Goldman Sachs offers savings accounts through its Marcus brand, a digital-only bank with no branches
Goldman Sachs does not take retail savings deposits directly. Instead, it operates Marcus by Goldman Sachs, an online bank where you can open a savings account entirely through your computer or phone. There are no physical locations to visit, no minimum balance requirement, and no monthly fees. You will need a Social Security number, a valid government ID, proof of address, and a way to fund the account — either a bank transfer or a wire transfer from another bank.
The account opens in minutes once you submit your information online. Funds you deposit are insured by the Federal Deposit Insurance Corporation (FDIC) up to $250,000, the same protection you get at any bank. Marcus also offers money market accounts and certificates of deposit (CDs) if you want to explore other savings products after you open your first account.
Key Takeaways
- Marcus by Goldman Sachs is an online-only bank, so you open an account through its website or mobile app without visiting a branch.
- You will need a Social Security number, valid government ID, proof of address, and a linked bank account to fund your deposit.
- The account has no minimum balance, no monthly fees, and FDIC insurance covers your deposits up to $250,000.
- After you open your account, you can transfer money in and out using bank transfers, which usually take one to three business days.
What you need before you start
Gather these documents and information before you begin the online signup process. You will need your Social Security number (or Individual Taxpayer Identification Number if you do not have a Social Security number), a valid government-issued ID such as a driver's license or passport, and proof of your current address — a recent utility bill, lease, or bank statement dated within the last 60 days works. You will also need access to a bank account at another institution so you can link it to fund your Marcus account.
If you do not have a government ID yet, you will need to get one before opening the account. Marcus cannot verify your identity without it. If you are unsure whether your address document qualifies, the Marcus website lists what it accepts during signup.
The signup process, step by step
Go to the Marcus website or read the Marcus mobile app on your phone. Tap "Open an Account" or the equivalent button on the homepage. You will be asked to enter your email address and create a password — use one you have not used elsewhere, and write it down somewhere safe.
Next, enter your personal information: full name, date of birth, Social Security number, and current address. Marcus will ask you to verify your identity by uploading a photo of your government ID and a photo of your address document. Take clear photos in good lighting so the text is readable. This usually takes a few minutes to verify, though sometimes it takes up to 24 hours.
Once your identity is verified, you will link a bank account to fund your Marcus savings account. You can do this by entering your routing number and account number from your existing bank, or by connecting through your bank's website directly if Marcus offers that option. You will then make a small test deposit — usually $0.01 — which Marcus uses to confirm the account is real. Check your linked bank account for the charge, and enter the amount into Marcus to confirm you control that account.
After confirmation, you can transfer money into your Marcus account. Your first transfer may take one to three business days to arrive. Once the money is in your Marcus account, it is available to use, and you can set up additional transfers whenever you want.
Linking your existing bank account
Marcus needs to connect to at least one other bank account so you can move money in and out. This is called linking an account. You provide your routing number and account number from your existing bank — the same numbers you would use to set up direct deposit at an employer.
If you are not sure where to find these numbers, log into your existing bank's website or app and look for "Account Details" or "Routing Information." You can also call your bank's customer service line and ask for your routing number and account number. Write them down before you start the Marcus signup.
Once you link the account, Marcus will send two small deposits (usually a few cents each) to your existing bank account. Your existing bank will show these deposits in your account within a few days. Marcus will then ask you to enter the exact amounts of those two deposits to prove you control the account. This is a security step to prevent fraud. After you confirm the amounts, the link is complete and you can transfer money freely between the two accounts.
Moving money into your Marcus account
After your account is open and linked, you can transfer money from your existing bank into Marcus. Log into your Marcus account, find the "Transfer" or "Move Money" section, and choose "Transfer In." Select the linked bank account you want to transfer from, enter the amount, and confirm. The money usually arrives within one to three business days.
You can also receive transfers from other people if they have your account number and routing number — Marcus will provide both once your account is open. Some employers allow you to split your paycheck between accounts, so you could have part of your salary deposited directly into Marcus if you want.
If you need to move money out of Marcus back to your linked bank account, the process is the same: log in, select "Transfer Out," choose your linked account, enter the amount, and confirm. Again, it usually takes one to three business days.
What happens after your account opens
Once your account is active, you will receive a confirmation email with your account number and routing number. Save this email or write down these numbers — you will need them if you want to set up direct deposit or receive transfers from other people. Marcus does not issue a debit card, so you cannot swipe or withdraw cash at an ATM. You can only move money through transfers to and from your linked bank account.
Your savings account earns interest on the balance you keep in it. The interest rate changes over time based on market conditions, so check the Marcus website to see the current rate. Interest is added to your account monthly, and you can watch it grow in your account dashboard.
If you have questions after your account opens, Marcus offers customer support through its website and mobile app. You can also call the customer service number provided in your welcome email.
Frequently Asked Questions
Do I need a minimum balance to open a Marcus account?
No. Marcus has no minimum balance requirement. You can open an account and leave it empty, or deposit any amount you want. You only earn interest on the money you actually have in the account.
Can I use a Marcus account if I do not have a Social Security number?
You can use an Individual Taxpayer Identification Number (ITIN) instead. During signup, you will have the option to enter an ITIN if you do not have a Social Security number. You will still need a valid government ID and proof of address.
What if my identity verification is rejected?
If your ID photo or address document is unclear or does not meet Marcus's requirements, you will receive an email explaining why. You can resubmit clearer photos. If you continue to have trouble, contact Marcus customer support — they can sometimes verify you through other means.
Can I withdraw cash from a Marcus savings account?
No. Marcus does not offer debit cards or ATM access. You can only move money by transferring it to your linked bank account, which usually takes one to three business days. If you need cash, transfer the money to your linked bank first, then withdraw from that bank's ATM.
Is my money safe in a Marcus account?
Yes. Marcus is a bank chartered and regulated by the U.S. government, and deposits are insured by the FDIC up to $250,000. This means if Marcus fails, your money is protected. Your account is also encrypted and password-protected.