Opening a Marcus account takes about 10 minutes online, and you can start with any amount
You open a Marcus savings account entirely through their website or mobile app. You do not need to visit a branch or call anyone — the whole process happens on your device. You will need a valid government ID, your Social Security number, and a way to fund the account (a bank account or debit card). Once you submit your information, Marcus reviews it and usually approves you the same day or within 24 hours.
Marcus is an online-only bank owned by Goldman Sachs, so there are no physical locations. Everything — opening the account, moving money in and out, checking your balance, and managing settings — happens through their website or app. You can start with as little as $1, though most people deposit more once the account is open.
Key Takeaways
- You need a valid government ID, your Social Security number, and a linked bank account or debit card to open an account.
- The entire process takes place online through Marcus's website or mobile app, with no branch visits required.
- Most applications are approved within 24 hours, and you can begin depositing money as soon as your account is active.
- Marcus savings accounts have no monthly fees, no minimum balance requirements, and no penalties for withdrawals.
- You can link your Marcus account to an external bank account to transfer money in and out at any time.
What you need before you start
Gather these items before you begin the application:
- A valid government-issued ID (driver's license, passport, or state ID card)
- Your Social Security number
- Your date of birth
- Your current address
- A bank account or debit card to fund the account with your initial deposit
If you do not have a government ID yet, you will need to get one before opening the account. Marcus cannot complete the identity verification without it. Your Social Security number is required for the bank to verify your identity and check for fraud.
Step-by-step: opening your account
Go to Marcus.com or download the Marcus mobile app. On the homepage, look for a button that says "Open an Account" or "get your free guide." Click it.
Enter your email address and create a password. Marcus will send a verification code to your email — check your inbox (and spam folder) and enter that code to confirm your email is real.
Fill in your personal information: full name, date of birth, Social Security number, and current address. Marcus uses this to verify your identity and check whether you have any negative banking history.
Choose your account type. Marcus offers a regular savings account and a Money Market Account (which has slightly different terms). For most people, the regular savings account is the right choice. Select it and continue.
Link a bank account or debit card. Marcus will ask you to connect an external account so you can move money in and out. You can use a checking or savings account from another bank, or a debit card. Marcus will verify the account by making two small test deposits (usually under $1 each) — you will need to confirm those amounts in your other bank's app or online banking to prove you own the account.
Review and submit. Read through the account agreement and privacy policy. If everything looks correct, submit your application. Marcus will tell you whether you are approved immediately or within 24 hours.
After your account is approved
Once Marcus approves you, your account is active and ready to use. You can log in to your account and see your account number and routing number — you will need these if you want to set up automatic transfers from another bank or receive direct deposits.
Make your first deposit. You can transfer money from the linked bank account or debit card through the Marcus app or website. Transfers from another bank usually take one to two business days. Debit card deposits are faster but may have lower limits.
Set up automatic transfers if you want. Many people set up a recurring transfer from their checking account to their Marcus savings account each payday. You can do this through the Marcus app or by setting it up in your other bank's online banking system.
Check the current interest rate. Marcus savings accounts earn interest, and the rate changes over time. You can see your current rate in the app. Interest is deposited into your account monthly.
Transferring money in and out
You can move money between your Marcus account and any other bank account you own. Transfers from your linked bank account to Marcus usually take one to two business days. Transfers from Marcus to your linked bank account also take one to two business days.
If you want to transfer money to a different bank account (one you did not link during signup), you will need to add that account first. Go to your account settings, find the option to add an external account, and follow the verification steps. Once verified, you can transfer to that account.
There are no limits on how many times you can withdraw or transfer money out of your Marcus savings account. Unlike some savings accounts, Marcus does not restrict withdrawals.
Fees and account rules
Marcus charges no monthly maintenance fee, no overdraft fees, and no fees for transfers or withdrawals. You will not be charged for inactivity if you do not use the account for a while.
You do need to maintain a positive balance — you cannot go into overdraft. If you try to withdraw more than you have, the transaction will be declined.
Interest is compounded daily and paid monthly. The rate you earn changes based on market conditions, so check your app periodically to see your current rate.
If your application is denied
Marcus may deny your application if you have a history of fraud, unpaid overdrafts at other banks, or other serious banking issues. If this happens, Marcus will send you a letter explaining the reason.
You can contact Marcus customer service to ask for more details about the denial. Some denials are based on errors in your credit report or identity verification — if you believe there was a mistake, you can ask Marcus to review your application again.
If you cannot open a Marcus account, you may be able to open an account at a bank that offers second-chance checking or savings accounts. These banks have less strict approval requirements.
Frequently Asked Questions
How long does it take to open a Marcus account?
The application itself takes about 10 minutes to complete. Marcus usually approves or denies your application within 24 hours. Once approved, your account is immediately active, though transfers from other banks may take one to two business days to arrive.
Can I open a Marcus account if I have bad credit?
Marcus does not check your credit score when you open a savings account. They check for fraud and banking history issues instead. A low credit score will not prevent you from opening an account, but a history of unpaid overdrafts or fraud may.
What is the minimum deposit to open a Marcus account?
There is no minimum deposit required. You can open an account with $1 and add more money later. However, you do need a linked bank account or debit card to complete the signup process, even if you do not make a deposit right away.
Can I have multiple Marcus accounts?
Yes, you can open more than one Marcus savings account if you want to separate your money for different goals. Each account will have its own account number and will earn interest independently.
What happens if I close my Marcus account?
You can close your account at any time through the app or by contacting customer service. Marcus will transfer any remaining balance to your linked bank account. There is no penalty for closing the account.