Marcus is not closing its savings account product

Marcus by Goldman Sachs continues to offer high-yield savings accounts. The company has not announced a shutdown of the savings account product itself. However, Marcus has made changes to which customers can open new accounts, and it has closed some related products — so the confusion is understandable.

In 2024, Marcus stopped accepting new savings account customers in certain states and closed its personal loan product entirely. If you already have a Marcus savings account, you can keep it open and continue to use it. The changes affect whether new people can start accounts, not whether existing accounts remain active.

Key Takeaways

  • Marcus savings accounts remain open for existing customers and new customers in most states, though some states have restrictions.
  • Marcus closed its personal loan product in 2024, which may be why you heard the company was "closing" something.
  • If you have a Marcus savings account now, you can keep it open and withdraw money whenever you need to.
  • Marcus stopped accepting new customers in a small number of states due to regulatory or business reasons specific to those states.

What Marcus actually closed in 2024

Marcus shut down its personal loan program in March 2024. This was a separate product from the savings account — it was an unsecured loan you could borrow money against. The company decided to stop offering new personal loans and began closing existing loan accounts over time, paying out the remaining balance to borrowers.

The savings account product was not part of this closure. Marcus also offers certificates of deposit (CDs), which remain available. If you were looking for a Marcus personal loan and found the program gone, that is what you encountered — not a savings account closure.

Which states can no longer open new Marcus accounts

Marcus restricted new account openings in a small number of states. The exact list has changed as the company adjusted its operations, but historically this has included states like New York, Connecticut, and a few others. The restrictions are usually tied to state banking regulations or business decisions about where the company wants to operate.

If you live in a state where Marcus is not accepting new customers, you cannot open a new savings account with them right now. If you already have an account in that state, you keep it. You can check Marcus's website or contact their customer service to confirm whether your state currently accepts new accounts.

What happens to your money if you have an existing account

Your savings account at Marcus remains active and insured by the Federal Deposit Insurance Corporation (FDIC) up to $250,000 per account category. You can deposit money, withdraw money, and earn interest on your balance at the current rate Marcus offers. The company has not announced any plan to force customers to close accounts or move their money.

If Marcus were to shut down entirely — which is not happening — the FDIC would protect your deposits. But that scenario is not on the table. Marcus is a subsidiary of Goldman Sachs, a major financial institution, and the savings account business remains part of the company's operations.

Why Marcus made these changes

Banks and fintech companies regularly adjust which products they offer and where they operate. Marcus's decision to close personal loans likely reflected lower demand or profitability for that product compared to the savings account business, which has been more successful. The state-level restrictions on new accounts usually come from regulatory requirements or the company's decision to focus resources in certain markets.

These kinds of changes are normal in banking. They do not signal that the company is in trouble or that savings accounts are going away. They signal that the company is managing its product line and geographic footprint.

How to check if Marcus is still right for you

If you have a Marcus savings account, the interest rate it pays changes over time as market conditions shift. Marcus has historically offered rates above the national average, but you should check the current rate on their website to see if it still meets your needs. Compare it to other high-yield savings accounts if you want to know how it stacks up.

If you want to open a new Marcus account and live in a state where they are not accepting customers, you will need to use a different bank. Many other banks offer high-yield savings accounts with competitive rates. Your existing Marcus account, if you have one, is not affected by state restrictions on new accounts.

Frequently Asked Questions

Can I still withdraw money from my Marcus savings account?

Yes. Your account remains fully functional. You can withdraw money at any time without penalty. Marcus savings accounts have no withdrawal limits, though transfers to external accounts typically take one to two business days.

Will Marcus force me to close my account?

No. Marcus has not announced any plan to force existing customers to close accounts. If that were to happen, the company would notify you well in advance and give you time to move your money.

Why can't I open a new Marcus account in my state?

Marcus restricts new account openings in certain states due to regulatory requirements or business decisions. The specific reasons vary by state. Contact Marcus customer service to confirm whether your state is currently accepting new accounts.

Is my money safe in a Marcus savings account?

Yes. Marcus is FDIC-insured up to $250,000 per account category. Your deposits are protected by federal insurance, the same protection that covers accounts at any other bank.

What should I do if I have questions about my account?

Contact Marcus customer service directly through their website or phone number. They can answer questions about your specific account, current interest rates, and whether any changes affect you personally.