Marcus by Goldman Sachs ended its checking account service in 2021

Marcus by Goldman Sachs stopped offering checking accounts in March 2021. The bank consolidated its consumer banking around savings accounts and certificates of deposit (CDs) instead. If you held a Marcus checking account before the shutdown, your account was closed and your balance was returned to you—either by check or transfer to another bank, depending on how you set it up.

This decision was not temporary. Marcus has not relaunched checking accounts since then, and there is no indication the product will return in 2026. The bank's current focus remains on high-yield savings accounts and CDs, which are simpler products to operate and do not require the infrastructure of a full checking system.

Key Takeaways

  • Marcus stopped offering checking accounts in March 2021 and has not brought the product back.
  • If you had a Marcus checking account, your funds were returned to you by check or electronic transfer when the account closed.
  • Marcus currently offers only savings accounts and CDs, not checking or debit card services.
  • If you need a checking account, you will need to open one at a different bank or credit union.

What happened to existing Marcus checking accounts

Customers who had active Marcus checking accounts received notice before the March 2021 closure date. Marcus gave account holders time to withdraw their money or transfer it elsewhere. The bank did not charge fees to close the accounts, and no funds were lost—the money simply had to move to another financial institution.

If you were a Marcus checking customer and never retrieved your balance, contact Marcus customer service to confirm what happened to your account. In rare cases where funds were not claimed, they may be held in unclaimed property with your state's treasurer's office, though this is uncommon for bank closures handled with advance notice.

Marcus's current products and account types

Marcus now operates as a savings-focused bank. The main products are a high-yield savings account (HYSA) and certificates of deposit (CDs). Both are FDIC-insured up to $250,000 per account holder per bank. Interest rates on both products change regularly based on market conditions and Federal Reserve policy.

The savings account has no monthly fees, no minimum balance requirement, and no withdrawal limits (though federal rules once limited savings withdrawals to six per month—that rule was suspended in 2020 and has not been reinstated). The CD products let you lock in a rate for a set term, ranging from a few months to several years. Early withdrawal penalties apply if you take money out before the CD matures.

Why Marcus discontinued checking accounts

Goldman Sachs, Marcus's parent company, decided that consumer checking accounts were not a strategic priority. Checking accounts require more operational overhead than savings products—they need debit card processing, check clearing, fraud monitoring, and customer support for payment disputes. The margins on checking accounts are also thinner than on savings products, especially when rates are competitive.

By focusing on savings and CDs, Marcus simplified its business model and reduced costs. This allowed the bank to offer competitive interest rates on the products it kept. The decision reflected a broader shift: Goldman Sachs wanted Marcus to be a straightforward savings platform, not a full-service retail bank.

Where to open a checking account if you need one

If you were using Marcus for checking and need to replace it, you have several options. Traditional banks like Chase, Bank of America, and Wells Fargo offer checking accounts, though their interest rates on savings are typically lower than Marcus. Online banks like Ally, Charles Schwab, and Discover also offer checking accounts with competitive rates and no monthly fees.

Credit unions often have low-cost or free checking accounts and may offer better customer service than large banks. You can search for credit unions in your area through the CO-OP network or Allpoint ATM network to see what's available. Some online banks offer checking accounts with no minimum balance and no overdraft fees, which can be useful if you want to avoid surprise charges.

Can you still use Marcus for savings

Yes. If you want to keep money at Marcus for its savings account or CD products, you can still open an account today. You will need to fund it by transferring money from another bank account—Marcus does not accept deposits by check or cash. The transfer usually takes one to three business days.

Marcus's savings account interest rate changes with market conditions, so check the current rate before you open an account. The rate is the same for all customers and does not depend on your balance size. CDs lock in a fixed rate for the term you choose, so the rate you see when you open the CD is the rate you will earn for the entire period.

Frequently Asked Questions

What happened to my Marcus checking account balance when the account closed?

Marcus returned your balance to you by check or electronic transfer, depending on your preference. If you never received your money and cannot find it, contact Marcus customer service with your account number. If Marcus cannot locate the funds, your state's unclaimed property office may hold them.

Can I still earn interest at Marcus without a checking account?

Yes. Marcus's savings account and CDs both earn interest. You cannot write checks or use a debit card, but you can transfer money in and out electronically. The savings account has no withdrawal limits and no fees.

Does Marcus offer any other banking products besides savings and CDs?

No. Marcus does not offer checking accounts, money market accounts, credit cards, or loans. The bank's product line is limited to savings accounts and CDs only.

If I open a Marcus savings account now, will it be closed like the checking account was?

There is no indication Marcus plans to discontinue savings accounts or CDs. The bank has focused its strategy around these products, and they remain available. However, Marcus is owned by Goldman Sachs, which could change its strategy in the future.