Marcus does not offer business savings accounts

Marcus by Goldman Sachs does not have a product for business owners. The bank's savings accounts, money market accounts, and certificates of deposit are all designed for individuals, not for sole proprietorships, partnerships, LLCs, or corporations. If you search Marcus's website or call their customer service line, you will not find a business account option.

This is a deliberate choice by Marcus, not a temporary gap. The bank has positioned itself as a consumer-focused online bank. It does not offer business checking, business savings, merchant services, or payroll processing. If you need a place to hold business funds, you will need to look elsewhere.

Key Takeaways

  • Marcus savings accounts are for individuals only and cannot be opened under a business name or tax ID.
  • You can open a personal Marcus account and deposit business income into it, but the account itself remains personal property.
  • If you need a dedicated business account, you will need to use a different bank that offers business products.
  • Some online banks like Mercury, Brex, and Wise offer business accounts with no minimum balance or monthly fees, though terms vary by business type.

What happens if you try to open a Marcus account as a business

Marcus's account opening process asks for your Social Security number, not an Employer Identification Number (EIN). The account is registered to you as an individual. Even if you name the account something like "Jane's Consulting Business," the legal owner is still you personally, not your business entity.

This matters for liability and tax purposes. If your business is sued, a creditor cannot go after funds in a personal Marcus account the way they could go after funds in a business account. But it also means the account offers no legal separation between your personal and business finances — a separation that sole proprietors often need for tax reporting and accounting clarity.

Using a personal Marcus account for business income

Many sole proprietors and freelancers do deposit business income into personal savings accounts, including Marcus. There is nothing stopping you from doing this. You can transfer money from a business checking account (held at another bank) into Marcus and earn the current savings rate on that balance.

The limitation is that you cannot receive direct deposits or ACH transfers directly into Marcus under a business name. If a client wants to pay your business account, they will be paying a personal account in your name. You will need to track which deposits are business income versus personal income when you file taxes.

Why Marcus does not offer business accounts

Marcus is owned by Goldman Sachs but operates as a consumer bank. The company's strategy has been to offer high-yield savings and straightforward lending products to individuals, not to compete in the business banking space. Business banking requires different infrastructure — merchant processing, payroll integration, accounting software connections, and business-focused customer support.

Building that infrastructure costs money, and Marcus has chosen not to invest in it. This keeps their operating costs lower and allows them to offer competitive rates on consumer products. It is a trade-off, not a mistake or oversight.

Where to open a business savings account instead

If you need a dedicated business account, several online banks offer business savings products. Mercury, Brex, and Wise all have business accounts with no monthly fees and no minimum balance requirements. Traditional banks like Chase, Bank of America, and Wells Fargo also offer business savings accounts, though they typically charge monthly maintenance fees unless you maintain a minimum balance.

The choice depends on what else you need. If you only need a place to hold business reserves and earn interest, an online business savings account is usually the cheapest option. If you need business checking, invoicing tools, or payment processing, you may want a platform that bundles those services together.

Tax and accounting considerations

If you are a sole proprietor and you deposit business income into a personal Marcus account, you still report that income on your tax return. The IRS does not care which bank holds the money. What matters is that you track it accurately and report it as business income.

If you are an LLC or corporation, the situation is different. Your business is a separate legal entity, and mixing personal and business funds in a personal account can create problems during an audit or if your business is sued. In those cases, you should have a dedicated business account, even if it is just a straightforward savings account at a different bank.

Frequently Asked Questions

Can I use my Marcus account for my business if I am a sole proprietor?

Yes, you can deposit business income into a personal Marcus account. The account remains personal property, but nothing prevents you from using it to hold business funds. You will need to track which deposits are business income when you file taxes.

What if I have an LLC or corporation?

You should not use a personal account for business funds if your business is a separate legal entity. Open a business account at a bank that offers them. This keeps your personal and business finances separate, which protects you in a lawsuit and makes accounting simpler.

Does Marcus offer any products for small businesses?

No. Marcus does not have business checking, business savings, merchant services, or any other business products. All Marcus accounts are for individuals only.

Can I transfer money from my business checking account to Marcus?

Yes. You can transfer money from a business account at another bank into your personal Marcus savings account using ACH transfer or wire transfer. The receiving account is still personal, but the money can come from any source.

What online banks do offer business savings accounts?

Mercury, Brex, and Wise all offer business savings or money market accounts with no monthly fees. Terms and features vary, so compare them based on the interest rate, withdrawal limits, and any other services you need.