Marcus offers savings accounts and personal loans, not checking
Marcus by Goldman Sachs does not have a checking account product. The platform offers a high-yield savings account, money market account, and personal loans. If you need a checking account with debit card access and bill pay, you will need to open one elsewhere — either at another online bank, a traditional bank, or a credit union.
This matters because many people assume that if a bank offers savings, it also offers checking. Marcus deliberately keeps its product line narrow. That simplicity can work for you if you want a dedicated savings account separate from your everyday spending account, but it means you cannot consolidate everything in one place.
Key Takeaways
- Marcus offers only savings accounts, money market accounts, and personal loans — no checking account or debit card.
- You can link a Marcus savings account to a checking account at another bank to move money between them.
- If you want checking and savings in one place, you will need to choose a different bank or open accounts at two institutions.
- Marcus savings accounts have no monthly fees and no minimum balance requirement, which can make them useful as a secondary account even without checking.
What Marcus actually offers instead of checking
Marcus has two deposit products: a savings account and a money market account. Both earn interest, both have no monthly maintenance fees, and both allow you to move money in and out through electronic transfers. The difference is that a money market account typically requires a higher opening deposit and may offer a slightly different interest rate structure.
Neither product gives you a debit card or the ability to write checks. You cannot pay bills directly from a Marcus account using their system. Instead, you transfer money to a checking account at another bank, then pay from there. This two-step process is the trade-off for keeping your savings separate and earning interest on money you are not spending.
How to use Marcus savings with a checking account elsewhere
Most people who use Marcus do so by linking it to a checking account at another bank. You provide your other bank's routing number and account number to Marcus, and you can then move money between the two accounts electronically. Transfers typically take one to three business days, depending on which banks are involved.
This setup works well if you want to keep your spending money and savings money in different places. You can transfer a lump sum to your checking account when you need it, or move money back to Marcus when you want to save it. The separation can help you avoid spending money you intended to save.
Why Marcus does not offer checking
Goldman Sachs launched Marcus as an online-only savings platform in 2016, and it has stayed focused on that mission. Checking accounts require more infrastructure: they need to process debit card transactions, handle bill pay systems, manage overdraft decisions, and maintain a network of ATMs or partner ATMs. That complexity costs money and requires different regulatory oversight.
By not offering checking, Marcus keeps its costs lower and passes some of that savings to customers through higher interest rates on savings. It is a deliberate choice, not an oversight. If you need a full-service bank with checking, savings, and loans all in one place, Marcus is not designed for that.
Alternatives if you need checking and savings together
If you want both a checking account and a high-yield savings account under one roof, several online banks offer both. Ally Bank, Charles Schwab Bank, and Discover Bank all offer checking accounts with no monthly fees and savings accounts with competitive interest rates. Traditional banks and credit unions also offer both products, though their savings rates are often lower than Marcus or online-only competitors.
The trade-off is that banks offering both products may charge monthly fees (though many waive them with direct deposit or a minimum balance), and their savings rates are typically lower than Marcus. You have to decide whether the convenience of one institution is worth potentially earning less interest on your savings.
Moving money between Marcus and other banks
When you link Marcus to another bank account, you can initiate transfers from either side. You can push money out of Marcus into your checking account, or pull money from your checking account into Marcus. The receiving bank processes the transfer, and it usually shows up within one to three business days.
Marcus does not charge fees for transfers in or out. Your other bank might charge a fee if you exceed a certain number of transfers per month (federal rules used to limit savings account transfers, though those rules have been relaxed). Check your other bank's terms to see if there are any limits on how often you can move money.
Frequently Asked Questions
Can I pay bills directly from my Marcus account?
No. Marcus does not offer bill pay or the ability to send money directly to a third party. You must transfer money to a checking account at another bank first, then pay your bills from there. This adds a step but keeps your savings separate from your spending.
Does Marcus have a debit card?
No. Marcus does not issue debit cards. You can only access your money through electronic transfers to another bank account or by withdrawing cash at an ATM using a card from your other bank.
What if I want to keep all my money in one place?
You would need to choose a different bank that offers both checking and savings accounts. Online banks like Ally, Charles Schwab, and Discover offer both, as do most traditional banks and credit unions. The trade-off is that their savings rates are usually lower than Marcus.
Can I use Marcus as my only bank account?
Technically yes, but it is not practical. Without checking or a debit card, you cannot pay most bills or make everyday purchases. Most people use Marcus as a secondary account for savings while keeping their primary checking account elsewhere.
How long do transfers between Marcus and other banks take?
One to three business days, depending on the banks involved and the time of day you initiate the transfer. Transfers initiated on weekends or holidays may take longer because they process on the next business day.