Opening a Marcus savings account takes about 10 minutes online, and you can start with as little as $1

Marcus is an online savings account run by Goldman Sachs. You open it entirely through their website or mobile app — there are no branches to visit. You will need a Social Security number, a valid government ID, your current address, and a way to fund the account (a bank account or debit card). Once you submit your information, Marcus usually approves you within minutes, and you can begin depositing money the same day.

The account itself is free to open and has no monthly fees, no minimum balance requirement, and no penalty for closing it. The main reason people open Marcus accounts is the interest rate on savings, which changes based on market conditions but is typically higher than what traditional banks offer. You can move money in and out whenever you need it, though transfers to accounts outside Marcus take one to two business days.

Key Takeaways

  • You need a Social Security number, valid government ID, current address, and a linked bank account or debit card to open a Marcus account online.
  • The entire process takes about 10 minutes, and approval usually happens within minutes so you can deposit money the same day.
  • Marcus accounts have no monthly fees, no minimum balance, and no closing penalties, making them low-risk to try.
  • Money you transfer out to another bank takes one to two business days to arrive, so plan ahead if you need cash quickly.
  • Your deposits are insured up to $250,000 through FDIC insurance, the same protection that covers deposits at traditional banks.

What you need before you start

Gather these items before you begin the signup process. You will need your Social Security number, which Marcus uses to verify your identity and check your credit. You do not need a perfect credit score — Marcus does not turn people away based on credit — but they do run a soft inquiry that does not affect your credit rating.

You also need a valid government-issued ID: a driver's license, state ID card, or passport. Have your current address ready, and make sure it matches the address on your ID. If you have moved recently and your ID has not been updated, update it first or use your new address and be ready to explain the difference.

Finally, you need a way to fund the account. This can be a bank account (checking or savings) at another bank, or a debit card. You will provide the account or card number during signup so Marcus can verify it and pull your first deposit. You do not need to have a large amount ready — you can open the account with $1 and add more later.

The step-by-step signup process

Go to Marcus.com or open the Marcus mobile app. Click the button to open a new savings account. You will be asked for your email address and to create a password — use something you can remember but that is not straightforward to guess.

Next, enter your personal information: full name, date of birth, Social Security number, and current address. Marcus will ask whether you are a U.S. citizen and whether you have any other accounts with Goldman Sachs. Answer honestly — these questions are part of their verification process.

Then you will link a bank account or debit card. Enter the account or card number, and Marcus will make two small deposits (usually less than $1 each) into that account within one to two business days. Once those deposits arrive, you will log back into Marcus and confirm the amounts to verify you own the account. This step prevents fraud and ensures your money goes to the right place.

After verification, you can make your first deposit. You can transfer money from your linked bank account, or if you linked a debit card, you can deposit through that card. Transfers from a bank account usually take one to two business days. Debit card deposits may be faster, depending on your card issuer.

What happens after you open the account

Once your account is open and your first deposit arrives, you can start earning interest. Marcus calculates interest daily and deposits it into your account monthly. The interest rate changes periodically based on market conditions, so check Marcus's website to see the current rate.

You can add money to your account anytime by transferring from your linked bank account or debit card. You can also withdraw money, though transfers out to another bank take one to two business days. If you need cash when ready, you would have to withdraw from your linked bank account separately — Marcus does not issue debit cards or ATM access.

Your account is protected by FDIC insurance up to $250,000. This means if Marcus were to fail, the federal government would reimburse you for your deposits up to that limit. Most people never need to think about this, but it is a safety net that exists.

Moving money in and out of your Marcus account

Deposits are straightforward: log into your account, select "Transfer In," choose your linked bank account or debit card, enter the amount, and confirm. The money usually arrives within one to two business days. Some debit cards process faster, sometimes within hours.

Withdrawals work the same way in reverse. Select "Transfer Out," choose the bank account you want the money to go to, enter the amount, and confirm. Again, expect one to two business days. If you need cash sooner, you would withdraw from your linked bank account directly, outside of Marcus.

You can set up recurring transfers if you want to move money automatically on a schedule — for example, $100 every payday. This is useful if you are trying to build savings without thinking about it each time.

Reasons people choose Marcus over traditional banks

The main reason is the interest rate. Because Marcus operates entirely online with no physical branches, they have lower costs than traditional banks and pass some of those savings to customers through higher interest rates on savings accounts. If you keep money in a savings account for months or years, the difference in interest adds up.

The second reason is simplicity. There are no fees to worry about, no minimum balance to maintain, and no penalties for closing the account. You can open it, try it, and close it without any cost if it does not work for you.

The third reason is that it works well as a separate account for a specific goal. Many people use Marcus for an emergency fund or a down payment fund because the money is separate from their everyday checking account, making it less tempting to spend. The interest rate means your money grows a little while you save.

What to do if you run into problems during signup

If your identity verification fails, Marcus will tell you why. Common reasons include a mismatch between the name on your ID and the name you entered, or an address that does not match. Go back and check your entries carefully. If your address has changed recently, make sure you are using your current address, not the one on your ID.

If your bank account or debit card does not verify, it usually means the account number was entered incorrectly. Try again, and make sure you are copying the number exactly. If you keep having trouble, contact Marcus customer service through their website or app — they can help troubleshoot.

If you are denied for any reason, Marcus will explain it. You can contact them to ask questions, and you can always try again later if your situation changes.

Frequently Asked Questions

Can I open a Marcus account if I do not have a bank account yet?

You need a way to fund the account, so you need either a bank account or a debit card. If you have neither, you would need to open a checking account at a traditional bank first. Once you have that, you can link it to Marcus.

How long does it take to move money out of Marcus if I need it?

Transfers to another bank take one to two business days. If you need cash faster, you would withdraw from your linked bank account directly, outside of Marcus. Plan ahead if you know you will need the money on a specific date.

What is the interest rate on a Marcus savings account?

The rate changes based on market conditions and is updated periodically. Check Marcus.com to see the current rate. The rate applies to all balances in your account, and interest is calculated daily and paid monthly.

Is my money safe in a Marcus account?

Yes. Marcus is a bank, and your deposits are insured by the FDIC up to $250,000. This is the same protection that covers deposits at traditional banks. If Marcus were to fail, the federal government would reimburse you.

Can I have more than one Marcus savings account?

Yes. Some people open multiple accounts to organize money for different goals — one for emergencies, one for a vacation, one for a down payment. Each account earns interest separately, and you can manage them all through the same login.