Goldman Sachs offers savings accounts through its Marcus brand, not through traditional Goldman Sachs branches

Goldman Sachs does not operate consumer savings accounts under its own name. Instead, the bank offers savings products through Marcus by Goldman Sachs, a digital-only banking platform. You cannot walk into a Goldman Sachs office and open a savings account there. Marcus accounts exist entirely online—you open them through the website or mobile app, fund them by transfer from another bank, and manage them without ever speaking to someone in person unless you choose to call customer service.

Marcus currently offers a high-yield savings account and money market accounts. The savings account has no monthly fees, no minimum balance requirement, and no maximum deposit limit. The interest rate changes with the market, so the rate you see today may differ from the rate next month. You can withdraw money at any time, though federal rules limit you to six transfers or withdrawals per month from savings accounts (this limit applies to all banks, not just Marcus).

Key Takeaways

  • Marcus by Goldman Sachs is an online-only bank, so you open an account through the website or app, not at a physical location.
  • You need a valid government ID, Social Security number, and a bank account at another institution to fund your Marcus account.
  • The account opening process takes about 10 minutes and requires you to verify your identity through the app or website.
  • Your first deposit must come from a bank account in your name at another U.S. bank; you cannot fund Marcus with cash or a check.
  • Once open, you can transfer money in and out of Marcus using ACH transfers, which typically take one to three business days.

What you need before you start

Gather these items before you begin: a valid government-issued photo ID (driver's license, passport, or state ID), your Social Security number, and the routing and account number of a bank account you own at another U.S. bank. Marcus will not let you fund an account with money from someone else's bank account, even if they give you permission. If you do not have another bank account yet, you will need to open one first—Marcus cannot be your only bank.

You also need a working email address and a phone number where you can receive text messages. Marcus uses these to verify your identity and send you account alerts. Have your ID and Social Security number ready when you sit down to open the account; the process moves faster if you do not have to stop and find them.

The step-by-step account opening process

Go to marcus.com or read the Marcus app from the Apple App Store or Google Play Store. Tap "Open an Account" or the equivalent button on the website. Enter your email address and create a password. Marcus will send a verification code to your email; enter it to confirm the address is real.

Next, enter your full name, date of birth, and Social Security number. Marcus runs a background check using this information to verify you are who you say you are. This check is when ready in most cases. Then enter your phone number and confirm you can receive text messages there. Marcus will text you a code to verify the number.

Upload a photo of your government ID using your phone's camera or a file from your device. The photo must be clear enough that the ID number and your face are both readable. If the photo is blurry or cut off, Marcus will ask you to retake it. Once the ID is accepted, you are nearly done.

Enter your address and confirm it matches your ID. Then link your bank account at another institution by entering its routing number and account number. You can find both on a check, in your online banking portal, or by calling your bank. Marcus will verify the account is real by depositing two small amounts (usually less than $1 each) into it within one to two business days. Once those deposits appear, you log back into Marcus and confirm the amounts to prove you own the account.

How long the process takes from start to finish

The initial setup—entering your information, uploading your ID, and linking your bank account—takes about 10 minutes. However, you cannot make your first deposit until Marcus verifies your linked bank account, which takes one to two business days. During this waiting period, your Marcus account exists but is empty and cannot receive transfers.

Once the verification deposits arrive at your other bank, you log back into Marcus, confirm the amounts, and your account is fully active. From that point forward, you can transfer money in and out using ACH transfers, which take one to three business days depending on your other bank. If you are in a hurry to move money, this delay matters—you cannot fund Marcus when ready.

Making your first deposit and ongoing transfers

After your linked bank account is verified, you can transfer money from that account into Marcus. Log into your Marcus account, go to the Transfers section, and select "Transfer In." Enter the amount and choose the date you want the transfer to happen. Marcus will initiate an ACH transfer to pull the money from your other bank. The transfer typically arrives within one to three business days.

You can also transfer money out of Marcus back to your linked bank account using the same process. There is no fee for transfers in either direction. However, federal regulations limit you to six transfers or withdrawals per month from a savings account. This means you can move money out up to six times in a calendar month; the seventh transfer will be declined. Money market accounts have different rules—check your account type to see which limit applies to you.

What happens if verification fails

If Marcus cannot verify your identity during the initial setup, you will see an error message explaining why. Common reasons include a mismatch between the name on your ID and the name you entered, an invalid Social Security number, or a problem with the photo of your ID. If this happens, you can try again with corrected information, or you can call Marcus customer service at 1-833-466-2759 to troubleshoot.

If your linked bank account verification fails—meaning the two small deposits do not arrive or you cannot confirm the amounts—contact your other bank to make sure the account is active and can receive ACH transfers. Some banks block incoming transfers from new sources as a security measure. Once you clear that up, you can try linking the account again in Marcus.

Frequently Asked Questions

Can I open a Marcus account if I do not have a Social Security number?

No. Marcus requires a Social Security number to verify your identity and comply with federal banking regulations. If you have an Individual Taxpayer Identification Number (ITIN) instead, Marcus does not currently accept it. You would need to contact Marcus directly to ask about other options.

What if I want to close my Marcus account later?

You can close your account anytime by logging in and requesting closure, or by calling customer service. Transfer any remaining balance out to your linked bank account first. Once the account is closed, you cannot reopen it under the same email address for 30 days.

Does Marcus report my account to credit bureaus?

Marcus reports savings account activity to credit bureaus, but a savings account does not affect your credit score the way a loan or credit card does. The account shows up on your credit report as a deposit account in good standing, which is neutral or slightly positive for your credit profile.

Can I set up automatic transfers into Marcus?

Yes. Once your linked bank account is verified, you can schedule recurring transfers from your other bank into Marcus on a weekly, biweekly, or monthly basis. Set this up in the Transfers section of your Marcus account.

What if I want to add a second person to my Marcus account?

Marcus savings accounts are individual accounts only. You cannot add a joint owner or authorized user. If you want a shared savings account, you would need to open a separate account at a different bank that offers joint accounts.