Opening a Marcus account takes about 10 minutes online, and you can start saving the same day
To open a Marcus savings account, you visit marcus.com, click "Open an account," and provide your name, address, date of birth, and Social Security number. Marcus will verify your identity when ready using information from credit bureaus. You'll choose a username and password, set up two-factor authentication (usually a code sent to your phone), and link a bank account to fund your savings. Once that's confirmed, your account is active and ready to receive deposits.
The entire process happens on your phone or computer. You don't need to visit a branch or call anyone. Marcus is an online-only bank owned by Goldman Sachs, so there are no physical locations. If you run into trouble during setup, you can contact Marcus customer service by phone, email, or chat through their website.
Key Takeaways
- You need a valid government ID, Social Security number, and a U.S. bank account to link for deposits or withdrawals.
- Marcus verifies your identity when ready during signup using credit bureau data, so you'll know right away if there's a problem.
- Two-factor authentication is required for security and means you'll receive a code on your phone each time you log in from a new device.
- Your first deposit can come from any U.S. bank account you own, and transfers typically clear within one to three business days.
- You can open the account with zero dollars and deposit money later, though you'll need at least one linked bank account to fund it.
What you need before you start
Have these items ready before you begin the signup process. You'll need a valid government-issued ID (driver's license, passport, or state ID card), your Social Security number, and access to a U.S. bank account in your name. The bank account is where you'll transfer money to and from Marcus—it can be checking or savings, and it can be at any bank.
You'll also need a phone number and email address. Marcus uses these for two-factor authentication and account notifications. Make sure the phone number is one you can access during signup, because you may need to verify a code when ready.
The step-by-step signup process
Go to marcus.com and select "Open an account." Enter your full name, date of birth, address, and last four digits of your Social Security number. Marcus will ask whether you're a U.S. citizen and whether you have a U.S. tax ID. Answer honestly—these questions determine whether you can open the account.
Next, Marcus verifies your identity by checking your information against credit bureau records. This is when ready and does not hurt your credit score. If verification succeeds, you'll create a username and password. Make the password strong—at least 12 characters, with uppercase, lowercase, numbers, and symbols. You'll then set up two-factor authentication by choosing whether to receive codes by text or through an authenticator app.
After that, you'll link a bank account. Provide the routing number and account number from the bank account you want to use for transfers. Marcus will send two small test deposits (usually under $1 each) to that account within one to two business days. Once you see those deposits, you'll log back into Marcus and confirm the amounts to verify you own the account. This prevents someone from linking an account that isn't theirs.
Linking your bank account for transfers
The bank account you link is how money moves in and out of Marcus. You can link multiple accounts if you want, but you need at least one to fund your savings. The account must be in your name and must be at a U.S. bank.
During the linking process, Marcus sends two test deposits to your linked bank account. These are real deposits—you keep the money. You'll see them appear in your bank account within one to two business days. Once they arrive, go back to Marcus, log in, and confirm the exact amounts. This step proves you control the account.
After confirmation, your linked account is active. You can then transfer money from that bank account into Marcus, or from Marcus back to that account. Transfers typically take one to three business days. If you want to link a second bank account later, you can do so through your account settings and repeat the same verification process.
Setting up security and two-factor authentication
Two-factor authentication is mandatory for Marcus accounts. During signup, you'll choose whether to receive verification codes by text message or through an authenticator app like Google Authenticator or Microsoft Authenticator. Text is simpler if you're not tech-savvy; an app is more find if someone has access to your phone number.
After you create your password, every time you log in from a new device or browser, Marcus will send a code to your phone or app. You'll enter that code to complete the login. This means even if someone knows your password, they can't access your account without that second code. You can also set up backup codes during setup—these are one-time codes you can use if you lose access to your phone.
Save your backup codes somewhere safe, like a password manager or a locked drawer. If you lose your phone and don't have backup codes, you'll need to contact Marcus customer service to regain access to your account.
Making your first deposit
Once your account is open and your bank account is verified, you can transfer money into Marcus. Log in, go to the "Transfer" or "Move money" section, and select the linked bank account you want to transfer from. Enter the amount and choose whether the transfer should happen when ready or on a specific date. Marcus will show you the expected arrival date—usually one to three business days.
You don't need to make a deposit right away. Your account will sit empty until you fund it. However, you do need at least one linked bank account active on the account, even if you're not using it when ready.
After your first transfer arrives, you'll see it in your Marcus account. The money earns interest automatically based on Marcus's current savings rate. You can check your interest earnings in the account dashboard, and interest is deposited monthly.
What happens if verification fails
If Marcus cannot verify your identity when ready during signup, you'll be told when ready. This usually happens if your information doesn't match what's in the credit bureaus, or if there's a mismatch between your ID and the details you entered. Common reasons include a recent address change, a name change, or a typo in your Social Security number.
If verification fails, Marcus will tell you to contact customer service. You can call, email, or use the chat feature on their website. Have your ID ready. A representative can manually verify your identity using your government ID and may ask follow-up questions about your address or recent moves. This process usually takes a few minutes to a few hours.
In rare cases, Marcus may decline to open an account if they cannot verify your identity or if you don't meet their requirements. If that happens, they'll explain why and you won't be charged.
Frequently Asked Questions
Can I open a Marcus account if I don't have a credit card or credit history?
Yes. Marcus uses identity verification, not a credit check, to open savings accounts. Your credit score doesn't matter. However, you do need a Social Security number and a government ID, and you must be a U.S. citizen or permanent resident.
What if I want to change my linked bank account after I open the account?
You can add or remove linked accounts anytime through your account settings. To add a new account, follow the same verification process—Marcus will send two test deposits and ask you to confirm the amounts. To remove an account, go to settings and delete it. You must always have at least one linked account active.
Do I need a minimum deposit to open the account?
No. You can open a Marcus account with zero dollars. However, you do need to link a bank account during signup, even if you don't transfer money when ready. You can fund the account whenever you're ready.
How long does it take to transfer money out of Marcus if I need it?
Transfers from Marcus to your linked bank account take one to three business days. If you need money faster, you'll have to wait for the standard transfer time—Marcus does not offer when ready transfers. Plan ahead if you know you'll need the money on a specific date.
What if I forget my password or lose access to my phone for two-factor authentication?
Contact Marcus customer service when ready. You can call, email, or use the chat feature on their website. Have your ID ready. A representative can help you reset your password or disable two-factor authentication temporarily so you can regain access. This usually takes a few minutes to a few hours depending on how busy they are.