The Definitive Guide to Closing Your Marcus by Goldman Sachs Savings Account
Thinking about closing your Marcus by Goldman Sachs savings account? Whether you've found a new savings solution, no longer need the account, or are simply streamlining your finances, the process is generally straightforward. However, it's essential to understand the steps involved to ensure a smooth and hassle-free closure.
So, you've decided to close your Marcus savings account, have you? That's perfectly fine! Many people consider different financial strategies over time. This comprehensive guide will walk you through every step, highlight important considerations, and arm you with the knowledge to confidently close your account.
Step 1: Prepare for Closure – The Pre-Checks You Can't Skip!
Before you even think about hitting that "close account" button or picking up the phone, there are a few crucial preparatory steps to ensure a seamless transition. Ignoring these can lead to delays or complications.
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| How To Close Marcus By Goldman Sachs Savings Account |
1.1 Empty Your Account (Almost!)
The most vital step is to transfer out the majority of your funds. You can do this by:
Initiating an ACH Transfer: This is usually the easiest and most common method. Log in to your Marcus account online or via the app and initiate a transfer to your linked external bank account. Remember to allow a few business days for the funds to clear.
External Pull from Another Bank: If your other bank allows it, you can often "pull" funds from your Marcus account into your external account. This might be quicker for some.
Leaving a Small Balance (Optional, but Recommended): While you aim to empty the account, it's often advisable to leave a small, nominal amount (e.g., $1 or £1, depending on your currency) in the account until you confirm closure. This prevents the account from being automatically closed due to a zero balance before you've officially initiated the closure process, especially if there are any lingering interest payments.
1.2 Verify Your Linked Account
Ensure the linked external bank account on file with Marcus is correct and active. This is where your remaining funds will be transferred. If you've recently changed banks or your linked account details, update them with Marcus well in advance of closing.
1.3 Check for Pending Transactions
Are there any scheduled transfers, direct debits, or incoming deposits linked to your Marcus account? Make sure to cancel or reroute them to your new account before proceeding with closure. Any pending activity could prevent the account from being closed immediately.
1.4 Download Statements and Records
It's always a good practice to download all your past statements and any important transaction records from your Marcus account. Once the account is closed, you might not have easy access to this information. Keep them for your personal records and for tax purposes.
Step 2: Choose Your Closure Method
Marcus by Goldman Sachs offers different ways to close your savings account, depending on the type of account you hold and your preference.
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2.1 Online Closure (For Online Savings Accounts & Maturity Savers)
If you have a standard Online Savings Account or a Maturity Saver, this is likely your quickest and easiest option.
Sub-Step 2.1.1: Log In to Your Marcus Account
Navigate to the official Marcus by Goldman Sachs website (
Sub-Step 2.1.2: Select the Account to Close
Once logged in, locate the specific savings account you wish to close from your dashboard.
Sub-Step 2.1.3: Access the "Manage Account" Menu
On the desktop/web browser, look for a "Manage account" menu or similar option.
On the mobile app, this is often found by tapping the three dots or a "More options" icon usually located in the top right corner of the account details.
Sub-Step 2.1.4: Choose "Close Account"
Within the "Manage account" menu, you should find an option like "Close account" or "Close this account." Select it.
Sub-Step 2.1.5: Follow On-Screen Prompts and Confirm
Marcus will guide you through a series of prompts. This will typically involve confirming your intention to close, verifying the destination for any remaining funds, and potentially asking for a reason for closure (optional, but can be helpful feedback for them). Carefully review all information before confirming.
2.2 Phone Closure (For All Account Types, Including Fixed Rate Savers & Cash ISAs)
If you have a Fixed Rate Saver (CD) or a Cash ISA, or if you prefer speaking to a representative, calling customer service is the required or preferred method.
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Sub-Step 2.2.1: Gather Your Account Information
Before calling, have your account number, personal identification details (like your Social Security Number/National Insurance Number, date of birth, etc.), and any security questions ready. This will help them verify your identity quickly.
Sub-Step 2.2.2: Call Marcus Customer Care
Contact Marcus by Goldman Sachs using their dedicated customer service number for savings accounts.
For US Customers: Call 1-855-730-7283. Customer care is available 24 hours a day, 7 days a week.
For UK Customers: Call 0800 085 6789. Customer care is typically available Monday to Friday, 8 am to 8 pm (excluding bank holidays). From abroad, you can call +44 203 901 3353.
Sub-Step 2.2.3: State Your Intent to Close
Clearly inform the customer service representative that you wish to close your Marcus savings account. They will guide you through the process.
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Sub-Step 2.2.4: Verify Identity and Provide Details
The representative will ask a series of security questions to verify your identity. Be prepared to provide your account number and confirm your linked external bank account for the transfer of any remaining funds.
Sub-Step 2.2.5: Discuss Any Early Closure Fees (For Fixed Rate Savers/CDs)
This is crucial for Fixed Rate Savers (CDs)! If you are closing a Fixed Rate Saver before its maturity date, be aware that there will likely be an early withdrawal penalty or closure fee. The representative will explain these fees. For instance, in the UK, if you close a Fixed Rate Saver within the first 90 days, the fee might be equal to the interest you've earned so far. After that, it could be equal to the interest earned during the first 90 days. Be sure to understand these implications before proceeding.
Sub-Step 2.2.6: Confirm Closure and Get Confirmation
Once all details are confirmed and any necessary transfers or fees are addressed, the representative will process your closure request. Always ask for a confirmation number or an email confirmation that your account closure has been initiated.
Step 3: Confirmation and Follow-Up
The process isn't truly complete until you've received confirmation and verified everything on your end.
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3.1 Await Final Transfer of Funds
If there were any remaining funds in your Marcus account, they will be transferred to your linked external account. Keep an eye on your external bank statement to ensure the transfer is successful. This typically takes a few business days.
3.2 Look for Official Closure Confirmation
Marcus should send you a formal confirmation, usually via email or postal mail, once your account is officially closed. Retain this confirmation for your records. If you don't receive it within a reasonable timeframe (e.g., 5-7 business days after your request), follow up with customer service.
3.3 Verify No Further Activity
Periodically check your former Marcus account (if still accessible) or your linked external account to ensure no unexpected activity, such as lingering deposits or charges, occurs after closure. While unlikely with a proper closure, it's always good practice to double-check.
Important Considerations When Closing Your Account
Joint Accounts: If you have a joint Marcus account, either account holder can typically initiate the closure. However, it's always best to communicate with the other joint account holder beforehand to ensure everyone is aware and agrees to the closure.
Inactive Accounts: Be aware that Marcus has policies regarding inactive accounts. For example, in the UK, if an account is unfunded for a period or inactive for three years (no logins, payments, or withdrawals), Marcus may temporarily block or even close the account. If your account falls into this category, you'll need to reactivate it first to access funds before closure.
Tax Implications: Closing a savings account itself usually doesn't have direct tax implications, but any interest earned will be reported to the relevant tax authorities (e.g., IRS in the US, HMRC in the UK) for the tax year in which it was earned. Ensure you have your annual tax statements.
Reopening: If you change your mind later, you'll typically need to open a brand new account with Marcus. You cannot "reopen" a closed account.
10 Related FAQ Questions
How to transfer all funds out of my Marcus account before closing?
You can initiate an ACH transfer from your Marcus online account or app to your linked external bank account. Alternatively, you can often "pull" funds from your Marcus account into your external bank account directly from your external bank's platform.
How to check for pending transactions on my Marcus account?
Log in to your Marcus online account or app and review your recent transaction history and any scheduled transfers or payments to ensure no activity is pending. Cancel or redirect any future transactions before closing.
How to find my Marcus by Goldman Sachs account number?
Your Marcus account number can typically be found by logging into your online account and navigating to your "Account Details" page. It's also usually listed on your monthly account statements.
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How to contact Marcus by Goldman Sachs customer service for account closure?
For US customers, call 1-855-730-7283. For UK customers, call 0800 085 6789. These lines are generally available 24/7 for US and during business hours for UK.
How to know if I have a Fixed Rate Saver (CD) or an Online Savings Account with Marcus?
You can determine your account type by logging into your Marcus online account or app, where your account dashboard will clearly display the type of savings product you hold. Fixed Rate Savers typically have a specified maturity date.
How to avoid early withdrawal penalties when closing a Marcus Fixed Rate Saver?
To avoid early withdrawal penalties, you must wait until your Fixed Rate Saver reaches its maturity date. You will typically have a grace period after maturity (e.g., 10 days) to withdraw funds without penalty.
How to confirm my Marcus account has been successfully closed?
Marcus should send you an official email or postal mail confirmation once your account is fully closed. If you don't receive this within 5-7 business days of your request, contact their customer service for an update.
How to update my linked external bank account with Marcus?
You can usually update your linked external bank account by logging into your Marcus online account or app and navigating to the "Linked Accounts" or "Profile" section. You may need to verify the new account with small test deposits.
How to access my past Marcus account statements after closing?
It's highly recommended to download all your past statements before closing your account, as access may be restricted or unavailable once the account is officially closed.
How to reopen a Marcus by Goldman Sachs savings account after it has been closed?
You cannot typically "reopen" a closed Marcus account. If you wish to save with Marcus again in the future, you will need to apply and open a brand new savings account.
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