What You Need to Open a Marcus Account

Goldman Sachs' consumer savings product is called Marcus, and you open it entirely online. You will need a valid government ID (driver's license, passport, or state ID), your Social Security number, and a way to fund the account—either a bank transfer or a debit card. The whole process takes about 10 minutes, and you can start with any amount; there is no minimum deposit required.

Marcus does not have physical branches. All account management happens through their website or mobile app. You cannot walk into a location or call a branch to open an account—everything is digital from start to finish.

Key Takeaways

  • Marcus accounts open online in about 10 minutes using your ID, Social Security number, and a funding method.
  • There is no minimum deposit, no monthly fee, and no maximum balance limit on Marcus savings accounts.
  • You can fund your new account immediately using a linked bank account or debit card, and money typically arrives within one to three business days.
  • Marcus interest rates change regularly, so check their website for the current rate before you open your account.
  • If you already have a Goldman Sachs brokerage or investment account, you can link it to your Marcus savings account for easier transfers.

Step-by-Step: Opening Your Account Online

Go to marcus.com and click the button to open a savings account. You will be asked to enter your email address and create a password. Next, provide your full name, date of birth, and the last four digits of your Social Security number. Marcus will ask for your mailing address and phone number.

You will then verify your identity by uploading a photo of your government ID or by answering security questions based on your credit history. This step usually takes a few minutes. Once verified, you can choose your account type—Marcus offers a regular high-yield savings account and a money market account, which works similarly but may have slightly different terms.

After you confirm your account details, you will link a bank account or debit card to fund it. If you use a bank transfer, provide your routing number and account number. If you use a debit card, enter the card details. Your account opens immediately, even if the money has not arrived yet.

Funding Your Account and First Deposit

You can fund your Marcus account with a bank transfer or debit card. Bank transfers typically take one to three business days to show up in your account. Debit card transfers may be faster, sometimes appearing within hours, but Marcus may place a temporary hold on the funds while they verify the transaction.

There is no minimum deposit required, so you can start with $1 if you want to test the account before moving larger amounts. Once your first deposit clears, you can add more money anytime through the Marcus app or website. You can also transfer money from other accounts you own at different banks.

Interest Rates and Account Features

Marcus savings accounts earn interest on your balance. The rate changes regularly based on market conditions, so the rate when you open your account may be different from the rate next month. Check marcus.com for the current rate before you open, and understand that your rate will move up or down as Marcus adjusts it.

Your account has no monthly fees, no minimum balance, and no maximum balance limit. You can withdraw money anytime without penalty. Interest compounds daily and is deposited into your account monthly. Marcus provides a 1099-INT tax form each January for any interest you earned during the previous year.

Linking Your Marcus Account to Other Banks

After your account is open, you can link it to external bank accounts for easier transfers. Go to the Transfer section of the Marcus app or website, select "Link a Bank Account," and follow the prompts. Marcus will ask for your bank's routing number and your account number. Some banks verify the link instantly; others take one to two business days.

Once linked, you can transfer money between your Marcus account and your other bank accounts. Transfers typically take one to three business days. If you have other Goldman Sachs products like a brokerage account, you can link those directly for faster transfers between your accounts.

What Happens After Your Account Opens

Once your account is active and funded, you can begin earning interest immediately on your balance. You will receive a confirmation email with your account number and details. Download the Marcus mobile app if you want to manage your account on your phone—the app lets you check your balance, transfer money, and update your account settings.

Marcus sends statements monthly via email. You can also view your full transaction history and statements anytime in the app or on their website. If you have questions about your account, Marcus offers customer support through their website chat, email, and phone line during business hours.

Frequently Asked Questions

Can I open a Marcus account if I have bad credit?

Marcus does not run a hard credit check to open a savings account. They verify your identity and may check your banking history, but a low credit score will not prevent you from opening an account. You will need a valid ID and Social Security number.

Is my money safe in a Marcus account?

Yes. Marcus is a division of Goldman Sachs Bank USA, which is FDIC-insured. Your deposits are covered up to $250,000 per account holder, per bank. If you have multiple accounts at Marcus (like a savings account and a money market account), they are combined under that $250,000 limit.

Can I set up automatic transfers to my Marcus account?

Yes. Once you link an external bank account, you can schedule recurring transfers from that account to Marcus on a weekly, biweekly, or monthly basis. You set the amount and frequency in the Transfer section of the app or website.

What if I need to close my Marcus account?

You can close your account anytime through the app or website without penalty. Withdraw any remaining balance first, or Marcus will mail you a check. There is no fee for closing, and you do not need to provide a reason.

How do I know if my identity verification was successful?

Marcus will send you an email confirming whether your identity was verified. If verification fails, they will tell you what went wrong and may ask you to resubmit documents or answer additional security questions. Check your email, including spam folders, for their response.