You cannot pay bills directly from a Marcus savings account
Marcus by Goldman Sachs is a savings account, not a checking account. Savings accounts are built for storing money and earning interest, not for paying bills or making everyday purchases. To pay a bill from money in your Marcus account, you need to move the money to a checking account first — either your own checking account at another bank, or a checking account you open at Goldman Sachs.
This two-step process (transfer, then pay) takes a little longer than paying directly from checking, but it protects your savings. Because you have to move money deliberately, you are less likely to spend savings money by accident on things that are not emergencies.
Key Takeaways
- Marcus savings accounts cannot pay bills directly — you must transfer money to a checking account first.
- You can transfer money from Marcus to any checking account you own at another bank, usually within one to three business days.
- If you want to pay bills and earn savings interest in one place, you can open a Goldman Sachs checking account and link it to your Marcus savings account for straightforward transfers.
- Transfers from Marcus to your own external checking account are free and have no limit on how many you can make per month.
Moving money from Marcus to your checking account at another bank
The most common way to pay a bill from Marcus savings is to transfer money to a checking account you already have elsewhere. You set this up once in the Marcus app or website, and then you can transfer money whenever you need it.
To start, you will need your checking account number and routing number — the nine-digit code that identifies your bank. You can find both on a check, or call your bank and ask. Once you add this account to Marcus, you can transfer money from savings to checking. Most transfers take one to three business days, though some banks process them faster.
There is no fee for these transfers, and you can make as many as you want each month. Once the money lands in your checking account, you can pay your bill the way you normally do — online, by check, by phone, or in person.
Opening a Goldman Sachs checking account linked to Marcus
If you want a simpler setup, you can open a checking account directly through Goldman Sachs and link it to your Marcus savings account. This way, both accounts are in one place, and you can move money between them when ready through the same app.
The Goldman Sachs checking account has no monthly fee and no minimum balance requirement. You can set up bill pay through the checking account and pay directly from there. Because the checking and savings accounts are linked, you can keep most of your money earning interest in Marcus and move it to checking only when you need to pay a bill.
To open a Goldman Sachs checking account, you can do it through the Marcus app if you already have a Marcus account, or through the Goldman Sachs website. The process takes about 10 minutes and you will need your Social Security number and a government ID.
How long transfers take and what to expect
When you transfer money from Marcus to a checking account, the timing depends on which bank holds the checking account. Transfers to most major banks take one to three business days. Some banks, especially smaller regional banks or credit unions, may take longer.
Transfers to a Goldman Sachs checking account are usually when ready or complete within a few hours, because both accounts are at the same company and the money does not have to travel between banks.
If you are paying a bill with a important date coming up, plan your transfer for at least three business days before the due date. This gives you a safety margin in case your bank processes transfers slowly. If the bill is due in fewer than three days, call your biller and ask if you can pay by phone — many utilities and credit card companies accept phone payments the same day you call.
Setting up bill pay through your checking account
Once money is in your checking account, you have several ways to pay a bill. The easiest is usually bill pay through your bank's website or app — you enter the biller's name and address, the amount, and the date you want it paid, and the bank mails a check or sends an electronic payment.
You can also pay online directly through the biller's website if they accept credit or debit card payments, or you can set up automatic payments so the same amount comes out on the same day each month. Automatic payments are useful for bills that stay the same, like insurance or loan payments, but be careful with variable bills like utilities — you might pay more than you owe.
Some billers also accept payments by phone or in person. Check your bill or the biller's website to see what methods they offer.
Why you might want to keep money in Marcus instead of checking
Marcus savings accounts earn interest on your balance — the rate changes based on market conditions, but it is usually much higher than what checking accounts pay. If you keep money in a checking account instead, you earn little or no interest, even if you do not touch the money for months.
By keeping most of your money in Marcus and moving it to checking only when you need to pay a bill, you earn more interest on your savings. The extra step of transferring takes just a few minutes and helps you avoid spending savings money on things that are not emergencies.
Frequently Asked Questions
Can I set up automatic bill payments from Marcus?
No, Marcus savings accounts do not support automatic bill payments. You must transfer money to a checking account first, then set up bill pay through that checking account. If you open a Goldman Sachs checking account, you can link it to Marcus and set up automatic payments from checking while keeping your main savings in Marcus.
What if I need to pay a bill today?
If you have a Goldman Sachs checking account linked to Marcus, you can transfer money when ready and pay the same day. If your checking account is at another bank, call the biller and ask if they accept phone or same-day electronic payments. Many utilities, credit card companies, and loan servicers do. You can also transfer money to your external checking account and pay by phone if the biller accepts it.
Are there limits on how much I can transfer from Marcus?
Marcus does not limit how much you can transfer to your own checking account. However, some banks limit how many transfers you can make per month from a savings account — check with your bank. Transfers to a Goldman Sachs checking account have no limits.
Do I lose interest while money is in my checking account?
Yes, checking accounts earn little or no interest. Keep money in Marcus as long as you can, and transfer only what you need to pay upcoming bills. This way you earn interest on the largest balance possible.
What happens if I transfer money but do not use it?
You can transfer the money back to Marcus anytime. If you transferred to a Goldman Sachs checking account, the transfer is when ready. If you transferred to another bank's checking account, it takes one to three business days. There is no penalty for moving money back and forth.