Marcus does not offer joint savings accounts
Marcus by Goldman Sachs only allows individual account holders. You cannot open a savings account in two names, add an authorized user, or grant someone else signing authority on your Marcus account. Each person must open their own separate account.
If you want to save money together with a spouse, partner, or family member, you will need to use a different bank. Many traditional banks and online banks do offer joint savings accounts, though the features and interest rates vary by institution.
Key Takeaways
- Marcus savings accounts are individual only — you cannot open one jointly or add another person's name to an existing account.
- If you need a joint account, you will have to move your money to a bank that offers them, such as a traditional bank or a different online bank.
- Two people can each open separate Marcus accounts and coordinate their savings without a formal joint structure.
- Joint accounts at other banks typically allow either account holder to withdraw funds without permission from the other.
Why Marcus does not offer joint accounts
Marcus operates as a digital-only bank focused on individual savings products. Their account structure is built around single account holders, and they have not developed the backend systems or compliance procedures needed to manage joint ownership. This keeps their operation simpler and their costs lower, which is part of how they offer competitive interest rates.
If joint account functionality is important to you, this is a legitimate reason to choose a different bank. There is no workaround within Marcus itself — you cannot add someone later, and you cannot convert an individual account to a joint one.
Alternatives if you need to save together
If you want a formal joint savings account, you have several options. Many online banks offer joint accounts with the same high interest rates Marcus provides — banks like Ally, American Express Personal Savings, and Discover all allow joint ownership. Traditional banks like Chase, Bank of America, and Wells Fargo also offer joint savings accounts, though their interest rates are typically much lower than online banks.
When you open a joint account at any bank, both account holders can usually deposit and withdraw money without permission from the other. Some banks allow you to set withdrawal limits or require both signatures for large transactions, but this is not standard. Check the specific bank's rules before opening.
Using two separate Marcus accounts instead
If you want to stay with Marcus for the interest rate but do not need a formal joint structure, you and another person can each open individual accounts. You can coordinate your savings goals without the account being legally joint. This works well if you are saving toward a shared goal but do not need the other person to have direct access to the money.
The downside is that only the account owner can access their own account. If you need the other person to be able to withdraw funds or make transfers without asking you first, a separate Marcus account will not work. In that case, you need a true joint account at a different bank.
What happens if you try to add someone to a Marcus account
Marcus does not allow you to add a second person to an existing account after it is opened. You cannot call customer service and request this change — it is not a feature they offer. If you opened a Marcus account thinking you could add someone later, you would need to close that account and open a joint account elsewhere.
Closing a Marcus savings account is straightforward: you can do it online or by calling their customer service line. Any money in the account will be returned to you via bank transfer or check, depending on how you request it. There is no penalty for closing early.
How to compare joint account options at other banks
When you are looking at joint accounts elsewhere, pay attention to three things: the interest rate, the monthly fee (if any), and the withdrawal rules. Online banks typically offer higher interest rates and no monthly fees. Traditional banks often charge monthly maintenance fees unless you meet a minimum balance requirement.
Ask each bank whether both account holders must sign to open the account, whether either person can withdraw without the other's permission, and whether the account can be converted to individual ownership if one person leaves. These details matter if your situation changes later.
Frequently Asked Questions
Can I transfer money from my Marcus account to someone else's Marcus account?
Yes. You can transfer money from your Marcus account to another person's Marcus account using their account number and routing number, just as you would transfer to any other bank account. This is not the same as a joint account, but it is one way to move money between two people who both use Marcus.
What if I want to give someone else access to my Marcus account?
Marcus does not offer power of attorney, authorized user status, or any form of delegated access. The only way another person can access your account is if you give them your login credentials, which is not recommended for security reasons. If you need someone to manage your account, you would need to use a different bank that offers these features.
Can I open a joint account at Marcus if I am married?
No. Marcus does not offer joint accounts regardless of marital status. Marriage does not change their account structure or policies. You and your spouse would each need separate Marcus accounts, or one or both of you would need to bank elsewhere for a joint account.
Do I lose interest if I move my money to a bank with joint accounts?
It depends on which bank you choose. Some online banks that offer joint accounts have interest rates comparable to Marcus. Others, particularly traditional banks, offer much lower rates. Compare the rates at banks that offer joint accounts before you decide whether the joint feature is worth the difference in earnings.
What if I close my Marcus account and open a joint account somewhere else?
You can close your Marcus account at any time without penalty. Request a transfer to your new joint account at the other bank, and Marcus will send the money within one to two business days. Make sure your new account is fully set up and ready to receive the transfer before you close the Marcus account.