Marcus does not offer checking accounts anymore

Marcus by Goldman Sachs stopped offering checking accounts in 2022. If you had a Marcus checking account before that date, your account was closed and your money was returned to you. The company now focuses only on savings products — mainly high-yield savings accounts and certificates of deposit (CDs).

This was a significant shift for Marcus. When the checking product launched in 2018, it was one of the few no-fee checking accounts offered by a major bank. But after a few years, Goldman Sachs decided to narrow its consumer banking focus and discontinued the product.

If you're looking for a no-fee checking account now, you'll need to look elsewhere. Several other online banks and traditional banks still offer checking with no monthly fees and no minimum balance requirements.

Key Takeaways

  • Marcus stopped offering checking accounts in 2022 and now offers only savings accounts and CDs.
  • If you had a Marcus checking account, it was closed and your funds were returned to you by the bank.
  • You can still open a Marcus savings account or CD if you want to save money with them, but not a checking account.
  • Other online banks like Ally, Charles Schwab, and Discover still offer no-fee checking accounts if you need one.

What happened to existing Marcus checking accounts

When Marcus announced the discontinuation in 2022, the company gave customers time to move their money. Account holders received notice and were given a important date to transfer their funds or let the bank close the account and send the balance to them.

If you didn't act by the important date, Marcus closed your account and mailed a check to the address on file. The bank did not convert checking accounts to savings accounts automatically — you had to take action yourself or receive your money back.

If you believe you had funds in a closed Marcus checking account and never received them, you can contact Marcus customer service or check your mail records from 2022. Unclaimed funds may also be held by your state's unclaimed property program.

What Marcus offers instead of checking

Marcus currently offers two main products: a high-yield savings account and certificates of deposit (CDs). Both are savings products, not checking accounts.

A high-yield savings account works like a regular savings account but pays interest on your balance. You can deposit money, earn interest, and withdraw it when you need it. There's no monthly fee and no minimum balance required to open one.

A CD is a savings product where you agree to leave your money untouched for a set period — usually three months to five years. In return, the bank pays you a fixed interest rate, which is often higher than what a savings account offers. You can't withdraw the money early without paying a penalty.

Why Marcus discontinued checking accounts

Goldman Sachs has a long history as an investment bank serving wealthy clients and large institutions. Consumer banking — serving regular people with checking and savings accounts — was a newer direction for the company.

When Marcus launched in 2016, it was an experiment in direct consumer banking. The checking account was part of that experiment. But after several years, Goldman Sachs decided that consumer banking wasn't central to its business strategy and shifted focus back to what it does best.

The company kept the savings products because they fit better with its overall direction. Savings accounts and CDs are simpler to manage and don't require the same infrastructure that checking accounts do — like debit cards, payment processing, and fraud prevention systems.

Where to find no-fee checking accounts now

If you need a checking account with no monthly fees, several online banks and some traditional banks still offer them. Online banks like Ally, Charles Schwab, Discover, and LendingClub all have no-fee checking with no minimum balance. Traditional banks like Ally and some credit unions also offer similar products.

When comparing checking accounts, look at what matters to you: whether the bank reimburses ATM fees, whether you can deposit checks by phone camera, whether there's a debit card, and what the interest rate is on your balance (some checking accounts pay a small amount of interest).

You can also ask your current bank whether they offer a no-fee checking option. Many traditional banks have added these products in recent years to compete with online banks.

Should you still use Marcus for savings

Marcus remains a solid choice if you want to save money and earn interest. The high-yield savings account has no monthly fees, no minimum balance, and no penalties for withdrawals. You can move money in and out whenever you need it.

The main reason to choose Marcus over another savings bank is the interest rate it offers. Interest rates change frequently and vary between banks, so compare Marcus's current rate with other online banks before opening an account. A difference of even 0.5% per year adds up if you're saving a large amount.

Marcus is owned by Goldman Sachs, which is a large, established financial institution. Your deposits are insured by the FDIC up to $250,000, the same as at any other bank. This means your money is protected even if something goes wrong with the bank.

Frequently Asked Questions

Can I still access my old Marcus checking account online?

No. If your account was closed in 2022, you can no longer log in. Your funds were either transferred by you or sent to you by check. If you need to verify what happened to your account, contact Marcus customer service with your old account number.

Will Marcus bring back checking accounts in the future?

There's no indication that Marcus plans to offer checking accounts again. The company has publicly stated it is focused on savings products. If this changes, it would likely be announced on the Marcus website.

Is my money safe if I open a Marcus savings account now?

Yes. Marcus is a bank chartered and regulated by the Office of the Comptroller of the Currency. Your deposits are insured by the FDIC up to $250,000, which means your money is protected even if the bank fails.

What's the difference between a Marcus savings account and a CD?

A savings account lets you withdraw money anytime without penalty. A CD locks your money away for a set period and pays a higher interest rate, but you pay a penalty if you withdraw early. Choose a savings account if you might need the money soon, and a CD if you're saving for a specific date.

Do I need a checking account to open a Marcus savings account?

No. You can open a Marcus savings account with just your Social Security number, address, and a way to fund the account — usually a bank transfer from another bank or a wire transfer. You don't need an existing checking account anywhere.