Marcus limits you to one savings account per person, but you can hold other Marcus products at the same time
Marcus by Goldman Sachs allows you to open only one high-yield savings account under your name. If you already have a Marcus savings account, you cannot open a second one with the same Social Security number. This is a firm policy, not a limit you can request an exception for.
However, this restriction applies only to savings accounts. You can hold a Marcus savings account and a Marcus CD (certificate of deposit) at the same time, or a savings account and a Marcus personal loan. The one-account rule is specific to the savings product.
If you are married or in a domestic partnership, each person can open their own separate Marcus savings account. Joint accounts are not available at Marcus, so couples must use individual accounts if they both want to bank there.
Key Takeaways
- You can open only one Marcus high-yield savings account per Social Security number, and Marcus will not make exceptions to this rule.
- Having a Marcus savings account does not prevent you from opening a Marcus CD or taking out a Marcus personal loan with the same account login.
- Married couples and domestic partners can each open their own individual Marcus savings account, but Marcus does not offer joint savings accounts.
- If you close a Marcus savings account, you must wait before opening a new one; contact Marcus directly to learn the waiting period for your situation.
Why Marcus enforces the one-account limit
The one-account rule exists to prevent fraud and money-laundering activity. Banks are required by federal law to verify the identity of account holders and monitor for suspicious patterns. Allowing one person to open multiple savings accounts under the same identity would make this monitoring harder and create opportunities for abuse.
Marcus also uses the rule to manage deposit insurance. The Federal Deposit Insurance Corporation (FDIC) insures up to $250,000 per depositor, per bank, per account category. A single person with multiple savings accounts at the same bank would still have only $250,000 in total FDIC coverage across all those accounts combined. Rather than create confusion, Marcus simply does not allow the scenario.
What counts as a separate Marcus product versus a second savings account
A Marcus CD is a different product from a savings account. You can hold both at the same time. CDs lock your money for a set term (ranging from three months to five years) in exchange for a fixed interest rate. You can open multiple CDs with different terms, and each one is a separate product from your savings account.
A Marcus personal loan is also separate from a savings account. You can borrow from Marcus while maintaining a savings account there. The loan and the savings account are tracked independently and do not count against the one-account limit.
What you cannot do is open a second savings account. Even if you wanted to use one for everyday spending and another for emergency savings, Marcus will not allow it. You must use a single savings account and manage your money within it—or use a different bank for the second account.
If you need multiple savings accounts, use a different bank for the second one
Many people keep savings accounts at more than one bank for organizational reasons: one for an emergency fund, one for a vacation goal, one for a down payment. If you want this setup and already have a Marcus account, you will need to open the additional account at a different bank.
High-yield savings accounts are available from many banks and online lenders. Ally Bank, American Express Personal Savings, Wealthfront Cash Account, and Vanguard Digital Advisor all offer high-yield savings accounts with no monthly fees. Each bank has its own interest rate, which changes over time. If you are comparing options, check the current rate at each bank rather than relying on past rates.
The advantage of splitting accounts across banks is that each bank's FDIC insurance covers up to $250,000 separately. If you have $200,000 at Marcus and $200,000 at Ally, both amounts are fully insured. At a single bank, $200,000 at Marcus and $200,000 in a Marcus CD would share the $250,000 limit, leaving $150,000 uninsured.
What happens if you try to open a second Marcus savings account
If you attempt to open a second savings account online, Marcus's system will detect that you already have an account under that Social Security number and will not allow you to proceed. The application will be rejected automatically before you reach the funding step.
If you contact Marcus by phone to ask about opening a second account, the representative will explain the one-account policy and will not override it. There is no appeals process or exception request available.
If you somehow managed to open a second account through an error in Marcus's system, the bank would discover it during routine account reviews and would close one of the accounts without warning. You would retain access to whichever account the bank chose to keep open, but the other would be closed and any funds in it returned to you.
What to do if you closed a Marcus account and want to reopen one
If you previously had a Marcus savings account and closed it, you may be able to open a new one. However, Marcus does impose a waiting period before you can reopen an account. The length of this waiting period depends on why you closed the account and how long ago you closed it.
Contact Marcus directly through their website or by phone to ask whether you are currently able to open a new account. They can tell you whether the waiting period has passed and whether any other factors would prevent you from opening an account. Do not attempt to open an account online if you have closed one before; call first to confirm you are may be able to access.
Frequently Asked Questions
Can my spouse and I both have Marcus savings accounts?
Yes. Each person can open their own individual Marcus savings account using their own Social Security number. Marcus does not offer joint accounts, so you cannot share a single account, but you can each maintain separate accounts and manage them independently.
Can I open a Marcus CD if I already have a Marcus savings account?
Yes. CDs are a different product from savings accounts, so you can hold both at the same time. You can also open multiple CDs with different maturity dates without running into the one-account limit.
If I close my Marcus savings account, how long before I can open a new one?
The waiting period varies depending on your situation. Contact Marcus directly to find out whether you can reopen an account and when you become may be able to access. Do not rely on online application forms; call to confirm first.
Will my FDIC insurance cover money in both a Marcus savings account and a Marcus CD?
Yes, but they share the same $250,000 FDIC limit. If you have $150,000 in a savings account and $150,000 in a CD at Marcus, only $250,000 total is insured. The remaining $50,000 is uninsured. To fully insure both amounts, open the CD at a different bank.
What if I need a second savings account for a specific purpose?
Open the second account at a different bank. Many online banks offer high-yield savings accounts with no fees. This also gives you the benefit of separate FDIC insurance coverage at each bank, protecting larger total amounts.