Opening a Marcus account takes about 10 minutes online, with no branch visit required
To open a Marcus savings account, you visit marcus.com, click "Open an account," and provide your name, address, date of birth, and Social Security number. Marcus will verify your identity instantly using information from credit bureaus and public records. If verification passes, you can fund the account the same day by linking a bank account or transferring money from another bank. You do not need a minimum deposit to open the account, though you will need at least $1 to begin earning interest.
The entire process happens on your phone or computer. You do not visit a branch, mail documents, or wait for approval letters. Once your account is open, you can start moving money in and out immediately using ACH transfers, which typically take one to two business days.
Key Takeaways
- You can open a Marcus account online in about 10 minutes with just your name, address, date of birth, and Social Security number.
- Identity verification happens instantly; if you pass, your account is active the same day and ready to fund.
- Transfers from another bank account take one to two business days to arrive, but you can start earning interest as soon as money lands.
- Marcus does not charge monthly fees, overdraft fees, or minimum balance requirements, so there are no hidden costs once the account is open.
What information you need before you start
Gather these items before you begin the signup process: a valid government-issued ID (driver's license, passport, or state ID), your Social Security number, your current address, and a phone number where Marcus can reach you. Have your bank account information ready if you plan to link an account for transfers—you will need your routing number and account number, which appear on the bottom left of your checks or in your bank's online portal.
If you do not have a bank account yet, you can still open a Marcus account and fund it later. Some people use a debit card to make an initial transfer, though Marcus also accepts ACH transfers from any U.S. bank account once it is linked.
How to complete identity verification
After you enter your personal information, Marcus runs an automated check against credit bureau records and public databases. This verification usually completes in seconds. If the system confirms your identity, you see a confirmation screen and your account number appears immediately. You do not need to wait for a phone call or email approval.
If verification fails—which can happen if your information does not match records exactly, or if you have a very thin credit history—Marcus may ask you to verify your identity by phone with a representative. This call usually takes 5 to 10 minutes. Have your ID ready and be prepared to answer questions about your address history and personal details. Once you pass the phone verification, your account opens right away.
Linking a bank account and making your first transfer
After your account opens, you can link a bank account to move money in and out. Log into your Marcus account, go to "Transfers," and select "Link a new account." Enter your bank's name, your account number, and your routing number. Marcus will send two small test deposits (usually under $1 each) to your bank account within one to two business days. Once those deposits arrive, you log back into Marcus, confirm the amounts, and the link is complete.
Some banks allow instant verification instead of the two-deposit method. If your bank supports it, Marcus will confirm the link immediately and you can transfer money right away. After the link is set up, ACH transfers from your bank to Marcus take one to two business days. Transfers from Marcus back to your bank also take one to two business days. Money you transfer in starts earning interest as soon as it settles in your Marcus account.
Understanding what happens after your account is open
Once your account is funded, you earn interest on your balance. Marcus pays interest monthly, and the rate changes based on market conditions—Marcus publishes the current rate on its website. Interest is added to your account on the last day of each month. You can check your balance, transfer history, and interest earned anytime by logging into your account online or through the Marcus mobile app.
You can withdraw money whenever you need it by transferring to your linked bank account. There is no limit on how many transfers you can make per month, and Marcus does not charge fees for transfers, maintenance, or low balances. If you want to close the account later, you simply transfer your balance out and request closure through the app or website.
What to do if verification fails or you run into problems
If automated verification does not work, Marcus will offer a phone verification option. Have your ID ready and be honest about any discrepancies—if you recently moved, changed your name, or have limited credit history, tell the representative. Most phone verifications succeed on the first call.
If you cannot link your bank account, try these steps: confirm your routing and account numbers are correct (check your bank's website or call the bank directly), make sure your account is a checking or savings account (some money market or investment accounts cannot link), and wait a full business day before trying again. If the problem persists, contact Marcus customer service by phone or through the app. They can troubleshoot the link or help you fund the account another way.
Frequently Asked Questions
How long does it take to open a Marcus account?
The signup process takes about 10 minutes. If your identity verifies automatically, your account is active immediately. If you need phone verification, add another 5 to 10 minutes. You can start using your account the same day it opens, though transfers from another bank take one to two business days to arrive.
Do I need a minimum deposit to open a Marcus account?
No. You can open the account with $0 and fund it later. However, you need at least $1 in the account to earn interest. There is no monthly fee or penalty for keeping a low balance.
Can I open a Marcus account if I do not have a bank account?
Yes. You can open the account online, but you will need a way to fund it eventually. Once you have a bank account, you can link it and transfer money. Some people use a debit card to make an initial transfer, though this method may have different timing or fees depending on your card issuer.
What if my bank is not showing up when I try to link it?
Search for your bank by name rather than scrolling through a list. If it still does not appear, your bank may not support online linking. Contact Marcus customer service and they can help you link manually or suggest an alternative funding method. You can also transfer money using your bank's bill pay feature by sending a payment to your Marcus account.
How do I know my money is safe in a Marcus account?
Marcus is a division of Goldman Sachs Bank USA, and deposits are insured by the Federal Deposit Insurance Corporation (FDIC) up to $250,000 per account holder. This means if the bank fails, your money is protected by the U.S. government. You can verify FDIC coverage on the FDIC website.