You can close a Marcus savings account online, by phone, or by mail — the fastest way is online through your account dashboard

Closing a Marcus savings account takes a few minutes and does not require a reason. You can start the process from your computer or phone by logging into your Marcus account, going to your account settings, and selecting the option to close. If you prefer to speak with someone, you can call Marcus customer service at 1-888-1MARCUS (1-888-162-7287). You can also close by mail, though this takes longer.

Before you close, make sure your account balance is zero or move any remaining money to another bank account. Marcus will not close an account that still holds funds. You should also check that no pending transfers or automatic payments are scheduled, since these can delay the closure.

Key Takeaways

  • Your Marcus account balance must be zero before closure — transfer or withdraw any remaining money first.
  • The online method through your account dashboard is fastest, usually completing within one business day.
  • Phone closure at 1-888-1MARCUS (1-888-162-7287) works if you cannot access your account or prefer speaking to a representative.
  • After closure, keep your final statement for your records, especially if you had interest earned that year.
  • Closing does not affect your credit score, since savings accounts do not appear on credit reports.

Closing your account online through the Marcus website or app

Log into your Marcus account on the website or mobile app using your username and password. Navigate to your account settings — this is usually found in a menu labeled "Settings," "Account," or represented by a gear icon. Look for an option that says "Close Account" or "Account Closure."

Marcus will show you your current balance and ask you to confirm that it is zero. If your balance is not zero, you must transfer the money out first. You can transfer to another bank account you own by setting up an external transfer, or you can withdraw the money to a debit card or check. Once your balance shows zero, complete the closure request. Marcus typically confirms closure within one business day, and you will receive an email confirmation.

Closing by phone with Marcus customer service

Call 1-888-1MARCUS (1-888-162-7287) during business hours. A representative will verify your identity by asking for information like your Social Security number, date of birth, and account details. Have your account number ready to speed up the process.

Tell the representative you want to close your account. They will confirm your balance is zero and ask if you want to transfer any remaining funds before closure. If you have money in the account, the representative can help you arrange a transfer or withdrawal. Once everything is settled, they will process the closure and send you a confirmation email.

Closing by mail

Write a letter to Marcus requesting account closure. Include your full name, account number, and the current balance in your account. Mail it to Marcus's address — you can find the current mailing address by logging into your account, calling customer service, or checking the Marcus website.

Before you mail the letter, make sure your account balance is zero. Mail closure takes longer than online or phone methods, usually two to three weeks. Keep a copy of your letter for your records. Once Marcus receives and processes your request, you will receive a confirmation email or letter.

What happens to your money before you close

You must move all money out of your Marcus account before closure. You have two main options: transfer to another bank account or withdraw the money. To transfer, log into your Marcus account and set up an external transfer to a checking or savings account at another bank. This usually takes one to three business days. To withdraw, you can request a check mailed to you, though this takes longer than a transfer.

If you have earned interest on your account, that interest will be included in your final balance. Marcus will report any interest earned to the IRS on a Form 1099-INT if the amount meets the reporting threshold. You will receive a copy for your tax records.

What to do with your final statement and tax documents

After your account closes, Marcus will send you a final statement showing your account activity through the closure date. Keep this statement with your financial records for at least three to seven years, depending on your tax situation. If you earned interest during the year, you will receive a Form 1099-INT by January 31 of the following year — this is required for your tax return.

If you closed your account partway through the year, you may have earned interest on the balance you held. Report this interest on your tax return even if the amount is small. If you have questions about the interest or your final statement, contact Marcus customer service before discarding any documents.

Reasons people close Marcus accounts and what to consider instead

People close Marcus accounts for different reasons: moving to a bank with physical branches, switching to a different online bank, or straightforward no longer needing a savings account. Before you close, think about whether you might want to keep the account open. There is no monthly fee, so keeping it costs nothing, and you can leave it inactive if you are not using it right now.

If you are closing because you want a different interest rate or features, compare other banks first. Marcus rates change over time, and other banks may offer similar or lower rates. If you are closing because you need a physical branch, consider keeping a small balance in Marcus while opening an account at a bank with locations near you. You do not have to choose one or the other.

Frequently Asked Questions

Will closing my Marcus account hurt my credit score?

No. Savings accounts do not appear on your credit report, so closing one does not affect your credit score. Only credit accounts like credit cards, loans, and lines of credit show up on your credit history. You can close your Marcus account without any impact on your credit.

What if I have a pending transfer when I try to close?

Wait for the transfer to complete before closing. If you try to close while a transfer is in progress, Marcus will ask you to wait or cancel the transfer first. Check your account for any scheduled transfers or automatic payments, and let them finish or cancel them before you start the closure process.

Can I reopen my Marcus account after I close it?

You can open a new Marcus account at any time, but you cannot reopen the exact same account. If you close and then change your mind, you will need to open a fresh account with a new account number. There is no penalty for opening a new account, but you will start with a zero balance.

How long does it take for my account to fully close?

Online closure usually completes within one business day. Phone closure is when ready, though the confirmation email may take a few hours. Mail closure takes two to three weeks from the time Marcus receives your letter. After closure is confirmed, you will no longer be able to log into that account.

What if I forgot my password and cannot log in to close online?

Use the "Forgot Password" option on the Marcus login page to reset it, or call customer service at 1-888-1MARCUS (1-888-162-7287) to close by phone instead. You can also close by mail if you prefer not to reset your password. The phone and mail methods do not require you to log in.