Marcus is not closing, but the company has stopped taking new savings account customers

Marcus by Goldman Sachs is still operating and will not force you to close an existing account. However, in January 2024, Marcus stopped accepting new savings account applications. If you already have a Marcus savings account, your money is safe and your account will continue to work. If you do not yet have an account with Marcus, you cannot open a new savings account there—though you may still be able to open other products like personal loans or CDs depending on your state.

This change does not mean Marcus is shutting down. Goldman Sachs made this decision to focus on other business priorities. Your existing deposits remain insured by the Federal Deposit Insurance Corporation (FDIC) up to $250,000 per account category, just as they always have been.

Key Takeaways

  • Marcus stopped accepting new savings account customers in January 2024, but existing accounts remain open and fully operational.
  • Your deposits in Marcus are FDIC-insured up to $250,000, and that protection does not change because the company stopped taking new customers.
  • If you already have a Marcus savings account, you can continue to deposit, withdraw, and earn interest without interruption.
  • If you want to open a new high-yield savings account elsewhere, you will need to move to a different bank—Marcus will not accept your application.

What happens to money already in a Marcus savings account

If you have money in a Marcus savings account right now, nothing changes. You can continue to make deposits and withdrawals, and your interest rate will remain the same. Marcus will not close your account or force you to move your money. The account functions exactly as it did before the company stopped taking new customers.

Your money is protected by FDIC insurance. This means if Marcus were to fail—which is extremely unlikely for a Goldman Sachs subsidiary—the FDIC would reimburse you up to $250,000 in that account. This protection applies whether Marcus is taking new customers or not.

How to move money out of Marcus if you choose to

You are not required to move your money, but if you want to, the process is straightforward. Log into your Marcus account online or through the mobile app and request an external transfer to another bank account you own. Marcus can send money via ACH (Automated Clearing House), which typically takes one to three business days. You can also request a check by mail, though this is slower.

Before you transfer, check whether you have any promotional rates or bonus interest that would end if you close the account. Some banks offer higher rates for a limited time, and leaving early might mean you lose that benefit. If you have a CD (certificate of deposit) with Marcus, you may face an early withdrawal penalty if you cash it out before the maturity date.

Why Marcus stopped taking new savings account customers

Goldman Sachs did not publicly explain the decision in detail, but the company stated it was shifting focus to other products and services. This is a business decision, not a sign of financial trouble. Large banks and financial institutions regularly adjust which products they offer based on market conditions, profitability, and strategic priorities.

Marcus still offers personal loans and CDs in many states, so the company has not abandoned retail banking entirely. The decision to close new savings accounts specifically suggests Goldman Sachs wanted to reduce its exposure in that particular market segment.

Where to move your money if you need a new high-yield savings account

If you do not have a Marcus account yet and want a high-yield savings account, you will need to look elsewhere. Other online banks and credit unions offer similar products with competitive interest rates. Compare the current rates at banks like Ally, American Express Personal Savings, Discover Bank, and others. Rates change frequently, so check the current offers before you open an account.

When you choose a new bank, confirm it is FDIC-insured (or NCUA-insured if it is a credit union). Check whether there are any monthly fees, minimum balance requirements, or restrictions on how many withdrawals you can make per month. Some banks offer promotional rates for new customers, so factor that into your decision.

What to do if you have questions about your Marcus account

If you have an existing Marcus account and want to confirm your account is still active or ask about your options, contact Marcus customer service directly. You can reach them through the Marcus website, the mobile app, or by phone. They can answer questions about your specific account status and walk you through the transfer process if you decide to move your money.

Do not rely on third-party websites or social media for information about your account. Always go directly to the official Marcus website or call their customer service line to get accurate, up-to-date information about your deposits and account options.

Frequently Asked Questions

Will Marcus force me to close my account?

No. Marcus will not close your account or force you to move your money. Your account will remain open and functional as long as you want to keep it. You can continue to use it normally.

Is my money safe in Marcus right now?

Yes. Your deposits are FDIC-insured up to $250,000. This protection does not change because Marcus stopped taking new customers. Your money is just as safe as it was before the announcement.

Can I still earn interest on my Marcus savings account?

Yes. Your interest rate will continue to apply to your balance. Marcus will not reduce your rate or stop paying interest on existing accounts just because it stopped accepting new customers.

How long does it take to transfer money out of Marcus?

An ACH transfer to another bank account typically takes one to three business days. A check by mail takes longer, usually five to ten business days depending on postal delivery. You can request a transfer through your Marcus account online or by calling customer service.

What if I have a CD with Marcus—can I still keep it?

Yes, you can keep your CD until it matures. If you withdraw the money early, you may face an early withdrawal penalty. Check your CD terms to see what the penalty is before you decide to cash out.