Marcus does not offer business savings accounts

Marcus by Goldman Sachs does not accept business entities as account holders. Marcus savings accounts are for individuals only — sole proprietors, partnerships, and corporations cannot open an account under a business name or EIN (Employer Identification Number).

If you are a business owner looking for a high-yield savings option, you have other routes. Some online banks do offer business savings accounts with rates comparable to Marcus's consumer rates. Traditional banks and credit unions also provide business deposit products, though their rates are typically lower.

A sole proprietor can open a personal Marcus account and use it for business funds, but this does not give you the legal separation or tax clarity that a dedicated business account provides. The account remains registered to you as an individual, and the IRS will not treat deposits differently based on how you use the money.

Key Takeaways

  • Marcus savings accounts are available only to individuals, not to businesses, partnerships, or corporations.
  • A sole proprietor can open a personal Marcus account and deposit business income, but it will not be a business account in the legal or tax sense.
  • Online banks such as Ally, LendingClub, and Axos offer business savings accounts with rates in the same range as Marcus consumer accounts.
  • If you need business checking, merchant services, or credit lines, you will need to open accounts at a bank that serves businesses.

Why Marcus limits accounts to individuals

Marcus is a digital-only bank focused on consumer banking products. It does not have the infrastructure, compliance systems, or product suite that business banking requires. Business accounts typically need features like multiple user access, ACH origination for payroll, wire transfer capabilities, and merchant processing — none of which Marcus offers.

Business accounts also carry different regulatory requirements. Banks must verify business ownership, track beneficial owners, and file additional reports with the Treasury Department. Marcus has chosen not to build these systems, keeping its operation lean and focused on savings and personal loans.

Online banks that do accept business savings accounts

If you need a dedicated business savings account with a competitive rate, several online banks will open one for you. Ally Bank, Axos Bank, and LendingClub all offer business savings accounts. Rates vary, but many sit within 4% to 5% APY depending on the account type and current market conditions.

To open a business savings account at any of these banks, you will need to provide your EIN, articles of incorporation or partnership agreement, and proof of business address. The process is online and typically takes one to three business days. Some banks require a minimum opening deposit, usually between $0 and $500.

If you want to compare rates and features side by side, visit each bank's website directly. Rates change frequently, and what is highest today may not be tomorrow. Business savings accounts do not have FDIC insurance limits different from personal accounts — your deposits are insured up to $250,000 per depositor per bank.

What a sole proprietor should know about using a personal account

A sole proprietor is the business in the eyes of the law. You and your business are the same legal entity, so opening a personal Marcus account and depositing business income into it is technically allowed. However, this approach has drawbacks.

First, it blurs the line between personal and business finances. The IRS does not require a separate business bank account for sole proprietors, but maintaining one makes tax time easier and protects you if you are ever audited. Commingling personal and business money in one account makes it harder to prove which expenses are deductible.

Second, if your business is sued or faces a liability claim, a personal account offers less protection than a dedicated business account. Creditors may more easily reach personal funds if they cannot clearly distinguish business assets from personal ones.

Third, if you ever convert your sole proprietorship to an LLC or corporation, you will need to move the money to a business account anyway. Starting with a business account from the beginning avoids that step.

Business checking and payment options outside Marcus

If you need more than just savings — if you need to write checks, receive ACH deposits, or process payments — Marcus is not the right fit. You will need a bank that offers business checking and payment services.

Online banks like Novo, Brex, and Mercury offer business checking with no monthly fees and no minimum balance. Traditional banks like Chase, Bank of America, and Wells Fargo offer business checking as well, though they typically charge monthly fees unless you maintain a minimum balance or set up direct deposit.

Credit unions also serve small businesses. If you are a member of a credit union, ask whether they offer business accounts. Credit union rates and fees vary widely, so compare before opening.

Using Marcus alongside a business account at another bank

You do not have to choose between Marcus and a business account. Many business owners keep a Marcus personal savings account for emergency reserves or short-term savings goals, and maintain a business checking and savings account at another bank for day-to-day operations.

This approach lets you earn Marcus's higher rate on money you do not need immediately, while keeping your business operations at a bank with full business services. Just remember that the Marcus account is personal — do not deposit business income into it expecting tax or legal protection.

If you do this, keep clear records of which account is which. Your accountant and the IRS will want to see that business income went into the business account, not your personal savings.

Frequently Asked Questions

Can I use my business EIN to open a Marcus account?

No. Marcus requires a Social Security Number or Individual Taxpayer Identification Number (ITIN) to open an account. You cannot open a Marcus account using an EIN, even if you are a sole proprietor.

What if I am a freelancer or contractor — can I open a Marcus account?

Yes. Freelancers and contractors are individuals, so you can open a personal Marcus account and deposit your income into it. You will not have a dedicated business account, but you can use the personal account for business savings. Keep records of which deposits are business income for tax purposes.

Can I add an employee or business partner as an authorized user on my Marcus account?

No. Marcus does not offer authorized user or joint account features. Each account is tied to one person only.

If I open a business account elsewhere, can I transfer money to Marcus?

Yes. You can transfer money from a business account at another bank to your personal Marcus account using ACH transfer or wire transfer. Marcus accepts incoming transfers from any bank account. Just be aware that the Marcus account remains personal, not a business account.

What happens to my Marcus account if I convert my sole proprietorship to an LLC?

Your Marcus account remains a personal account in your name. It does not automatically convert to a business account. If you want a dedicated business account for your LLC, you will need to open one at a bank that serves businesses and transfer the money over.