Marcus does not offer a checking account

Marcus by Goldman Sachs is a savings-only bank. It does not issue debit cards, does not provide check-writing, and does not offer the transaction features of a traditional checking account. If you have a Marcus account, you can deposit money and earn interest, but you cannot pay bills directly from it or make everyday purchases.

Marcus focuses on one product line: high-yield savings accounts. The bank was built around that single offering and has not expanded into checking. If you need both savings and checking, you will need to use Marcus alongside another bank or consider a different institution that offers both products.

Key Takeaways

  • Marcus offers only savings accounts, not checking accounts, so you cannot write checks or use a debit card from a Marcus account.
  • You can transfer money from Marcus to an external checking account at another bank, which typically takes one to three business days.
  • If you want both savings and checking under one roof, you will need to open accounts at two separate institutions or switch to a bank that offers both.
  • Marcus accounts are FDIC-insured up to $250,000, the same protection that applies to checking accounts at other banks.

How to move money from Marcus to a checking account elsewhere

You can link your Marcus savings account to a checking account at another bank and transfer money between them. Log into your Marcus account online, go to the Transfers section, and add your external bank account using its routing number and account number. Marcus will verify the account by depositing two small test amounts, which you then confirm in your external bank's system.

Once linked, you can move money from Marcus to your checking account whenever you need it. The transfer usually takes one to three business days. You can also set up recurring transfers if you want to move a fixed amount on a schedule—for example, moving money weekly to cover upcoming bills.

The reverse also works: you can transfer money from your checking account into Marcus to save it. This two-way link means you do not need to use a third-party service or visit a branch to move your money.

Why Marcus chose savings-only instead of checking

Marcus was designed as an online bank focused on savings rates. Checking accounts require more infrastructure: physical debit cards, fraud monitoring for everyday transactions, customer service for disputes, and the cost of processing thousands of small payments. By staying savings-only, Marcus keeps its operating costs low and passes higher interest rates to depositors.

Goldman Sachs, which owns Marcus, also operates Marcus Invest (a separate investing platform) and has partnerships with other financial institutions. The company's strategy has been to do one thing well rather than compete as a full-service bank. This approach has worked for customers who want a high-yield savings account but does not help those looking for an all-in-one solution.

What you can and cannot do with a Marcus account

You can deposit money by electronic transfer from another bank, direct deposit from an employer, or wire transfer. You earn interest on your balance, which compounds daily and is paid monthly. You can withdraw money by transferring it to an external account or requesting a wire transfer. You can also set up multiple savings goals within a single Marcus account to organize your money by purpose.

You cannot write checks from a Marcus account. You cannot use a debit card. You cannot pay bills directly from Marcus or set up automatic bill payments. You cannot deposit checks by mobile app or mail. If you need any of those features, you must use a checking account elsewhere or move money to one first.

Alternatives if you need both savings and checking

One option is to keep Marcus for savings and open a checking account at a bank that offers both products—such as Chase, Bank of America, Wells Fargo, or a local credit union. This approach lets you earn a high rate on savings at Marcus while maintaining a checking account for daily spending and bill pay. The downside is managing two separate logins and two separate institutions.

Another option is to switch entirely to a bank that offers both checking and savings accounts. Most traditional banks offer both, though their savings rates are typically much lower than Marcus's rate. Online banks like Ally, Discover, and Charles Schwab also offer both checking and savings, sometimes with competitive rates on both products. The trade-off is that you may earn less on savings than you would at Marcus alone.

A third option is to use a fintech app that bridges the gap—for example, some apps let you link a Marcus savings account and a checking account at another bank, then move money between them with a single tap. This does not solve the underlying problem (you still need two accounts) but can make the workflow simpler.

FDIC protection and safety

Marcus accounts are insured by the Federal Deposit Insurance Corporation (FDIC) up to $250,000 per account holder, per bank. This means if Marcus fails, your money up to that limit is protected by the federal government. The protection applies to savings accounts the same way it applies to checking accounts—there is no difference in safety between the two.

If you have more than $250,000 to save, you can open multiple accounts at Marcus (for example, one in your name alone and one in a joint account with a spouse) to increase your total coverage. Each account structure is insured separately, so a joint account and an individual account at the same bank are each covered up to $250,000.

Frequently Asked Questions

Can I get a debit card from Marcus?

No. Marcus does not issue debit cards. You can only access your money by transferring it to an external bank account or requesting a wire transfer. If you need a debit card for everyday purchases, you will need a checking account elsewhere.

Can I set up direct deposit to Marcus?

Yes. You can provide your employer with your Marcus account number and routing number to set up direct deposit. The money will land in your Marcus savings account, where it will earn interest. You can then transfer it to a checking account if you need to spend it.

How long does it take to transfer money out of Marcus?

Transfers to an external bank account typically take one to three business days. Wire transfers are faster—usually same-day or next-day—but Marcus may charge a fee for outgoing wires. Check your account for current wire transfer fees.

What if I need to pay a bill and my money is only in Marcus?

Transfer the money from Marcus to your checking account at another bank (one to three business days), then pay the bill from checking. If you need the money faster, request a wire transfer, though this may carry a fee. Plan ahead when possible to avoid rush transfers.

Is my money safer in Marcus checking than in Marcus savings?

Marcus does not offer checking, so this is not an option. Both savings and checking accounts at FDIC-insured banks have the same federal protection up to $250,000, so safety is equal between the two account types.