Goldman Sachs does not offer a traditional checking account
Goldman Sachs, the investment bank, does not have a checking account product. You may have heard about Marcus by Goldman Sachs, which is the bank's consumer division — but Marcus offers savings accounts and personal loans, not checking accounts with debit cards or check-writing.
If you are looking for a checking account and came across Goldman Sachs in your search, you likely want either a mainstream bank checking account or you are thinking of a different financial product. This guide explains what Marcus actually offers and points you toward checking accounts that work for people new to banking.
Key Takeaways
- Marcus by Goldman Sachs offers high-yield savings accounts and personal loans, but does not offer checking accounts.
- You can open a Marcus savings account online with a Social Security number, government ID, and a small deposit, usually within minutes.
- If you need a checking account, you will want to look at banks like Chime, Capital One 360, or a local credit union instead.
- Marcus savings accounts work best paired with a checking account at another bank, since you cannot write checks or use a debit card from Marcus.
What Marcus by Goldman Sachs actually is
Marcus is an online bank owned by Goldman Sachs. It specializes in two products: a savings account that pays interest, and personal loans. The savings account has no monthly fees, no minimum balance requirement, and no limit on how many times you can withdraw money per month — rules that differ from traditional savings accounts at brick-and-mortar banks.
The account is designed to hold money you are saving, not money you spend regularly. You cannot write checks from a Marcus account, you do not get a debit card, and there is no way to pay bills directly from the account. You transfer money out to a checking account at another bank when you need to spend it.
How to open a Marcus savings account if that is what you need
If you want to open a Marcus savings account (not a checking account), the process takes about 10 minutes online. Go to marcus.com, click "Open an Account," and choose "Savings Account." You will need a valid government-issued ID, your Social Security number, and a way to fund the account — either a bank transfer or a debit card.
Marcus will ask for your name, address, date of birth, and employment information. They verify your identity using the information you provide and check your banking history through ChexSystems, a database that tracks how you have managed bank accounts in the past. If you have never had a bank account, this check will straightforward show no history, which is not a problem.
The minimum opening deposit is $0 — you can open the account and fund it later. However, you will not earn interest until money is in the account. Once your account is open, you can transfer money in from another bank account or deposit funds using a debit card.
Why you need a checking account elsewhere
A Marcus savings account works best when paired with a checking account at another bank. Here is the typical flow: you get paid into your checking account, move money to Marcus savings when you want to set it aside, and transfer it back to checking when you need to spend it.
If you do not yet have a checking account, you need to open one first. Banks that work well for people new to banking include Chime (which has no monthly fees and no minimum balance), Capital One 360, Ally Bank, or a local credit union. These offer debit cards, check-writing, and bill pay — the things you use a checking account for every day.
How Marcus savings accounts work once they are open
Once your account is funded, your money earns interest. The interest rate changes over time based on what the Federal Reserve does with interest rates, so check marcus.com for the current rate. Interest is added to your account monthly.
You can transfer money out of Marcus to another bank account you own at any time. Transfers to an external bank account usually take one to two business days. You can also transfer money between a Marcus savings account and a Marcus personal loan account when ready if you have both.
There are no withdrawal limits, no monthly fees, and no minimum balance. You can close the account at any time by transferring the money out and requesting closure.
If you want a checking account with a debit card
If your goal is to open a checking account — something you can use to pay bills, write checks, and use a debit card — you will not find that at Marcus. Instead, look at these options:
- Chime: An online bank with no monthly fees, no minimum balance, and a debit card that arrives in the mail. You can also get early direct deposit, meaning your paycheck hits your account up to two days early.
- Capital One 360: An online checking account with no monthly fees, no minimum balance, and access to a network of ATMs.
- Local credit unions: Credit unions are member-owned banks that often have lower fees and more flexible rules for people new to banking. Find one near you at co-opsharedbranch.org.
- Traditional banks: Banks like Chase, Bank of America, and Wells Fargo offer checking accounts, though many charge monthly fees unless you keep a minimum balance or set up direct deposit.
Frequently Asked Questions
Can I use a Marcus account to pay my bills?
Not directly. Marcus does not offer bill pay or a way to send money to companies. You would need to transfer money from Marcus to a checking account at another bank, then pay your bills from there. This makes Marcus better for saving than for everyday spending.
Does Marcus report to credit bureaus?
Marcus savings accounts do not appear on your credit report because they are not a credit product — you are not borrowing money. If you take out a Marcus personal loan, that does appear on your credit report and can help build credit history if you make payments on time.
What if I have bad credit or no credit history?
Marcus does not require good credit to open a savings account. They check ChexSystems (a banking history database) but not your credit score. A savings account at Marcus can be a good first step if you are new to banking or rebuilding after past problems.
Can I get a debit card from Marcus?
No. Marcus does not issue debit cards. You can only access your money by transferring it to another bank account or by withdrawing it at an ATM if you link an external checking account. For everyday spending, you need a checking account elsewhere.
Is Marcus safe?
Yes. Marcus is a bank chartered by the federal government and insured by the FDIC, which means deposits up to $250,000 are protected if the bank fails. Your money is as safe at Marcus as it is at any other FDIC-insured bank.