What you need to open a Marcus account
Opening a Marcus savings account takes about 10 minutes and requires three things: a valid government ID, your Social Security number, and a funding source. You do this entirely online through the Marcus website — there are no branches to visit and no paperwork to mail.
Marcus is a direct bank owned by Goldman Sachs, which means it operates only online. You will not see a physical location or a teller. All account setup, deposits, and withdrawals happen through their website or mobile app. The account itself is a standard savings account with no monthly fees, no minimum balance requirement, and no deposit limits.
Before you start, have your ID ready. Marcus accepts a U.S. driver's license, passport, or state ID card. You will also need your Social Security number and the routing and account number of a bank account you own — this is how you will fund your new Marcus account and eventually move money out.
Key Takeaways
- The entire account opening process happens online and takes about 10 minutes from start to finish.
- You will need a valid government ID, your Social Security number, and access to an existing bank account to fund the new Marcus account.
- Marcus does not charge monthly fees, require a minimum opening deposit, or limit how much you can deposit.
- Your account becomes active when ready after approval, though transfers from other banks typically take one to three business days to arrive.
- Marcus is FDIC-insured up to $250,000, the same protection that covers accounts at traditional banks.
The step-by-step account opening process
Go to the Marcus website and click the button to open a new savings account. You will be asked to enter your email address and create a password. This password protects your account, so use something you have not used elsewhere and that you can remember.
Next, enter your full name, date of birth, and Social Security number. Marcus uses this information to verify your identity and check your credit history. This is a soft pull, meaning it does not affect your credit score. You will then be asked for your address and phone number.
Upload a photo of your ID. Take a clear picture of the front of your driver's license, passport, or state ID. The image must show your full name, date of birth, and the ID number. If the photo is blurry or cut off, Marcus will ask you to retake it.
Review the account terms and confirm that you are a U.S. resident and at least 18 years old. Then submit your process. Marcus usually approves accounts within minutes, though some applications take a few hours if additional verification is needed.
How to fund your new account
Once your account is approved, you will see your Marcus account number and routing number. To move money into your new account, you have two options: transfer from an existing bank account, or deposit by mail.
The fastest method is an electronic transfer from your current bank. Log into your existing bank's website or app, find the option to send money to another account (often called "external transfer" or "send money"), and enter your Marcus routing number and account number. Your bank will ask you to confirm the transfer. Money typically arrives within one to three business days.
If you prefer not to link your bank account, you can mail a check to Marcus. The mailing address appears in your account dashboard. Checks take one to two weeks to clear, so this method is slower than an electronic transfer.
You do not have to deposit money when ready. Your account is open and ready to use as soon as it is approved, even if it has a zero balance.
What happens after your account is open
Once money is in your account, it earns interest automatically. Marcus publishes its interest rate on the website, and the rate applies to all savings accounts regardless of balance. Interest is calculated daily and deposited monthly into your account.
You can withdraw money from your Marcus account at any time with no penalty. Transfers to your linked bank account take one to three business days. If you need cash, you can transfer to your bank account and then withdraw from an ATM there.
Marcus does not issue a debit card or ATM card. Your account is for saving and earning interest, not for everyday spending. If you need to move money out regularly, link your Marcus account to a checking account at another bank.
Why Marcus accounts are FDIC-insured
Your money in a Marcus account is protected by the Federal Deposit Insurance Corporation, or FDIC. This means that if Marcus were to fail, the FDIC would reimburse you up to $250,000 per account. This is the same protection that covers savings accounts at traditional banks with branches.
The FDIC insurance is automatic — you do not have to do anything to set up it. It covers the balance in your account as of the date of failure. If you have more than $250,000 in a single Marcus savings account, only $250,000 is insured, but the rest of your money is still held by Marcus and remains yours.
Moving money out of your Marcus account
To withdraw money, log into your account and select the option to transfer to your linked bank account. Enter the amount and confirm. The money will arrive in your linked account within one to three business days.
You can also request a check by mail. Go to your account settings, select "request a check," enter the amount, and provide a mailing address. Marcus will mail the check to you, which takes about one week.
There is no limit on how many withdrawals you can make or how much you can withdraw at once. Unlike some savings accounts, Marcus does not restrict the number of transfers per month.
What to do if your process is denied
Most applications are approved, but Marcus may deny yours if there is a problem with your identity verification, a mismatch between the information you provided and your ID, or a history of fraud or unpaid accounts at other banks. If your process is denied, Marcus will send you an explanation by email.
If your ID photo was unclear or your information did not match, you can reapply with corrected details. If the denial is based on your banking history, you may want to contact Marcus customer service to understand what triggered the decision. Some people are able to reapply after a period of time has passed.
Frequently Asked Questions
How long does it take to open a Marcus account?
The process itself takes about 10 minutes. Most accounts are approved within minutes of submission, though some take a few hours if Marcus needs to verify additional information. Once approved, your account is when ready open and ready to receive transfers.
Do I need a minimum deposit to open a Marcus account?
No. You can open an account with zero dollars and deposit money later. There is also no minimum balance requirement to keep the account open.
Can I have more than one Marcus savings account?
Yes. You can open multiple savings accounts under the same login. This is useful if you want to separate savings for different goals, since each account earns the same interest rate.
What if I forget my password?
Go to the Marcus login page and click "Forgot password?" Enter your email address, and Marcus will send you a link to reset it. Click the link and create a new password. You can then log in with the new password.
Can I close my Marcus account?
Yes. Log into your account, go to settings, and select the option to close the account. Marcus will ask you to confirm. If there is money in the account, you will need to transfer it out first or request a check before closing.