Goldman Sachs does not offer traditional checking accounts to most people

Goldman Sachs is an investment bank and wealth management firm, not a retail bank. They do not offer the kind of checking account you would use for everyday spending — the type where you deposit your paycheck, write checks, and use a debit card at the grocery store. If you are looking for a basic checking account to manage your money, you need to look elsewhere.

Goldman Sachs does offer a savings product called Marcus, which is an online savings account with no monthly fees. Marcus is real and available to most people, but it is a savings account, not a checking account. The difference matters: a savings account is for money you keep set aside, while a checking account is for money you spend regularly.

Goldman Sachs also manages wealth for very high-net-worth clients — people with millions of dollars — through their private banking division. If you have that level of assets, you would work with a relationship manager who could discuss specialized accounts. For everyone else, this is not an option.

Key Takeaways

  • Goldman Sachs is an investment bank, not a retail bank, so they do not offer checking accounts for everyday use.
  • Marcus by Goldman Sachs offers online savings accounts with no monthly fees, but savings accounts work differently than checking accounts.
  • Goldman Sachs' private banking services are only available to clients with very large amounts of money to invest.
  • For a checking account, you will need to use a traditional bank, credit union, or online bank that specializes in retail banking.

What Marcus offers instead of checking

Marcus is Goldman Sachs' direct banking brand, and it exists to compete with other online banks for people who want to save money without paying monthly fees. A Marcus savings account lets you deposit money, earn interest on your balance, and withdraw when you need it. There is no minimum balance requirement and no monthly maintenance fee.

A savings account is not the same as a checking account. You cannot use a savings account to pay bills by check or set up automatic payments the way you do with checking. You can transfer money out of savings to a checking account at another bank, but that takes a day or two. Savings accounts are designed to hold money you are not spending right now, not money you use for regular expenses.

If you want to use Marcus, you would typically open a savings account there and keep a checking account at another bank for your daily spending. Some people do this on purpose — they keep their paycheck in checking and move extra money to savings so they are not tempted to spend it.

Where to open a checking account instead

You have three main types of banks to choose from: traditional banks with physical branches, credit unions, and online-only banks. Each has different costs and features.

Traditional banks like Chase, Bank of America, and Wells Fargo have branches in most cities. You can walk in to deposit cash or talk to someone in person. Many charge monthly fees unless you keep a minimum balance or set up direct deposit. Some offer student or senior accounts with lower fees.

Credit unions are member-owned, not-for-profit organizations. They often charge lower fees than traditional banks and may offer better interest rates on savings. You have to be a member to use them, which usually means living or working in a certain area or belonging to a certain group. If you may have access to, credit unions can be a good option.

Online banks like Ally, Charles Schwab, and Discover have no physical branches, which lets them keep fees low. Most have no monthly fees and no minimum balance. The tradeoff is that you cannot deposit cash in person — you deposit by transfer or mobile check deposit. If you rarely use cash, online banks are often the cheapest option.

Why Goldman Sachs stays out of checking accounts

Checking accounts are expensive for banks to run. They require branches or ATM networks, customer service staff, and systems to process checks and debit card transactions. The profit margin on a basic checking account is very small, especially if the customer does not have much money in the account.

Goldman Sachs decided long ago that they did not want to be a retail bank. They make money from investment banking, trading, and managing money for wealthy clients. When they created Marcus, they chose savings accounts because those are simpler to run and attract customers who might eventually become wealth management clients.

This is not unusual. Many investment banks and brokerage firms do not offer checking accounts. They focus on what they do best and leave retail banking to banks that specialize in it.

How to choose between checking account options

Start by thinking about how you use money. Do you need to deposit cash regularly? If yes, you probably need a bank with branches or ATMs, or an online bank that lets you deposit cash at partner locations. Do you travel a lot? Look for a bank with a large ATM network or one that refunds ATM fees. Do you want to talk to someone in person? Choose a traditional bank with branches nearby.

Next, compare fees. Look for a bank with no monthly maintenance fee, no minimum balance requirement, and no overdraft fees (or at least a clear overdraft policy). Some banks charge for things like wire transfers or paper statements, so read the fee schedule.

Finally, check the interest rate on the linked savings account, if you plan to keep one. Online banks usually pay higher interest on savings than traditional banks, which can add up over time.

Frequently Asked Questions

Can I use Marcus as my main checking account?

No. Marcus only offers savings accounts, not checking accounts. You cannot write checks or use a debit card from a Marcus account. You would need a checking account at another bank for everyday spending.

Does Goldman Sachs have any account for daily spending?

Not for most people. Goldman Sachs offers wealth management and investment services, but not retail checking accounts. If you have millions of dollars, their private banking team might offer specialized accounts, but this is not available to the general public.

Is Marcus a safe place to keep my money?

Marcus is a legitimate bank owned by Goldman Sachs and insured by the FDIC, which means deposits up to $250,000 are protected by the federal government. It is as safe as any other bank for holding savings.

What is the difference between Marcus and a checking account?

Marcus is a savings account designed to hold money you are not spending right now. A checking account is for money you use regularly — you can write checks, use a debit card, and set up automatic bill payments. Most people use both: checking for spending, savings for money set aside.

If I open a Marcus account, do I also need a checking account elsewhere?

Yes, if you want to use a checking account for bills and everyday expenses. You would open checking at a traditional bank, credit union, or online bank, and use Marcus as a separate savings account. You can transfer money between them as needed.