Do you have money sitting in a low-interest savings account, just waiting to be put to better use? Are you looking for a secure and competitive way to grow your savings? Then you've likely heard about Marcus by Goldman Sachs, renowned for its attractive high-yield savings accounts. But how exactly do you get your hard-earned money into a Marcus account?
This comprehensive guide will walk you through the process of transferring money to Marcus by Goldman Sachs, step-by-step, ensuring a smooth and successful experience. Let's get that money working harder for you!
Step 1: Accessing Your Marcus Account
Ready to begin? The very first thing you'll need to do is log in to your Marcus by Goldman Sachs account.
Logging In:
Online: Head over to the official Marcus by Goldman Sachs website (marcus.com). Look for the "Login" or "Sign In" button, usually located in the top right corner of the page.
Mobile App: If you prefer banking on the go, open your Marcus mobile app. If you don't have it yet, download it from your device's app store (available for iOS and Android).
Once you've successfully logged in, you'll be greeted by your account dashboard. This is your central hub for managing all your Marcus accounts.
Step 2: Linking an External Bank Account (If Not Already Linked)
Before you can transfer money, Marcus needs to know where that money is coming from. This involves linking an external checking or savings account from another bank.
Sub-heading: Why Link Accounts?
Linking accounts establishes a secure connection between your existing bank and your Marcus account. This allows for easy and fee-free electronic transfers (ACH transfers), which are the most common way to fund your Marcus account.
Sub-heading: The Linking Process:
There are generally two ways to link an external account:
Instant Verification (Recommended):
On your Marcus dashboard, look for an option like "Link External Account" or "Add Account."
You'll typically be prompted to search for your external bank by name.
Once you find your bank, you'll log in using your online banking credentials for that external bank. Marcus uses a secure third-party service to instantly verify your account.
Follow the on-screen prompts to complete the instant link. This method is usually the fastest and most convenient.
Manual Verification (Micro-Deposits):
If instant verification isn't available for your bank, or you prefer not to share your online banking credentials, you can opt for manual verification.
You'll need to provide your external bank's routing number and your account number.
Marcus will then send two small "micro-deposits" (usually a few cents) to your external account. This typically takes 1-3 business days.
Once you see these deposits in your external account, you'll log back into your Marcus account and enter the exact amounts of those micro-deposits to confirm ownership. This step is crucial for verifying your account.
Important Note: Marcus by Goldman Sachs does not charge a fee for linking an account.
Step 3: Initiating a Transfer to Marcus
With your external account linked, you're ready to make your deposit!
Sub-heading: Navigating to the Transfer Option:
From your Marcus dashboard, look for options like "Move Money," "Deposit," or "Transfer In." The exact wording might vary slightly, but it will be intuitive.
Select the Marcus account you wish to fund (e.g., your Online Savings Account).
Choose your linked external account as the source of the funds.
Sub-heading: Entering Transfer Details:
Amount: Carefully enter the amount of money you wish to transfer. Double-check this to avoid errors.
Frequency: You'll typically have the option to make a "One-Time Transfer" or set up "Recurring Transfers." Recurring transfers are excellent for building your savings consistently.
Date: For one-time transfers, you can usually choose to initiate the transfer immediately or schedule it for a future date.
Sub-heading: Review and Confirm:
Before finalizing, Marcus will present a summary of your transfer. Review all the details carefully: the amount, the source account, the destination Marcus account, and the transfer date.
If everything looks correct, click "Confirm" or "Submit." You'll usually receive a confirmation message or email.
Step 4: Understanding Transfer Timelines
Once you've initiated the transfer, it's natural to wonder when your money will appear in your Marcus account.
Sub-heading: ACH Transfer Timelines:
Most common transfers to Marcus are ACH (Automated Clearing House) transfers. These generally take 1 to 3 business days to process.
The funds are typically available for you to earn interest on the day your transfer is initiated, even if they haven't fully settled yet.
Keep in mind that weekends and holidays are not considered business days, so transfers initiated late on a Friday or over a holiday weekend will take longer.
Sub-heading: Wire Transfers:
Marcus also accepts domestic wire transfers. Wire transfers are generally faster than ACH transfers, often arriving on the same business day if initiated within the wire transfer cut-off times.
However, wire transfers typically involve fees from your sending bank. Marcus does not charge a fee to receive domestic wire transfers.
To initiate a wire transfer, you'll need to provide your external bank with specific Marcus by Goldman Sachs details, including their Routing Transit Number and your Marcus account number. You can usually find this information by logging into your Marcus account or by contacting their customer service.
Sub-heading: Direct Deposit:
You can also set up direct deposit to your Marcus Online Savings Account through your employer or benefits provider. This is a great way to automatically contribute a portion of your paycheck to your savings. You'll need to provide your employer with Marcus's routing number and your account number.
Sub-heading: Mailing a Check:
While less common for digital banks, you can also deposit funds into your Marcus account by mailing a check. You'll need to make the check payable to "Goldman Sachs International Bank" and include your Marcus account number on the back. Check processing times can be longer, typically 6-7 business days after receipt.
Step 5: Monitoring Your Transfer
After initiating the transfer, you can easily track its progress.
Sub-heading: Using the Marcus Platform:
Log back into your Marcus account (online or via the app).
Look for a "Transfer History," "Transaction History," or "Transfer Tracker" section. This will show you the status of your pending and completed transfers.
Once the transfer is complete, the funds will be reflected in your Marcus account balance.
Congratulations!
You've successfully transferred money to your Marcus by Goldman Sachs account. Now your money is in a secure, high-yield environment, working harder for your financial future!
10 Related FAQ Questions:
How to check my Marcus account balance?
Log in to your Marcus account online at marcus.com or via the Marcus mobile app. Your current balance will be displayed on your account dashboard.
How to link multiple external bank accounts to Marcus?
Currently, Marcus typically allows you to link one primary external account for transfers in and out. If you wish to use a different external account, you may need to unlink the existing one and link a new one, or contact Marcus customer service for assistance with specific scenarios.
How to set up recurring transfers to Marcus?
When initiating a transfer online or in the app, select the "Recurring Transfer" option instead of "One-Time." You'll then be prompted to set the frequency (e.g., weekly, bi-weekly, monthly) and the start date for your recurring deposits.
How to find my Marcus account number and routing number?
Log in to your Marcus account. This information is typically found in your account details or profile section. For wire transfers, specific routing numbers are provided by Marcus.
How to transfer money from Marcus to my linked account?
Log in to your Marcus account, select the Marcus account you want to withdraw from, and choose "Move Money" or "Transfer Out." Select your linked external account as the destination and enter the amount. Same-day transfers of $100,000 or less are often available.
How to contact Marcus by Goldman Sachs customer service for transfer issues?
You can typically find their customer service contact information (phone number and chat options) on their website or within the mobile app's "Help" or "Support" section. They offer 24/7 support for savings inquiries.
How to cancel a pending transfer to Marcus?
If a transfer is still pending and hasn't been processed, you may be able to cancel it directly through your Marcus online account or by contacting customer service immediately. However, once a transfer is initiated and processing, it may not be reversible.
How to change my linked external account with Marcus?
Log in to your Marcus account, navigate to the "External Accounts" or "Linked Accounts" section, and follow the prompts to remove the old account and add a new one. You might need to provide supporting documents like a bank statement for the new account.
How to deposit a physical check into my Marcus account?
Make the check payable to "Goldman Sachs International Bank" and write your Marcus sort code and account number on the back. Then, mail it securely to the address provided by Marcus on their website or in their help section.
How to avoid transfer delays to Marcus?
Ensure your linked external account details are accurate.
Initiate transfers during business hours.
For large transfers, consider checking daily transfer limits with both your sending bank and Marcus.
If using manual verification, ensure you accurately enter the micro-deposit amounts.
