Marcus is not closing all savings accounts, but the product line has changed
Goldman Sachs announced in 2024 that it would stop accepting new Marcus savings account customers and wind down the existing program. If you have a Marcus savings account, your account will remain open and functional—you will not lose access to your money. However, the bank is no longer marketing or opening new accounts under the Marcus brand for savings products.
The closure affects the savings account product specifically. Other Marcus offerings, like personal loans and CDs (certificates of deposit), have different timelines and statuses. If you hold a Marcus savings account today, you need to understand what happens to your balance, your interest rate, and your options going forward.
Key Takeaways
- Marcus savings accounts remain open and accessible to current customers; Goldman Sachs is not forcing account closures or seizing funds.
- Your interest rate on an existing Marcus savings account may change when the product winds down, and you should monitor your account statements for rate updates.
- You can withdraw your money at any time without penalty, and transfers to another bank typically take one to three business days.
- If you want to move your savings elsewhere, you can initiate an external transfer through your Marcus account dashboard or contact customer service for assistance.
- Marcus CDs and personal loans operate on separate timelines and are not affected by the savings account wind-down in the same way.
What happens to your money if you have a Marcus savings account
Your deposits are insured by the Federal Deposit Insurance Corporation (FDIC) up to $250,000 per account holder, per bank. This protection does not change during the wind-down. You can access your balance, make deposits, and withdraw funds as you normally would.
Goldman Sachs has not announced a hard deadline for closing existing accounts. The company is managing the transition gradually, which means your account will continue to function while the bank reduces its retail banking footprint. You are not required to do anything immediately, but you should plan your next steps rather than wait for a forced closure notice.
Interest rates and account terms during the transition
When a bank winds down a savings product, interest rates often fall. Marcus savings rates have already declined from their earlier highs, and further reductions are possible as the program shrinks. Check your account statements or log into your Marcus dashboard to see your current rate.
The terms of your account—such as how often interest compounds and when it is credited—should remain the same unless Goldman Sachs formally notifies you of a change. Any rate change requires notice, typically 30 days in advance. Read any emails or statements from Marcus carefully, as they will contain the details of any modification.
How to move money out of Marcus
You have three main ways to transfer your savings out of Marcus. The fastest is an external transfer: log into your Marcus account, select the transfer option, and provide your receiving bank's routing number and your account number there. Most transfers complete within one to three business days.
You can also withdraw cash at an ATM if your Marcus account includes a debit card, or request a wire transfer through customer service if you need the money faster (wire transfers typically settle the same day or next business day, though fees may apply). A third option is to simply leave the money in Marcus and let it sit; your account will remain open and insured as long as the bank has not announced a specific closure date for your account.
Marcus CDs and personal loans are separate from the savings account wind-down
If you hold a Marcus CD (certificate of deposit), that product has a different status. CDs are not being closed immediately; they will mature on their scheduled dates, and you will receive your principal plus accrued interest. You cannot open new CDs through Marcus, but existing ones are honored.
Marcus personal loans are also unaffected by the savings account closure. If you borrowed from Marcus, your loan terms remain the same, and you continue to make payments as scheduled. The wind-down of the savings product does not alter your loan agreement.
Why Goldman Sachs is closing Marcus savings accounts
Goldman Sachs built Marcus as a consumer-focused digital bank starting in 2016, offering high-yield savings accounts and personal loans. The bank faced intense competition from other online banks offering similar or higher rates, and the retail banking business proved less profitable than the bank's core investment banking and trading operations.
In 2023, Goldman Sachs announced a strategic shift away from consumer banking. The company sold its Marcus personal loan portfolio to Pagaya Technologies and began winding down the savings product. This decision reflects the bank's choice to focus on wealth management and institutional clients rather than compete in the crowded online savings market.
Comparing Marcus to other savings options
If you are moving your money, you will want to compare rates and features. Online banks like Ally, American Express Personal Savings, Discover, and Capital One 360 currently offer high-yield savings accounts with rates that vary based on market conditions. Traditional banks and credit unions may offer lower rates but provide in-person service and branch access.
Before moving, check the FDIC insurance status of any new bank you choose. All banks mentioned above are FDIC-insured, but verify this on the FDIC's website if you are considering a smaller or less familiar institution. Also confirm that the new bank's rate is actually higher than Marcus's current rate—rates change frequently, and a bank advertising a high rate may have lowered it by the time you open an account.
Frequently Asked Questions
Will I lose my money if Marcus closes my account?
No. Your deposits are FDIC-insured up to $250,000, and Goldman Sachs will not seize your funds. You will receive notice before any account closure, and you can withdraw or transfer your money at any time without penalty.
What is the deadline for closing my Marcus savings account?
Goldman Sachs has not announced a specific date when existing accounts will be forced closed. The wind-down is gradual. Monitor your email and account statements for official notices from Marcus about any timeline that affects your account.
Can I still earn interest on my Marcus savings account?
Yes, your account will continue to earn interest during the wind-down. However, the rate may decrease as the product shrinks. Check your current rate in your account dashboard and compare it to other banks before deciding whether to stay or move your money.
Do I have to pay a fee to transfer my money out of Marcus?
External transfers initiated through your Marcus account are free and typically take one to three business days. Wire transfers may carry a fee; contact Marcus customer service for the current fee amount if you need faster delivery.
What happens to my Marcus CD if it has not matured yet?
Your CD will mature on its scheduled date, and you will receive your full principal plus accrued interest. You cannot open new CDs through Marcus, but existing CDs are honored through maturity.