 million penalty and $19.8 million in redress, finding that it had failed to handle Apple Card billing disputes properly and misled customers about interest-free monthly instalments.

Digital security

We found no reported large breach of Marcus or Apple Card customer data. The weaker point is service: the CFPB found that disputed and unauthorised charges were not investigated or resolved on time, and that some customers were held liable before any investigation. Marcus accounts are online-only, which means the usual protections matter most: use a unique password, turn on two-step verificationTwo-factor authenticationSigning in with a second proof of identity on top of your password, such as a code from an app, a security key or a passkey.More in the glossary and treat any call asking you to move savings with suspicion.

How to keep your money safe at Marcus

• Count Marcus, Apple Savings and any Goldman private bank deposits together against the $250,000 limit for each ownership category.
• If you have more, add a joint account or a second bank. The FDICDeposit insuranceA government-backed scheme that repays bank customers up to a set limit if their bank fails, such as the FDIC in the US or the FSCS in the UK.More in the glossary's EDIE estimator shows your cover.
• When the Apple transition starts, wait for official notices in the Wallet app. Do not move money in response to calls, texts or emails about the "switch".

How we scored it

Deposit protectionDeposit insuranceA government-backed scheme that repays bank customers up to a set limit if their bank fails, such as the FDIC in the US or the FSCS in the UK.More in the glossary (89) and liquidity (78) are strong, and the bank's ratings are solid. Conduct (42) is the weakest factor, because of the 1MDB guilty plea and settlements and the 2024 Apple Card order. Stability history (68) reflects Goldman's need for emergency bank status and TARP capital in 2008. For a peer with a similar profile, see Morgan Stanley.