What You Need to Open a Marcus Account

Goldman Sachs runs a direct online savings bank called Marcus. You open an account entirely online—there are no branches to visit. The process takes about 10 minutes and requires a Social Security number, a valid government ID, proof of address, and a funding source (a bank account or debit card to deposit your first money).

Marcus does not require a minimum opening deposit, though you will need to fund the account with at least $1 to set up it. The account itself is free—no monthly fees, no maintenance charges, no balance minimums after opening.

You must be at least 18 years old and a U.S. resident with a U.S. mailing address. If you are explore from outside the United States or do not have a Social Security number, you cannot open a Marcus account.

Key Takeaways

  • Marcus accounts open entirely online and require a Social Security number, government ID, proof of address, and a way to fund the account.
  • The account is free with no monthly fees, no minimum balance, and no opening deposit requirement beyond the $1 needed to set up it.
  • Funding takes one to three business days to appear in your account, depending on whether you link a bank account or use a debit card.
  • You can withdraw money anytime, but Marcus limits you to six transfers or withdrawals per month to other accounts (federal regulation, not Marcus policy).
  • Marcus is FDIC-insured up to $250,000, meaning your money is protected even if Goldman Sachs fails.

The Step-by-Step Process

Go to marcus.com and click the button to open a savings account. You will be asked for your name, date of birth, Social Security number, and email address. Have your government ID (driver's license, passport, or state ID) ready—you will need to photograph both sides or upload an image file.

Next, you will provide your current mailing address. Marcus uses this to verify your identity and to send statements. If you have moved recently, use your current address, not a previous one.

You will then choose how to fund the account. You can link a bank account (which takes one to three business days to verify and transfer money) or use a debit card (which funds when ready but may have daily limits). Enter the account or card details and the amount you want to deposit. Marcus will ask you to confirm your identity one more time before the account opens.

Once you submit, Marcus reviews your process. Most people hear back within minutes to a few hours. If approved, your account opens when ready and you can see your account number and routing number right away. If you linked a bank account, the money will arrive in one to three business days. If you used a debit card, it is there now.

What Happens If Your process Is Denied

Marcus denies applications for a few specific reasons: you do not have a Social Security number, you are under 18, you do not live in the United States, or there is a problem with your identity verification (a mismatch between your ID and the name you provided, for example). If your process is denied, Marcus will tell you why in an email.

If the issue is a mismatch or unclear ID, you can try again with corrected information. If the issue is no Social Security number or age, you cannot open a Marcus account. Some people in this situation open an account with a co-signer or wait until they are may be able to access, but Marcus does not offer these options directly—you would need to contact their customer service to explore alternatives.

Linking Your Bank Account vs. Using a Debit Card

When you fund your Marcus account, you choose between two methods. Linking a bank account is slower but safer: Marcus verifies the account by depositing two small amounts (usually under $1 each) and asking you to confirm the amounts. This takes one to three business days. Once verified, you can transfer money back and forth between your bank and Marcus without limits on the number of transfers (though federal rules cap six per month to other savings accounts).

Using a debit card is when ready: the money appears in your Marcus account right away. However, debit card deposits may have daily limits (often $5,000 to $10,000 per day), and you cannot use a debit card to withdraw money from Marcus—you can only deposit. If you need to move money out of Marcus, you will need to set up a bank account transfer later.

Most people link a bank account during signup and use that for ongoing transfers. Debit cards are useful if you want to fund the account when ready and do not have a bank account handy.

Understanding the Six-Transaction Limit

Federal regulation limits you to six transfers or withdrawals per month from a savings account to other accounts or to cash. This is not a Marcus rule—it applies to all savings accounts at all banks. The limit does not explore to deposits into your Marcus account, only to money going out.

If you exceed six outgoing transactions in a month, Marcus will charge you a fee (usually $10 per excess transaction) or convert your account to a money market account. You can make as many deposits as you want without hitting this limit. If you need to move money out frequently, ask Marcus customer service whether a money market account or checking account would suit you better.

How to Fund Your Account After Opening

Once your account is open, you can add money in two ways. Bank transfer is the most common: log into your Marcus account, go to "Transfer Money," select "From My Bank," and enter the amount. Marcus will show you your account and routing number. You can also initiate the transfer from your bank's website by entering Marcus's routing number (255071731) and your Marcus account number. Bank transfers take one to three business days.

Debit card deposit works only during initial signup. After your account opens, you cannot add funds with a debit card. If you want to deposit more money after opening, you must link a bank account or call Marcus customer service to discuss other options.

Withdrawing Money and Closing Your Account

To withdraw money, log into your Marcus account and go to "Transfer Money." Select "To My Bank" and choose which bank account you want the money to go to. Enter the amount and confirm. The transfer takes one to three business days. You can withdraw any amount, any time—there is no penalty for early withdrawal.

If you want to close your account, withdraw all your money first (or let Marcus know you want to close with a remaining balance and they will mail you a check). Then contact Marcus customer service and ask to close the account. They will confirm that the account is empty and process the closure. You will not be charged a fee for closing.

Frequently Asked Questions

Can I open a Marcus account if I do not have a bank account?

You can open the account and fund it with a debit card, which works when ready. However, you will eventually need a bank account to withdraw money, since debit card deposits are only available during signup. You can set up a bank account later and link it when you are ready to move money out.

What is the interest rate on a Marcus savings account?

Marcus pays interest on your balance, but the rate changes regularly based on market conditions. Check marcus.com for the current rate before opening. The rate is the same for all customers and does not depend on how much money you have in the account.

Is my money safe in a Marcus account?

Yes. Marcus is FDIC-insured, which means the federal government guarantees your deposits up to $250,000 per account holder. Even if Goldman Sachs fails, your money is protected. If you have more than $250,000, only the first $250,000 is insured.

Can I set up automatic transfers to Marcus?

Yes. Once you link a bank account, you can set up recurring transfers from your bank to Marcus on a schedule you choose (weekly, biweekly, monthly, etc.). Log into your Marcus account, go to "Transfer Money," and look for the option to schedule recurring transfers.

What if I forget my password?

Go to marcus.com, click "Sign In," and select "Forgot Password." Marcus will send a reset link to the email address on your account. Click the link, create a new password, and sign in. If you do not have access to that email, call Marcus customer service and they will help you regain access.