Marcus does not offer joint savings accounts
Marcus by Goldman Sachs only allows you to open a savings account in your own name. You cannot add another person as a co-owner, and you cannot set up a joint account where two people share ownership and access to the same funds.
If you want to save money together with someone else, you will need to use a different bank. Many traditional banks and online banks do offer joint savings accounts, though the rules and features vary by institution.
Key Takeaways
- Marcus savings accounts are individual accounts only — you cannot open one jointly with another person.
- If you need a joint account, you will need to open one at a different bank that offers that product.
- Some couples and families use separate Marcus accounts and coordinate transfers between them instead of sharing one account.
- Joint accounts at other banks typically require both owners to sign paperwork and may have different rules about who can withdraw funds.
Why Marcus does not offer joint accounts
Marcus is an online-only bank focused on keeping costs low and passing savings to customers through higher interest rates on savings accounts. This means they offer a narrower range of products than a traditional bank branch. Joint accounts require more complex account management, verification of both account holders, and customer service support — costs that Marcus has chosen not to build into their model.
The trade-off is that Marcus customers get some of the highest savings account interest rates available, but with fewer account options overall. If a joint account is important to you, that benefit may not outweigh the limitation.
What to do if you want to save together
If you and another person want to save money together, you have a few options. The first is to open accounts at a bank that does offer joint savings accounts — most traditional banks and many online banks have this product. You would both need to provide identification and sign the account paperwork, and you would both have full access to the account and the ability to withdraw funds.
A second option is to each open your own Marcus account and coordinate between them. For example, one person could transfer money to the other person's account when needed, or you could each contribute to your own account and track the total together outside the bank. This works well if you trust each other and do not need both people to have when ready access to the same pool of money.
A third option is to use Marcus for your individual savings and open a joint account at another bank for shared expenses or goals. Many households do this — they keep their personal savings separate and use a joint account only for bills or a specific savings goal.
How joint accounts work at other banks
If you decide to open a joint account elsewhere, here is what typically happens. Both account holders must provide a government-issued ID, proof of address, and a Social Security number or tax ID. Both people usually sign the account agreement, though some banks allow one person to open the account and add the other person later.
Once the account is open, both owners have equal rights to the money. Either person can deposit or withdraw funds without permission from the other. This is important to understand — if you open a joint account with someone, they can take out all the money at any time. Joint accounts work best when there is a high level of trust between the account holders.
Some banks offer different types of joint accounts with different rules. For example, some require both signatures to withdraw large amounts, or they may track how much each person contributed. Ask the bank about their specific rules before you open the account.
Banks that do offer joint savings accounts
Most major banks offer joint savings accounts, including Chase, Bank of America, Wells Fargo, and Citibank. Many online banks also offer them — examples include Ally Bank, Discover, and Capital One 360. Credit unions often offer joint accounts as well.
Interest rates at these institutions are usually lower than Marcus, but if a joint account is essential to your situation, the convenience may be worth it. You can compare rates and features on the bank's website or by calling their customer service line.
Things to consider before opening a joint account
A joint account means both people have complete access to all the money. If the relationship ends or trust breaks down, either person can withdraw everything. This is why joint accounts work best for married couples, long-term partners, or family members with a strong financial relationship.
Joint accounts also affect taxes and benefits in some cases. If you receive means-tested benefits — such as Supplemental Security Income or certain housing programs — having a joint account may change what you are may have access to to receive. If this applies to you, check with the program before opening a joint account.
Finally, consider whether you actually need a joint account or whether separate accounts with coordination would work just as well. Many people find that separate accounts give them more control and privacy while still allowing them to save together toward shared goals.
Frequently Asked Questions
Can I add someone to my existing Marcus account?
No. Marcus accounts are individual only, and you cannot add another person as a co-owner after the account is open. If you need a joint account, you would need to open one at a different bank.
What if I want to give someone else access to my Marcus account?
Marcus does not offer power of attorney or authorized user features on savings accounts. You can transfer money to someone else's account, but you cannot give them direct access to your account. If you need someone else to manage your account, you may need to use a different bank.
Can I open a Marcus account for my child?
No. Marcus requires account holders to be at least 18 years old. You cannot open a custodial account or a joint account with a minor. Some traditional banks offer accounts for minors, either as custodial accounts or joint accounts with a parent.
Do I have to pay a fee to close my Marcus account if I want to switch to a bank with joint accounts?
Marcus does not charge a fee to close a savings account. You can withdraw your money and close the account at any time without penalty. Keep in mind that if you close the account before interest is credited, you may lose some accrued interest depending on the timing.