Marcus does not have a checking account product

Marcus by Goldman Sachs is an online bank that focuses on savings and lending products. As of 2026, Marcus does not offer a checking account with a debit card, monthly statements, or check-writing capability. If you are looking for a place to keep money for everyday spending and bill payments, you will need to use a different bank.

Marcus specializes in high-yield savings accounts and personal loans. The bank has built its reputation around offering savings rates that are higher than what you would find at most traditional banks. But this narrow focus means Marcus is not set up to be your primary banking account for daily transactions.

Key Takeaways

  • Marcus offers only savings accounts and personal loans, not checking accounts or debit cards.
  • A high-yield savings account at Marcus works best as a secondary account where you keep money you are not spending right away.
  • If you need checking, bill pay, and a debit card, you will need to open an account at a different bank.
  • Many people use Marcus for savings while keeping a checking account elsewhere for daily expenses.

What Marcus accounts are actually available

Marcus offers a high-yield savings account, which is a savings account where the bank pays you interest on the money you deposit. The interest rate changes based on what the Federal Reserve does with interest rates, so the rate you earn today may be different next month. You can move money in and out of a Marcus savings account, but there is no debit card attached to it.

Marcus also offers personal loans, which are loans you borrow for almost any reason — paying off credit card debt, home repairs, medical bills, or other expenses. These are separate from savings accounts. You borrow a lump sum, agree to pay it back over a set period with interest, and make monthly payments.

Some Marcus accounts come with a savings tool called Savings Pods, which lets you set aside money for specific goals within your account. This is a way to organize your savings mentally, but it does not change how the account works or what you can do with the money.

Why Marcus does not offer checking

Marcus was created by Goldman Sachs to serve people who want higher interest rates on savings. The bank operates entirely online with no physical branches. Checking accounts require more infrastructure — they need to process checks, handle disputes, manage fraud, and support customer service for daily banking problems. Marcus decided to stay focused on what it does well: savings and lending.

This business model keeps Marcus's costs lower, which is why they can offer higher interest rates on savings. If Marcus added checking accounts, they would have to raise prices or lower savings rates to cover the extra expense. By staying specialized, Marcus passes the savings on to customers who use them for what they offer.

How to use Marcus alongside another bank

Most people who use Marcus keep a checking account somewhere else. You might have a checking account at a traditional bank, a credit union, or another online bank. You use that account for everyday spending, paying bills, and getting a paycheck deposited. Then you move extra money to Marcus to earn a higher interest rate.

Moving money between Marcus and another bank is straightforward. You can set up an external transfer, which means telling Marcus the account number and routing number of your other bank. Money usually moves within one to three business days. Some people set up automatic transfers — for example, moving a fixed amount to Marcus every payday so they save without thinking about it.

This setup works well if you have a clear split between money you need soon (in your checking account) and money you are saving for later (in Marcus). The checking account gives you the tools you need for daily life, and Marcus gives you a better return on the money you do not need right away.

Online banks that do offer checking

If you want both checking and savings in one place, other online banks offer both products. Ally Bank, Charles Schwab Bank, and Discover Bank all offer checking accounts with no monthly fees and no minimum balance requirements. These banks also offer savings accounts, though the savings rates may be lower than what Marcus offers.

The trade-off is that these banks charge less for checking because they do not pay as much interest on savings. If you want the highest savings rate, you might still choose Marcus for savings and use one of these banks for checking. There is no rule that says you have to keep all your money in one place.

What to do if you need a checking account right now

If you do not yet have a checking account, start with a bank that offers both checking and savings. You can choose a traditional bank with branches near you, a credit union if you are a member of one, or an online bank. Once you have a checking account set up and you understand how it works, you can open a Marcus savings account later if you want to earn more interest on money you are saving.

If you already have a Marcus account and now need checking, you do not have to close Marcus. You can keep the savings account open and open a checking account at another bank. There is no penalty for having accounts at multiple banks, and it is a common way to manage money.

Frequently Asked Questions

Can I use Marcus for my paycheck?

Yes, you can have your paycheck deposited directly into your Marcus savings account. However, you will not be able to write checks or use a debit card from that account. If you need to spend that money regularly, you would need to transfer it to a checking account elsewhere.

Does Marcus charge fees for transfers?

Marcus does not charge fees for moving money between your Marcus account and another bank account. Transfers usually take one to three business days. There is no limit on how many transfers you can make.

What happens if I need to pay a bill and only have a Marcus account?

You can transfer money from Marcus to a checking account at another bank, then pay the bill from there. This takes a few days, so it does not work for bills due today. For regular bills, keeping a checking account elsewhere is the simpler approach.

Is Marcus a real bank?

Yes, Marcus is owned by Goldman Sachs, a major financial company. Your deposits at Marcus are insured by the FDIC up to $250,000, the same protection you get at any other bank. FDIC insurance means if the bank fails, the government guarantees your money is safe.

Can I get a debit card from Marcus?

No, Marcus does not issue debit cards. The bank only offers savings accounts and personal loans. If you need a debit card, you will need a checking account at a different bank.