What you need to open a Goldman Sachs savings account
Goldman Sachs offers savings accounts through its online banking platform called Marcus by Goldman Sachs. You open an account entirely online — there are no branches to visit. You will need a valid government-issued ID, a Social Security number, proof of your current address, and a way to fund the account (a bank account or debit card).
The process takes about 10 to 15 minutes. Goldman Sachs runs a soft credit check that does not affect your credit score, and they verify your identity using information from credit bureaus and public records. You do not need an existing relationship with Goldman Sachs or any minimum deposit to start.
Marcus accounts are FDIC-insured up to $250,000, which means your money is protected by federal insurance if the bank fails. The account has no monthly fees, no minimum balance requirement, and no restrictions on how many times you can withdraw money each month.
Key Takeaways
- Marcus by Goldman Sachs is an online-only bank, so you open and manage your account through their website or mobile app.
- You will need a valid ID, Social Security number, proof of address, and a funding source (another bank account or debit card).
- The account opening takes 10 to 15 minutes and involves a soft credit check that does not lower your credit score.
- There are no monthly fees, no minimum balance, and no withdrawal limits, though the interest rate changes based on market conditions.
Step-by-step account opening process
Start at the Marcus website (marcus.com) and click the button to open a savings account. You will be asked for your name, date of birth, email address, and phone number. Have your Social Security number ready — you will enter it during the identity verification step.
Next, provide your current address and confirm it matches your ID. Marcus uses this information to verify your identity against credit bureau records and public databases. This verification usually completes instantly, though occasionally it takes a few hours if the system needs additional confirmation.
Once your identity is verified, you choose a username and password, set up two-factor authentication (usually a code sent to your phone), and link a funding source. You can connect an existing bank account or provide a debit card number. If you link a bank account, you will need your routing number and account number, which you can find on a check or in your bank's online portal.
After you fund the account with at least $1 (though there is no minimum to keep), your savings account is active and ready to use. You can begin transferring money in and out immediately. Interest accrues daily and is deposited monthly.
Documents and information to have ready
Gather these items before you start so the process moves smoothly:
- A valid government-issued photo ID (driver's license, passport, or state ID card)
- Your Social Security number
- Your current home address
- A bank account number and routing number, or a debit card number, to fund the account
- An email address and phone number for account notifications and two-factor authentication
If your address on your ID does not match your current address, have documentation of your current address ready — a utility bill, lease, or recent bank statement usually works. Marcus will ask for this during verification if there is a mismatch.
How long it takes to fund and use your account
Your account is active as soon as identity verification completes, which usually happens instantly. However, the time it takes for money to actually arrive depends on how you fund it.
If you link a bank account, the first transfer typically takes one to two business days. Subsequent transfers also take one to two business days. If you fund with a debit card, the money is usually available within minutes, though the transaction may take up to one business day to fully process.
Once money is in your Marcus account, you can transfer it back out to your linked bank account at any time. Outgoing transfers to your bank account take one to two business days. There is no limit on how many transfers you can make per month.
Interest rates and how they change
Marcus savings accounts earn interest on your balance. The rate changes based on what the Federal Reserve does with interest rates — when the Fed raises rates, Marcus typically raises its savings rate within days or weeks. When the Fed cuts rates, Marcus cuts its rate as well.
You can see the current rate on the Marcus website before you open an account. The rate applies to all balances, with no tiered structure — you earn the same percentage whether you have $100 or $100,000 in the account.
Interest is calculated daily and deposited to your account once a month. You can leave the interest in your savings account to earn more interest the next month, or transfer it out whenever you want.
What happens if verification fails
If Marcus cannot verify your identity instantly, you will see a message during account opening. This usually means the information you provided does not match what is in the credit bureaus or public records — often because of a recent move, a name change, or a typo.
Marcus will send you an email with next steps. Usually you can upload a photo of your ID and a proof of address document (utility bill, lease, or bank statement) through their website. This manual review typically takes one to three business days.
If you cannot get verified through the online process, contact Marcus customer service by phone at 1-833-466-2759. They can walk through your information and sometimes resolve the issue on the call or arrange an alternative verification method.
Frequently Asked Questions
Can I open a Marcus account if I have bad credit?
Yes. Marcus does a soft credit check that does not affect your credit score, and they do not deny accounts based on credit history. The main requirement is that your identity verifies against public records and credit bureau information. Bad credit will not stop you from opening an account.
What if I do not have a bank account to link?
You can fund your Marcus account with a debit card instead. The money appears in your account within minutes. Once you have money in Marcus, you can transfer it to a bank account later if you open one, or simply use Marcus as your primary savings account.
Is my money safe in a Marcus account?
Yes. Marcus accounts are FDIC-insured up to $250,000 per depositor, per bank. This means if Marcus fails, the federal government guarantees your money up to that limit. If you have more than $250,000, you can open multiple accounts or use other FDIC-insured banks to stay fully protected.
Can I withdraw money whenever I want?
Yes. There are no withdrawal limits or restrictions. You can transfer money out to your linked bank account at any time, and it arrives in one to two business days. There are no penalties for withdrawals or for closing the account.
What if I forget my password?
Go to the Marcus login page and click "Forgot password?" You will be asked to verify your identity using your email or phone number, and Marcus will send you a link to reset your password. The process takes a few minutes.