When people think of secure ways to save money and build long-term wealth, traditional banks are usually the first option.

And while banking has evolved significantly over the years—from in-branch services to fully digital platforms—your choice of bank still matters.

Goldman Sachs is widely regarded as one of the most trusted names in the global financial sector. Although the firm is primarily known for its investment banking services, it also offers personal banking through its digital platform: Marcus by Goldman Sachs.

Marcus is designed to help individuals earn high interest on their savings, manage their money online and achieve financial goals without ever visiting a physical branch.

Whether your goal is to build an emergency fund, save for a holiday or put money aside for a long-term project, there’s an account on Marcus designed to support your plans.

As the owner of a Marcus account, you get many benefits like:

• Competitive interest rates: You get competitive interest rates on any money you save on the Marcus savings account. 
• Easy application: Opening a Marcus by Goldman Sachs account is very easy and the process is easy to follow. The best part is that you can do it from the comfort of your home in a few minutes without having to visit any physical branch. 
• Security of your assets: With its reputation as a platform for Goldman Sachs, your money is safe and insured with Marcus by Goldman Sachs. 

We put this comprehensive guide together to give you a rundown of the step-by-step process involved in opening a bank account with Marcus by Goldman Sachs.

From gathering the necessary documents right down to funding your new account, you’ll have all the knowledge you need to start your journey with a Marcus account. 

But first, let’s look into the account types available on Marcus by Goldman Sachs.

Types of accounts available on Marcus by Goldman Sachs

Marcus by Goldman Sachs was built to cater to clients looking for ways to build their savings but the platform offers more than that. Here are some account types you might find on Marcus by Goldman Sachs:

1. High-yield savings account: This is the most popular account type in Marcus.

As the name says, this account offers high interest rates on money saved. It's a favourite because it has a low barrier of entry and anyone looking to save money can go for this account type. 

This account requires no minimum balance to open it and no monthly maintenance fees. You get to manage your account online on the Marcus platform.

2. Certificates of deposit: 

If you're looking for even higher interests than what the high-yield savings account offers, this is the account for you. You can deposit and save money for a fixed term to earn interest.

During the period of deposit, you can't withdraw from the account. And in the event that you do, you'll be charged some withdrawal penalties. 

How to choose the right account type.

Choosing an account type can be daunting but it shouldn't be. All you need to do is consider your needs and wants and then choose the account type that's most suitable for you.

The best account is one that suits your way of life best. For example, if you want an account that is flexible with high interest rates and no restrictions, choose the high-yield savings account.

But if you want high interest rates and a more restrictive account, the certificate of deposit is just right for you.

Take note of these differences and let them influence your choice when it's time to make a decision.

Step-by-step process of opening a Marcus account.

Marcus by Goldman Sachs is an online platform without physical locations so all operations including account opening are done online.

It doesn't require a minimum balance and can be easily managed online.

This is a step-by-step process of opening a bank account with Marcus by Goldman Sachs:

Step 1. Visit the official Marcus website.

To get started head to the Marcus by Goldman Sachs website to view the account types available and choose the one you need. Check the requirements and check that you meet them. Then, click the “Open account” button and follow the prompts. 

Step 2. Fill in your personal details.

While going through the application and filling out the form, be sure that your details are filled out carefully and correctly.

Step 3. Verify your identity.

You'll have to provide credentials like your personal ID or your Social Security number to help with the verification process.

Step 4. Link an existing bank account

If you want to fund your account during the application, you will need to provide details to and link another checking or savings account of yours from another bank. 

Step 5. Submit and wait for confirmation

Once your application has been submitted and verified, your account will be opened and you'll receive your account details.

Opening an account with Marcus by Goldman Sachs is an easy process mostly because the platform is easy to use and you can open your account without having to visit a physical branch.

These account types offer you high interest rates on money saved and the barrier of entry is so low that almost anyone can use them.

If you're looking to open an account that will afford you the opportunity to save and grow your wealth over time, a Marcus by Goldman Sachs account is what you should go for. 

Frequently asked questions.

1. Can UK residents open a Marcus account?
Yes — Marcus by Goldman Sachs is available in the UK. You simply need to be a UK resident aged 18+ with a UK current account and National Insurance number.

2. Is Marcus safe to use in the UK?
Absolutely. Marcus is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority (FCA). Deposits are protected under the FSCS (up to £85,000 per person).

3. How do I fund my Marcus account in the UK?
You simply link any UK current account and transfer funds via bank transfer (Faster Payments). There are no fees.

4. Are there any fees or minimum balance requirements?
No. Marcus does not charge monthly fees and there are no minimum balance requirements.

5. Can I access my savings anytime?
Yes. The Marcus Online Savings Account (UK) offers flexible access — you can withdraw your money at any time with no penalty.

Pros & cons of Marcus by Goldman Sachs.

For UK residents looking for a simple, secure and high-interest way to save, Marcus by Goldman Sachs is a solid option.

You get competitive rates, FCA/FSCS protection and full flexibility — all without stepping foot in a branch.

Want to move money between your UK account and other countries?

Use OhentPay for fast international transfers at great exchange rates with no hidden fees — perfect for sending or receiving money from abroad.