A Marcus digital checking account is coming (hooray!) – here’s what we know

Posted: 15 January 2021 7:15 am

The first-ever checking account for Marcus by Goldman Sachs is likely to be tech-forward and competitive, but it’s not clear when it will arrive.

Marcus by Goldman Sachs has become a much-loved online bank over the years thanks to competitive interest rates, minimal fees and a sleek user interface built for today’s modern user. The only problem? Up until now, it only offered one high-yield savings account and a CD. This meant you had a reliable place to store your nest egg, but you had to visit another bank for your spending money. All that’s about to change with the launch of the first Marcus digital checking account later this year.

The bank’s been pretty hush-hush about this new release, but here’s what we know so far:

Why a digital checking account?

Marqeta — the platform powering the Marcus digital bank account — recently found that over 50% of consumers now bank primarily online due to the COVID-19 pandemic. Those same people say they’ve already switched over to a digital bank or would be willing to do so in the future.

Marcus by Goldman Sachs already has a strong track record with consumers — it holds $96 billion in deposits as of October 2020. A digital checking account would round out its offerings and make it a one-stop-shop for all your digital banking needs.

When will the Marcus digital checking account be available?

Marcus by Goldman Sachs hasn’t announced a release date yet, but it’s expected to debut in 2021.

What features will it have?

Marcus is partnering with Marqeta — a global modern card issuing platform — to build the digital bank account, so we can expect it to have some tech-forward features.

For instance, it’ll likely be integrated into the new Marcus mobile app. You’ll get an instant-issue Visa debit card as soon as your application is approved, which you can use immediately with Apple Pay and Google Pay. You’ll also get access to real-time spending data.

Integrating with Marqeta’s platform will allow us to create a personalized, feature-rich banking experience for our checking customers,” said Omer Ismail, global head of the consumer business at Goldman Sachs in a recent announcement.

How will it compare to other digital checking accounts?

The best digital bank accounts use world-class technology to help you monitor your spending and hit savings goals. Most have a large ATM network, budgeting tools and automatic savings tools to help you automate your finances. Although Marcus hasn’t released enough information for us to definitively say how it compares to the competition, it’ll rank among the best if it’s anything like the rest of its accounts.

“Our modern card issuing platform helps digital innovators build the sorts of customer experiences that can be industry game changers, and we’re looking forward to working alongside Marcus to bring a powerful new digital banking experience to life,” said Jason Gardner, founder and CEO of Marqeta.

What if you need a digital checking account now?

With digital checking accounts like Azlo and Simple shutting down this year, you may not have time to wait for the Marcus by Goldman Sachs checking account to open. If you need a digital checking account now, explore these options to find one that’s right for you.

Image: Getty

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