Goldman Sachs (Marcus) Routing Number - Wall Street Meets Main Street

Wall Street

For most of its 155-year history, Goldman Sachs was the last place ordinary people would go to open a savings account. Founded in 1869 as a commercial paper dealer, Goldman became the most prestigious investment bank on Wall Street - advising on the biggest mergers, underwriting the largest IPOs, and managing money for the ultra-wealthy. Regular consumers were not part of the equation.

That changed in 2016 when Goldman launched Marcus - named after founder Marcus Goldman - as an online-only consumer bank offering high-yield savings accounts and personal loans. The strategic logic was straightforward: after the 2008 financial crisis forced Goldman to become a bank holding company, it needed stable deposit funding to satisfy regulators. Consumer deposits are among the stickiest, cheapest sources of funding in banking. By 2024, Marcus had accumulated over $150 billion in deposits, proving that even Wall Street's most elite institution could attract everyday savers with competitive interest rates.

Marcus, Apple Savings, and routing number 124085024

Goldman Sachs Bank USA is chartered in Utah, which gives it the routing number prefix 1240 - processed through the Federal Reserve Bank of San Francisco's Salt Lake City branch. The routing number 124085024 is used for all Marcus by Goldman Sachs savings accounts, including the Apple Savings account launched in 2023 as a partnership between Goldman and Apple.

The Apple Savings account, accessible through the Apple Wallet app, automatically deposits Daily Cash rewards earned from the Apple Card into a Goldman Sachs high-yield savings account. Despite the Apple branding, the underlying banking infrastructure - FDIC insurance, routing number, and account management - is entirely Goldman Sachs. If you need to transfer money out of your Apple Savings account via ACH, 124085024 is the routing number you'll use.

Why an investment bank needed a routing number at all

Before 2008, Goldman Sachs operated as a securities firm - it didn't take deposits, didn't issue routing numbers, and had no relationship with the Federal Reserve's payment processing system. When the financial crisis threatened Goldman's survival, the firm converted to a bank holding company over a single weekend in September 2008, gaining access to Federal Reserve lending facilities and FDIC deposit insurance in exchange for submitting to stricter bank regulation.

This conversion meant Goldman needed the basic plumbing of retail banking: an ABA routing number, ACH processing capabilities, and a deposit-taking infrastructure. Routing number 124085024 is a direct artifact of that crisis-era transformation - a nine-digit code that represents one of the most significant structural changes in modern Wall Street history.

Depositing and transferring funds through Marcus

Marcus savings accounts support ACH transfers using routing number 124085024. You can link external bank accounts and transfer funds in or out, though Marcus does not support incoming or outgoing wire transfers for consumer accounts - a notable limitation for an institution with Goldman's global reach. Direct deposit is supported, making it possible to route paychecks directly into a Marcus high-yield savings account.

Goldman does not currently offer checking accounts through Marcus, meaning there are no checks, no debit card, and no bill pay functionality tied to routing number 124085024. The account is purely a savings and deposit vehicle, which is consistent with Goldman's strategy of gathering deposits without taking on the cost of full-service consumer banking.

Beyond high-yield savings - banking that actually runs your business

Marcus proved that a compelling interest rate can attract deposits from anywhere. But a savings account - even one backed by Goldman Sachs - is a single-purpose tool. Businesses need accounts that do more than hold money: they need payment infrastructure, spend controls, corporate cards, and integrations with their accounting stack. Slash delivers all of that in a platform designed specifically for business finance teams.

Where Marcus gives consumers a place to park cash, Slash gives businesses a place to operate - with real-time visibility into every dollar spent, earned, and allocated.