Marcus is shutting down its savings account product, but your money is safe and you have time to move it

Goldman Sachs announced in September 2024 that it will close Marcus savings accounts on March 31, 2025. This means you will no longer be able to hold money in a Marcus savings account after that date. Your deposits are insured by the FDIC up to $250,000, so the money itself is not at risk — but you need to move it to another bank before the important date or Marcus will transfer it to you by check.

This is not a sudden collapse or a sign that your account has been compromised. Goldman Sachs is exiting the consumer banking business to focus on its institutional and investment operations. Marcus savings accounts will stop accepting new deposits when ready, and existing account holders have until the end of March 2025 to withdraw their funds or transfer them elsewhere.

Key Takeaways

  • Marcus savings accounts close on March 31, 2025, and you must move your money before that date or receive it by check.
  • Your deposits are FDIC-insured up to $250,000, so your money is protected and will not be lost.
  • You can transfer funds to another bank account electronically, or Marcus will mail you a check if you do not initiate a transfer.
  • Marcus will stop paying interest on savings accounts when ready, so moving your money to another high-yield savings account may preserve your earnings.
  • Any outstanding Marcus personal loans or credit cards are not affected by the savings account closure.

The timeline for moving your money

You have until March 31, 2025, to move your funds. Marcus will not automatically close your account on that date — instead, any remaining balance will be mailed to you as a check. This process can take several weeks, so you will lose access to your money during that time and will not earn interest while waiting for the check to arrive.

The sooner you move your money, the sooner you can deposit it into a new account and resume earning interest. If you wait until late March, you risk the check arriving after you need the money, or the check getting lost in the mail. Moving your funds now gives you control over where your money goes and when.

How to transfer your savings to another bank

Log into your Marcus account and look for the transfer or withdrawal option. Most banks allow you to initiate an electronic transfer to another account you own at a different institution. You will need the routing number and account number of the bank where you want to move your money. This transfer typically takes three to five business days.

If you do not have another bank account yet, you can open one at any FDIC-insured bank or credit union. Online banks like Ally, Discover, or American Express Bank often offer savings accounts with interest rates similar to or higher than Marcus was paying. You can open an account online in minutes and receive your transfer within a few business days.

If you prefer not to transfer electronically, you can withdraw your money as a check from Marcus and deposit it at your new bank. This takes longer than an electronic transfer and you will not earn interest while the check is in transit.

What happens to Marcus personal loans and credit cards

The closure affects only Marcus savings accounts. If you have a Marcus personal loan or a Marcus credit card, those products are not being discontinued. You will continue to make payments on any outstanding loans or card balances as usual, and the terms of your account will not change.

Your Marcus loan or credit card account will remain open and active. You do not need to do anything with these products unless you choose to pay off the balance early or close the account yourself.

Interest rates and account activity before the closure

Marcus will stop paying interest on savings accounts as of the announcement date. This means any money sitting in your Marcus savings account is no longer earning the rate you may have signed up for. This is another reason to move your funds promptly — you can open a savings account elsewhere and resume earning interest when ready.

You can still withdraw money from your Marcus savings account and make transfers out at any time before March 31, 2025. There are no penalties for early withdrawal or closing your account. Marcus will not charge you a fee to transfer your money out.

FDIC insurance and account protection

Your deposits in a Marcus savings account are insured by the Federal Deposit Insurance Corporation (FDIC) up to $250,000 per account holder per bank. This insurance covers your balance in full as long as it does not exceed $250,000. If you have more than $250,000 in Marcus savings, the amount over $250,000 is not insured, though this applies only to a small number of account holders.

FDIC insurance remains in effect through the closure date. Your money is protected whether you transfer it yourself or receive it by check from Marcus. The insurance does not disappear because the account is closing.

What to do if you miss the important date

If you do not transfer your money or withdraw it before March 31, 2025, Marcus will mail you a check for your remaining balance. The check will be sent to the address on file in your account. Checks can take one to two weeks to arrive, and if the check is lost or damaged in the mail, you will need to contact Marcus to request a replacement.

To avoid this delay, update your mailing address in your Marcus account now if you have moved recently. If you receive a check and want to deposit it quickly, you can use mobile check deposit through your new bank's app, which typically clears within one to three business days.

Frequently Asked Questions

Will my money be safe if I leave it in Marcus until the important date?

Yes. Your deposits are FDIC-insured and protected through March 31, 2025. However, you will not earn interest after the announcement, so you are losing money by waiting. Moving your funds to another savings account lets you resume earning interest when ready.

Can I open a new Marcus savings account right now?

No. Marcus stopped accepting new savings account openings when the closure was announced. Existing account holders can keep their accounts open until the important date, but new customers cannot open savings accounts.

What if I have more than $250,000 in my Marcus savings account?

The amount up to $250,000 is FDIC-insured. Any balance above $250,000 is not insured by the FDIC. You should move the full balance to another bank, and if you have more than $250,000, consider splitting it across multiple banks or accounts to may support full FDIC coverage.

Do I need to close my Marcus account myself, or will it close automatically?

Your account will close automatically on March 31, 2025. You do not need to submit a formal closure request. If you transfer all your money out before that date, your account will have a zero balance when it closes.

Where should I move my money if I want to keep earning high interest?

Online banks and credit unions often offer savings accounts with competitive interest rates. Compare current rates at banks like Ally, Discover, American Express Bank, or your local credit union. Rates change frequently, so check the current rate before you transfer.