Yes, Marcus savings accounts are protected by federal deposit insurance up to $250,000 per depositor, per bank

Marcus by Goldman Sachs is a bank chartered and regulated by the Office of the Comptroller of the Currency (OCC), a federal agency that oversees national banks. Your deposits are insured by the Federal Deposit Insurance Corporation (FDIC), which means if Marcus fails, the FDIC will pay you back up to $250,000 in each account category you hold there.

This is the same protection that covers money in any traditional bank. The FDIC insurance is not a promise from Marcus itself—it is a federal may provide backed by the U.S. government. You do not need to do anything to activate it; coverage is automatic the moment you deposit money.

Marcus has been operating since 2015 and is owned by Goldman Sachs, one of the largest investment banks in the world. The combination of federal regulation, FDIC insurance, and a major parent company means your savings account balance is not at risk from Marcus going out of business or losing your money.

Key Takeaways

  • All Marcus savings accounts are covered by FDIC insurance up to $250,000 per person, the same as any other bank.
  • Marcus is regulated by the Office of the Comptroller of the Currency and is owned by Goldman Sachs, a major financial institution.
  • Your money is protected from bank failure, but not from your own account being compromised by fraud or unauthorized access.
  • If someone gains access to your account without permission, you have fraud protections, but you must report unauthorized activity quickly.
  • Marcus does not hold your money in physical branches; all banking is done online, which is secure but requires you to protect your login credentials.

How FDIC insurance actually protects your deposits

The FDIC insures deposits at member banks in case the bank fails. If Marcus were to collapse, the FDIC would step in and pay depositors their balances up to $250,000. This has happened before—the FDIC has paid out on failed banks multiple times in U.S. history—but it is rare and does not happen because of normal market conditions.

The $250,000 limit applies per depositor, per bank, per account category. This means if you have a savings account at Marcus and a checking account at Marcus, they are covered separately up to $250,000 each. If you have a joint account with someone else, that account is also covered separately. If you have more than $250,000 at Marcus, only $250,000 is insured; the rest is not protected by FDIC coverage.

FDIC insurance does not cover investment products, money market accounts that function as investments, or funds held in brokerage accounts. Marcus savings accounts are straightforward deposit accounts, so they are fully covered.

What FDIC insurance does not protect against

FDIC insurance protects you if the bank fails. It does not protect you if someone steals your login credentials and drains your account, or if you send money to a scammer. Those are fraud or theft situations, and they require different protections.

Marcus offers fraud protections through its own security measures and through federal law. If someone accesses your account without permission, you can report it to Marcus, and they will investigate. Under federal law, your liability for unauthorized transactions is limited—usually to $50 if you report it within two business days, and to $500 if you report it within 60 days. After 60 days, you may lose all protection.

The key difference: FDIC insurance protects you from the bank losing your money. Fraud protections protect you from someone else taking your money. Both exist, but they cover different risks.

How to keep your Marcus account secure

Because Marcus is online-only, your account security depends entirely on protecting your login credentials. Use a password that is unique to Marcus—do not reuse a password from another website or service. If that other site is breached, attackers will try your password on Marcus and other banks.

Enable two-factor authentication on your Marcus account if it is available. This means that even if someone has your password, they cannot log in without also having access to your phone or email. Check your account regularly for unauthorized transactions and report anything suspicious to Marcus immediately.

Do not click links in emails claiming to be from Marcus. Instead, go directly to the Marcus website by typing the address into your browser. Phishing emails that look like they are from Marcus are a common way attackers trick people into giving up their login information.

What happens if Marcus is hacked or breached

If Marcus suffers a data breach and your account information is exposed, Marcus is required by law to notify you. A breach of customer data is different from a breach of the bank's systems that would put deposits at risk. Data breaches happen at major banks and financial institutions regularly and do not usually result in customer money being stolen.

If a breach does lead to unauthorized access to your account, report it to Marcus as soon as you notice it. Marcus will investigate and, under federal law, your liability is limited. The sooner you report it, the more protection you have.

Marcus also maintains security measures like encryption and monitoring for suspicious activity. These are industry-standard protections, not unique to Marcus, but they are in place to prevent unauthorized access in the first place.

Comparing Marcus to other online banks

Marcus is not the only online-only bank. Ally Bank, Charles Schwab Bank, and Discover Bank all operate similarly—they are federally regulated, FDIC-insured, and online-only. All of them offer the same level of deposit protection as Marcus because they are all subject to the same federal rules.

The main difference between online banks and traditional banks with physical branches is convenience and interest rates. Online banks typically offer higher savings account interest rates because they have lower overhead costs. They do not offer the ability to deposit cash or speak to someone in person, which matters to some people and not to others.

Safety-wise, an online bank with FDIC insurance is as safe as a traditional bank with branches. The FDIC insurance is what matters, not whether the bank has a building you can walk into.

Frequently Asked Questions

What if I have more than $250,000 at Marcus?

Only $250,000 is covered by FDIC insurance. The amount above that is not protected if Marcus fails. If you have more than $250,000 to keep safe, you can spread it across multiple banks—each bank's FDIC coverage is separate—or look into other deposit insurance options like depositor insurance at credit unions.

Can Marcus freeze my account or take my money?

Marcus can freeze your account if it suspects fraud or if you violate the account agreement, but it cannot take your money without a court order or your permission. If your account is frozen, contact Marcus to find out why and what you need to do to unfreeze it. If you believe the freeze is wrong, you have the right to dispute it.

Is my money safer at Marcus or at a big bank like Chase?

Both are equally safe from a deposit insurance perspective because both are FDIC-insured. The difference is in how you access your money and what interest rate you earn. Marcus typically pays higher interest on savings, while Chase offers branches and more services. Safety is not the deciding factor between them.

What if I forget my password and can't access my account?

Your money is still safe. Contact Marcus customer service and they will help you reset your password or verify your identity to regain access. Your deposits are not at risk just because you cannot log in—they are still there and still insured.

Does Marcus report my account to credit bureaus?

Marcus reports savings account activity to credit bureaus only if you fall behind on a loan product. A savings account alone does not affect your credit score. If you have a Marcus personal loan or credit product, that is reported separately.