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, certificates of deposit (CDs), and money market accounts—all designed to hold money and earn interest. If you need a checking account with a debit card and the ability to write checks, you will need to open one elsewhere.
This is a deliberate choice by Marcus. The bank operates as an online-only savings bank, meaning it focuses on deposit products rather than the full range of services a traditional bank provides. There is no checking product in development, and Marcus has not announced plans to add one.
Key Takeaways
- Marcus offers savings accounts, money market accounts, and CDs—but no checking account with a debit card or check-writing ability.
- If you need checking services, you must open an account at a different bank while keeping your Marcus savings account open.
- You can transfer money between Marcus and an external checking account at another bank, though transfers take one to three business days.
- Some people use Marcus for savings and a separate bank for checking and everyday spending.
What Marcus accounts actually do
A Marcus savings account holds money and pays interest. You can deposit funds, watch the balance grow, and withdraw when you need it. There is no monthly fee, and no minimum balance requirement. The interest rate changes based on market conditions, but Marcus historically offers rates higher than most traditional banks.
A Marcus CD locks your money away for a set period—three months, six months, one year, three years, or five years. In exchange, the bank pays a fixed interest rate. You cannot withdraw the money early without paying a penalty. CDs are useful if you know you will not need the money for a specific length of time and want a may provide return.
None of these accounts come with a debit card, checks, or the ability to pay bills directly from the account. You cannot set up automatic bill payments or direct deposit into a Marcus account.
How to use Marcus without a checking account
Most people who use Marcus keep a checking account at another bank. You transfer money from Marcus to your checking account when you need to spend it. This takes one to three business days, so it works best if you plan ahead rather than needing cash when ready.
You can transfer money out of Marcus to any external bank account you own. The transfer is free and happens through the ACH system (the same network that handles direct deposits and bill payments). You initiate the transfer through the Marcus website or app, and the money arrives at your other bank within the stated timeframe.
Some people use this setup intentionally—they keep most of their money in Marcus earning interest, and transfer smaller amounts to their checking account as needed. This creates a small friction that can discourage unnecessary spending.
Banks that do offer checking accounts
If you need a checking account, you have many options. Traditional banks like Chase, Bank of America, and Wells Fargo offer checking accounts with debit cards, check-writing, and bill pay. Most charge monthly fees unless you meet balance or direct deposit requirements.
Online banks like Ally, Charles Schwab, and Discover also offer checking accounts with no monthly fees and no minimum balance. These work similarly to Marcus in that they operate online-only, but they include checking features that Marcus does not.
Credit unions often offer checking accounts with low or no fees, though you must be a member. Membership requirements vary by credit union.
You can open a checking account at any of these institutions while keeping your Marcus savings account open. There is no rule against having accounts at multiple banks.
Direct deposit and automatic payments with Marcus
Marcus does not accept direct deposits. Your employer cannot send your paycheck directly to a Marcus account. You will need to have your paycheck deposited into a checking account at another bank, then transfer money to Marcus if you want to save it.
Marcus also does not allow you to set up automatic bill payments from your account. You cannot schedule recurring payments for utilities, rent, insurance, or subscriptions. If you want to pay bills automatically, you need a checking account elsewhere.
Moving money between Marcus and other banks
Transferring money out of Marcus is straightforward. Log into your Marcus account online or through the app, go to the transfer section, and enter the details of the external bank account you want to send money to. You will need the account number and routing number of the receiving bank.
The first transfer to a new external account may take longer—sometimes up to five business days—while Marcus verifies the account is yours. After that, transfers to the same account usually take one to three business days.
You can also transfer money into Marcus from another bank account you own. This works the same way and takes the same amount of time. There are no limits on how many transfers you can make or how much you can move.
Why Marcus does not offer checking
Marcus operates under a specific business model: it is a savings bank focused on deposit products. Offering checking accounts would require the bank to build and maintain a debit card network, process checks, handle fraud disputes on debit transactions, and provide customer service for everyday banking problems. That infrastructure costs money and complexity.
By staying focused on savings products, Marcus keeps costs low and passes higher interest rates to customers. The trade-off is that you cannot do everything at Marcus—you need another bank for checking and spending.
Frequently Asked Questions
Can I get a debit card from Marcus?
No. Marcus does not issue debit cards. You cannot make purchases or withdraw cash using a Marcus account. You need a checking account at another bank for a debit card.
Can I set up direct deposit to Marcus?
No. Marcus does not accept direct deposits. Your employer must deposit your paycheck into a checking account at a different bank. You can then transfer money from that account to Marcus if you want to save it.
What if I need to access my money quickly?
You can withdraw money from Marcus, but it takes one to three business days to reach your other bank account. If you need cash when ready, keep some money in a checking account instead. Marcus works best for money you do not need right away.
Can I have both a Marcus account and a checking account at the same time?
Yes. Many people do this. You can keep a savings account at Marcus and a checking account at another bank. There is no rule against having accounts at multiple institutions.
Does Marcus charge fees for transfers?
No. Transfers between Marcus and external accounts are free. There are no limits on how many transfers you can make per month.