Goldman Sachs offers a savings account, but it is not a traditional bank
Goldman Sachs does not operate a savings account in the way most people think of one. The company runs Marcus by Goldman Sachs, an online-only savings product with no physical branches, no debit card, and no checking account. You can deposit money and earn interest, but you cannot withdraw cash at a teller window or use it for everyday spending. If you are looking for a place to park money and watch it grow, Marcus works. If you need a full banking relationship, it does not.
Marcus is a real savings account backed by the Federal Deposit Insurance Corporation (FDIC), which means your money up to $250,000 is protected if the bank fails. The account has no monthly fees, no minimum balance requirement, and no restrictions on how many times you withdraw per month. The main trade-off is speed: transfers to and from Marcus take one to three business days, so it is not a place to keep money you need when ready.
Key Takeaways
- Marcus by Goldman Sachs is an online-only savings account with FDIC protection up to $250,000, no monthly fees, and no minimum balance.
- Interest rates on Marcus savings accounts change frequently and are set by the bank, so the rate you see today may be lower in six months.
- Transfers into and out of Marcus take one to three business days, making it unsuitable for money you need to access quickly.
- Marcus does not offer checking, debit cards, or in-person banking, so you will need a separate account at another bank for daily spending.
- Other online banks and credit unions sometimes offer higher interest rates or more features, so comparing options before opening is worth your time.
How interest rates work at Marcus
Marcus sets its own interest rate and changes it without notice. The rate you earn depends on the Federal Reserve's actions and how much competition Marcus faces from other banks. When the Fed raises rates, Marcus usually raises its rate within weeks. When the Fed cuts rates, Marcus cuts its rate shortly after. You do not control the rate, and you cannot lock it in for a set period.
The rate Marcus advertises is the Annual Percentage Yield (APY), which includes the effect of compounding. Interest is added to your account monthly. If you have $10,000 in the account and Marcus offers 4.50% APY, you earn roughly $450 per year, paid in monthly chunks. The actual amount varies slightly depending on the exact number of days in each month.
Check the current rate on Marcus's website before you open an account, because rates change and other banks may offer more. A difference of 0.50% APY sounds small but adds up: on $10,000, it is $50 per year. On $100,000, it is $500 per year.
When Marcus makes sense as a savings account
Marcus works well if you have money you do not need for three to six months and want a safe place to store it while earning interest. Examples include an emergency fund, money saved for a down payment, or a bonus you plan to use later. The account is straightforward: you deposit, you watch it grow, you withdraw when you are ready.
Marcus also works if you want to keep your savings separate from your checking account. Some people open a Marcus account specifically to avoid the temptation to spend the money. Because transfers take a few days, you have time to reconsider before the money leaves your account.
The lack of fees and minimum balance means there is no penalty for opening an account and leaving it dormant. If you change your mind in three months, you can close it with no cost.
When Marcus is not the right choice
Do not use Marcus if you need to access your money within a few days. Transfers out take one to three business days, and if you need cash when ready, you will have to wait. If you are building an emergency fund, keep at least one month of expenses in a checking account at a traditional bank so you can get cash the same day.
Marcus is also not suitable if you want a full banking relationship. You cannot pay bills directly from Marcus, you cannot set up automatic transfers to pay a credit card, and you cannot deposit checks by phone or app. You will need a checking account elsewhere for those tasks.
If you are comparing savings accounts, check whether other banks offer higher rates. Online banks like Ally, American Express Personal Savings, and some credit unions sometimes offer rates equal to or higher than Marcus. The difference may be small, but it is worth five minutes of research.
How to open a Marcus account and what to expect
Opening a Marcus account takes about ten minutes online. You provide your name, address, Social Security number, and employment information. Marcus verifies your identity and runs a soft credit check, which does not affect your credit score. You can fund the account by transferring money from another bank account you own.
The first transfer into Marcus takes one to three business days. Once the account is open and funded, you can transfer money in or out whenever you want. There is no limit on the number of transfers per month, though Marcus reserves the right to close your account if you make an unusual number of transfers in a short period.
You receive a monthly statement by email showing interest earned, deposits, and withdrawals. You can also log into the Marcus app or website anytime to check your balance.
Comparing Marcus to other savings options
| Feature | Marcus | Traditional Bank | Credit Union |
|---|---|---|---|
| Monthly fees | None | Often $5–$15 | Often none |
| Minimum balance | None | Often $500–$2,500 | Often $25–$100 |
| Interest rate | Varies; currently competitive | Usually 0.01%–0.05% | Varies; sometimes higher than Marcus |
| Transfer speed | 1–3 business days | Same-day or next-day | Same-day or next-day |
| In-person access | None | Yes | Yes |
| FDIC/NCUA insured | FDIC up to $250,000 | FDIC up to $250,000 | NCUA up to $250,000 |
If you want faster access to your money, a traditional bank or credit union savings account is better. You sacrifice interest rate, but you gain the ability to withdraw cash the same day. If you want both a good interest rate and fast access, some credit unions offer competitive rates and same-day transfers.
If you already have a checking account at a traditional bank, opening a savings account at the same bank is convenient because transfers between accounts are when ready. The trade-off is that the interest rate is usually lower than Marcus.
Frequently Asked Questions
Is my money safe in a Marcus account?
Yes. Marcus is FDIC-insured up to $250,000, which means if the bank fails, the government guarantees your money. If you have more than $250,000, only the first $250,000 is protected, so consider splitting large amounts across multiple banks or account types.
Can I withdraw money from Marcus anytime?
You can request a withdrawal anytime, but the money takes one to three business days to reach your other bank account. You cannot withdraw cash at a branch or ATM because Marcus has no physical locations.
Does Marcus offer a checking account?
No. Marcus only offers savings accounts and certificates of deposit (CDs). You will need a checking account at another bank for everyday spending and bill payments.
What happens if I need to close my Marcus account?
You can close your account anytime with no penalty. Transfer your money out, and the account closes. There is no early withdrawal fee or closing fee.
How does Marcus compare to a money market account?
A money market account usually offers a higher interest rate than a savings account but requires a larger minimum balance and may limit withdrawals. Marcus has no minimum and no withdrawal limits, but the interest rate is typically lower. The choice depends on how much money you have and how often you need to access it.