Marcus does not offer joint savings accounts
Marcus by Goldman Sachs only allows individual savings accounts. You cannot open a joint account with another person at Marcus, and there is no workaround to add a co-owner or authorized user to an existing Marcus savings account.
If you need a savings account that two people can both access and deposit into, you will need to use a different bank. Most traditional banks and many online banks offer joint savings accounts, though the terms and features vary by institution.
Marcus does allow you to name a beneficiary on your account, which means that person can inherit the balance if you die. A beneficiary is not the same as a joint owner — they cannot access or withdraw money while you are alive.
Key Takeaways
- Marcus savings accounts are individual only; you cannot open or convert an account to joint ownership.
- A beneficiary designation lets someone inherit your account balance after death, but does not give them access while you are alive.
- If you need two people to manage money together, you will need to open a joint account at a different bank.
- Some couples use separate Marcus accounts and transfer money between them, though this requires manual coordination and may not suit shared household finances.
Why Marcus does not offer joint accounts
Marcus operates as an online-only bank focused on individual savings products. Their account structure is built around single account holders, and they have not added joint account functionality to their platform. This is a business decision, not a regulatory limitation — other online banks do offer joint savings accounts.
If you are considering Marcus for other reasons — such as the interest rate on their savings account or their no-fee structure — you may decide to open an individual account anyway and manage household savings differently. Some households keep one person's Marcus account for a specific savings goal while maintaining a joint account elsewhere for shared expenses.
Your options if you need joint access to savings
If two people need to deposit into and withdraw from the same savings account, you have several paths. Most major banks (Chase, Bank of America, Wells Fargo, Citibank) offer joint savings accounts with no restrictions on how many people can own the account or how often they access it. Online banks like Ally, Discover, and Charles Schwab also offer joint savings accounts, often with competitive interest rates and no monthly fees.
When you open a joint account, both owners have equal legal rights to the full balance. Either person can withdraw all the money without permission from the other. This is important to understand before you open the account — joint ownership means shared control, not shared protection.
Some couples use a hybrid approach: they keep individual Marcus accounts for personal savings goals and open a joint account at another bank for shared household expenses. This requires discipline to transfer money between accounts, but it can work if you have clear rules about who contributes what and when.
How to add a beneficiary to your Marcus account instead
If your main concern is making sure someone else can access your money if something happens to you, you can name a beneficiary on your Marcus account. A beneficiary does not need to be a family member — it can be anyone you choose.
To add or change a beneficiary, log into your Marcus account online and look for the beneficiary or estate planning section. You will need the beneficiary's full name, date of birth, Social Security number, and relationship to you. Marcus will ask you to confirm the information before it takes effect.
When you die, the beneficiary can contact Marcus and provide a death certificate and proof of their identity. Marcus will then transfer the account balance to them directly, outside of probate. This process typically takes a few weeks. The beneficiary cannot access the account while you are alive, even if you become incapacitated.
What happens if you need access to someone else's Marcus account
If someone you care for has a Marcus account and becomes unable to manage it themselves, you cannot simply log in or take over the account. Marcus will not grant access to a family member or caregiver unless that person has legal authority — such as a power of attorney or guardianship order.
If you have a power of attorney document signed by the account holder, bring it to Marcus along with your ID and the account holder's ID. Marcus will review it and may grant you limited or full access depending on what the document says. This process can take several business days.
If there is no power of attorney in place and the account holder cannot communicate, you may need to go through a court process to become their legal guardian or conservator. This is slow and expensive, which is why financial advisors recommend setting up a power of attorney before you need it.
Transferring money between two individual Marcus accounts
If you and another person each have your own Marcus account, you can transfer money between them using external transfers. You will need the other person's bank account information (routing number and account number) and their permission.
Marcus processes external transfers through the ACH network, which typically takes one to two business days. There is no fee for outgoing transfers from Marcus, but the receiving bank may charge a fee if it is not also a Marcus account.
This method works for occasional transfers, but it is not practical for managing shared household expenses day to day. If you need to move money back and forth frequently, a joint account at a traditional bank or online bank will be simpler and faster.
Frequently Asked Questions
Can I add my spouse as an authorized user on my Marcus account?
No. Marcus does not offer authorized user status or any form of shared access. The account is individual only, and only the account holder can log in and manage it.
What if I die without naming a beneficiary on my Marcus account?
The account balance becomes part of your estate and goes through probate. Your heirs can eventually claim it, but the process is slow and may involve court fees. Naming a beneficiary avoids probate and gets the money to that person much faster.
Can I open a Marcus account in both our names?
No. Marcus requires each account to be in one person's name only. You cannot list two people as co-owners during account opening or afterward.
If I need a joint savings account, which banks offer them?
Most banks offer joint savings accounts, including Chase, Bank of America, Wells Fargo, Ally, Discover, and Charles Schwab. Compare their interest rates, fees, and features to find the best fit for your needs.
Can my spouse access my Marcus account if I give them my password?
Technically yes, but it is not a secure or legal arrangement. Sharing passwords violates Marcus's terms of service, and if there is a dispute later, Marcus will not recognize your spouse as an authorized user. If you want someone to have access, open a joint account at a different bank instead.