Goldman Sachs offers savings accounts through Marcus, its online banking platform

Marcus by Goldman Sachs is where you open a savings account with Goldman Sachs. You cannot walk into a Goldman Sachs office to open one — there are no branches. Instead, you open the account online through the Marcus website or mobile app, which takes about 10 minutes. You will need a Social Security number, a valid government ID, proof of address, and a funding source (a bank account to transfer money from).

Marcus accounts have no monthly fees, no minimum balance requirement, and no maximum deposit limit. The interest rate changes based on market conditions, so check the current rate on the Marcus website before you open the account — it will be different from what it was last month.

The account is FDIC-insured up to $250,000, which means your money is protected by federal insurance if Marcus fails. If you have more than $250,000 to deposit, you can open multiple accounts (one in your name alone, one in joint names with a spouse, for example) and each account gets its own $250,000 protection.

Key Takeaways

  • Marcus by Goldman Sachs is an online-only bank, so you open and manage your account through the website or app, not at a physical location.
  • You need a Social Security number, valid ID, proof of address, and a linked bank account to fund the savings account.
  • The account has no monthly fees, no minimum balance, and no deposit limits.
  • Interest rates on Marcus savings accounts change regularly and are posted on the website before you open the account.
  • Your deposits are FDIC-insured up to $250,000 per account ownership category.

What you need before you start

Gather these documents before you visit the Marcus website to open an account. You will need your Social Security number, a valid government-issued ID (driver's license, passport, or state ID), and proof of your current address. Proof of address can be a recent utility bill, lease agreement, mortgage statement, or government mail dated within the last 60 days.

You will also need a bank account in your name to link to Marcus for funding. This can be a checking or savings account at any U.S. bank. Marcus will verify the account by depositing two small amounts (usually under $1 each) and asking you to confirm those amounts — this takes one to two business days.

Have your employer information ready if you want to set up direct deposit of your paycheck into the Marcus account. You will need your employer's name and your account and routing numbers, which Marcus provides once your account is open.

The step-by-step process to open your account

Go to marcus.com or download the Marcus mobile app. Click "Open an Account" or the equivalent button on the app. You will be asked to enter your email address and create a password — use a strong password you have not used elsewhere.

Next, enter your personal information: full name, date of birth, Social Security number, and current address. Marcus will ask whether you are a U.S. citizen and whether you have a tax filing obligation in the United States. Answer honestly — these questions are standard for all banks and are required by federal law.

Upload or photograph your government ID. Marcus uses software to read the ID, so make sure the photo is clear and all four corners of the ID are visible. Upload your proof of address the same way. If the software cannot read your documents, you can chat with a Marcus representative to verify them manually.

Link your external bank account. Enter the routing number and account number from the bank you want to fund Marcus with. Marcus will deposit two small amounts into that account within one to two business days. Once you see those deposits, return to Marcus and enter the exact amounts to confirm the account is yours.

Review the account terms and sign the agreement electronically. Your account is now open and ready to receive transfers. You can transfer money from your linked bank account to Marcus immediately, though the first transfer may take one to three business days to arrive.

How long it takes to start using your account

Your Marcus account opens instantly after you complete the online steps and sign the agreement. However, you cannot move money into it right away — the first transfer takes one to three business days because the banks have to process it on their end.

If you want to fund the account faster, you can use a debit card instead of a bank transfer. Debit card deposits appear in your Marcus account within minutes. There is no limit on how much you can deposit by debit card in a single transaction, but Marcus may ask you to verify large deposits for fraud prevention.

Once money is in your Marcus account, it starts earning interest immediately. Interest is calculated daily and deposited into your account monthly, on the last business day of the month.

Linking additional bank accounts and managing transfers

After your first bank account is verified, you can link additional accounts from other banks. Go to the Transfers section of your Marcus account, select "Link a New Account," and repeat the verification process. Each additional account takes one to two business days to verify.

You can transfer money between your Marcus account and any linked bank account at any time, with no fees. Transfers out of Marcus to your bank account take one to three business days. Transfers into Marcus from your bank account also take one to three business days, though debit card deposits are instant.

Marcus does not charge fees for transfers, overdrafts, or account maintenance. The only cost is the opportunity cost of keeping money in a savings account instead of investing it elsewhere.

Interest rates and how your money grows

Marcus savings accounts earn interest at a rate set by Goldman Sachs and posted on the Marcus website. This rate changes based on Federal Reserve decisions and market conditions — it is not locked in. Check the current rate before you open the account, and check it again periodically to see if it has changed.

Interest is compounded daily, meaning you earn interest on your interest. It is deposited into your account on the last business day of each month. If you have $10,000 in your account and the rate is 4.50% annually, you will earn roughly $37.50 in interest that month (the exact amount depends on the number of days in the month and the exact daily balance).

You can withdraw money from your Marcus account at any time without penalty. There is no limit on how many withdrawals you can make per month, though federal law previously limited savings account withdrawals to six per month — that rule was suspended in 2020 and has not been reinstated.

Security and FDIC insurance protection

Marcus uses encryption and multi-factor authentication to protect your account. You can set up two-factor authentication in the security settings, which requires you to enter a code sent to your phone or email each time you log in from a new device.

Your deposits are insured by the Federal Deposit Insurance Corporation (FDIC) up to $250,000 per account ownership category. If you have a savings account in your name alone, that account is insured up to $250,000. If you have a joint account with your spouse, that joint account is insured up to $250,000 separately from your individual account. If you have a savings account in your name and a separate account in trust for your child, each is insured separately.

FDIC insurance means that if Marcus fails or is shut down by regulators, the FDIC will return your money up to the insured limit. This has never happened to Marcus, but the insurance exists to protect you if it does.

Frequently Asked Questions

Can I open a Marcus account if I do not have a Social Security number?

No. Marcus requires a Social Security number for all account holders. If you are not a U.S. citizen and do not have a Social Security number, you may be able to use an Individual Taxpayer Identification Number (ITIN) instead, but you will need to contact Marcus directly to ask. Call 1-833-466-2759 to speak with a representative.

What happens if my linked bank account is closed?

Your Marcus account remains open and active. You simply cannot transfer money to or from that bank account anymore. You can link a different bank account and use that one instead. Go to the Transfers section and add a new account.

Can I set up automatic transfers from my paycheck to Marcus?

Yes. Once your account is open, you can set up direct deposit. Provide your employer with your Marcus account number and routing number (which Marcus displays in the account settings). Your paycheck will be deposited directly into Marcus on your regular pay schedule.

Is there a minimum amount I have to keep in my Marcus account?

No. Marcus has no minimum balance requirement. You can open the account and leave it empty, or deposit $1 and earn interest on it. You can also withdraw all your money at any time.

Can I have a joint savings account with Marcus?

Yes. During the account opening process, you can choose to open a joint account. Both account holders will need to provide their Social Security number, ID, and proof of address. Both owners can access the account and make transfers.