Marcus offers savings accounts and CDs, not checking accounts
Marcus by Goldman Sachs does not have a checking account product. The bank offers high-yield savings accounts and certificates of deposit (CDs), but no checking account with a debit card, check-writing capability, or the transaction features you would use for everyday spending.
If you need a checking account, you would have to open one elsewhere — either at another online bank, a traditional bank, or a credit union. Many people who use Marcus for savings keep a checking account at a different institution for bills and daily expenses.
Marcus does allow you to transfer money between your Marcus savings account and external bank accounts, so you can move funds to a checking account when you need them. The transfer typically takes one to two business days.
Key Takeaways
- Marcus offers only savings accounts and CDs, with no checking account option available.
- You can transfer money from Marcus to a checking account at another bank in one to two business days.
- If you want both savings and checking in one place, you would need to use a different bank or open accounts at two separate institutions.
- Marcus savings accounts have no monthly fees and no minimum balance requirement, which is why some people use them alongside a checking account elsewhere.
Why Marcus does not offer checking accounts
Marcus is a savings-focused bank. Its business model centers on high-yield savings accounts and CDs — products where customers deposit money and earn interest over time. Checking accounts require different infrastructure: debit cards, check processing, overdraft handling, and fraud monitoring for frequent transactions.
Goldman Sachs, which owns Marcus, built the bank to compete on savings rates rather than to be a full-service bank. That focus allows Marcus to keep costs low and pass higher interest rates to savers. Adding checking accounts would require investment in payment processing and customer support that does not fit that strategy.
How to move money from Marcus to a checking account
You can link your Marcus savings account to a checking account at another bank and transfer money between them. To set this up, you provide your checking account number and routing number to Marcus through the mobile app or website.
Once linked, you can initiate an outbound transfer from Marcus to your checking account. The transfer is free and typically takes one to two business days. You can also receive incoming transfers to Marcus from a checking account at another bank using the same linked account setup.
Marcus does not charge fees for transfers, and there is no limit on how many transfers you can make per month. This means you can move money as often as you need without penalty.
Alternatives if you need both savings and checking
If you want a high-yield savings account and a checking account in one place, several online banks offer both. Banks like Ally, Charles Schwab, and Discover each have checking accounts paired with savings products, though the savings rates may differ from what Marcus offers.
Another option is to keep your Marcus savings account and open a checking account at a separate institution — a traditional bank, credit union, or online bank. This approach lets you take advantage of Marcus's savings rates while using a checking account elsewhere for spending and bill pay.
Some people choose this split approach intentionally: they use Marcus for savings because the rates are competitive, and they use a checking account at a bank with better checking features (like no overdraft fees or cash deposit options) for daily banking.
What you can do with a Marcus account instead
While Marcus does not offer checking, you can use a savings account for more than just storing money. You can set up automatic transfers from your checking account at another bank into Marcus on a regular schedule — weekly, biweekly, or monthly — to build savings without thinking about it.
Marcus also offers CDs with terms ranging from three months to five years. A CD locks your money away for a set period in exchange for a fixed interest rate, which is useful if you have money you will not need for a while and want a may provide return.
Both products are FDIC-insured up to $250,000, meaning your money is protected if the bank fails. You can have multiple savings accounts at Marcus (each insured separately up to $250,000) if you want to organize money for different goals.
How Marcus compares to full-service banks
Marcus is not designed to replace your primary bank — it is designed to be a place where your savings earn more interest than they would at a traditional bank. A traditional bank typically offers checking, savings, and sometimes investment products all in one place, but the savings rates are usually much lower than Marcus offers.
The trade-off is convenience versus rate. With Marcus, you get a higher savings rate but have to manage accounts at two institutions. With a traditional bank, everything is in one place, but your savings earn less.
If you rarely write checks and do most of your spending with a debit card, the split-account approach works well. If you need to deposit cash or write checks regularly, you may prefer a bank that offers both checking and savings.
Frequently Asked Questions
Can I use my Marcus account like a checking account?
No. Marcus accounts do not come with a debit card or check-writing capability. You can only move money in and out through transfers to and from other banks, or by withdrawing cash at an ATM if you have linked an external account.
How long does it take to transfer money from Marcus to my checking account?
Transfers from Marcus to a linked checking account at another bank typically take one to two business days. Transfers initiated on a weekend or holiday may take longer because they process on the next business day.
Can I deposit checks into Marcus?
No. Marcus does not accept check deposits. You would need to deposit checks into a checking account at another bank and then transfer the funds to Marcus once they clear.
What happens if I need my money quickly?
You can initiate a transfer from Marcus to a linked checking account at any time, and the money will arrive in one to two business days. If you need cash when ready, you would need to withdraw from your checking account at another bank or visit an ATM.
Is there a minimum balance to keep a Marcus savings account open?
No. Marcus has no minimum balance requirement. You can open an account with any amount and keep it open with a zero balance if you choose, though you will not earn interest on zero dollars.