If you have a Marcus by Goldman Sachs account, you might have seen headlines or emails about big changes happening. Investors, especially, have been wondering—does this mean Marcus is shutting down for everyone? Let’s get the facts straight and see where things really stand.
What Is Marcus by Goldman Sachs, Anyway?
Marcus started out as Goldman Sachs’s big move into consumer banking. For most of its existence, it’s been a digital bank for regular people—not just for wealthy investors. The name “Marcus” refers to Marcus Goldman, one of the bank’s founders. Since 2016, Marcus has mostly offered high-yield savings accounts and personal loans.
Later on, the brand added some new features, like a robo-advisor called Marcus Invest. That service let customers open investment accounts with automatic, prebuilt portfolios. Now, Goldman Sachs is making some sweeping changes, and Marcus Invest is at the center of them.
Marcus Invest Is Shutting Down—Here’s What’s Happening
If you’ve been using Marcus Invest, you already got the notice: the investment service is closing its doors. Goldman Sachs confirmed this in the spring of 2024. The move surprised some customers, but if you’ve been following banking news, you saw hints for a while.
All Marcus Invest accounts are being transferred over to Betterment, one of the bigger robo-advisors in the U.S. If you want to keep your portfolio in Marcus, that’s not an option anymore. Customers can choose to move their money to Betterment or withdraw it completely.
There’s a hard deadline: Marcus Invest users have until June 20, 2024, to tell Marcus if they don’t want their account transferred. After that date, any remaining investment accounts will be automatically moved to Betterment.
What does “transfer” mean here? Your investments and the dollars inside your Marcus Invest account (not the broader Marcus banking platform) go to Betterment. No Marcus Invest staff or technology goes along with them—this is just about the actual customer investment accounts.
People who opt out by June 20 will need to transfer or liquidate their portfolios themselves. If you do nothing, your account rolls over to Betterment, which will reach out with new login instructions.
What About Marcus Savings Accounts?
Here’s the headline for most customers: If you just have a Marcus savings account, nothing is changing. Marcus by Goldman Sachs is not shutting down as a whole. It’s just Marcus Invest, the investment platform, that’s ending.
Marcus savings accounts have been one of the top options for people who want solid interest rates without a lot of complications. The platform is still live and accepting new customers. If you have money in a Marcus high-yield savings account, the same online dashboard, terms, and customer support still apply.
Goldman Sachs isn’t pushing regular Marcus banking clients away or freezing any savings accounts. Your usual banking—transfers, deposits, withdrawals—continues without any interruption.
Why Is Goldman Sachs Doing This?
Goldman Sachs came into the consumer banking world hoping to make a big splash. For a while, it looked like they might set up a full-service digital bank. But starting in 2022, the company signaled it was rethinking those plans.
Loan products started winding down. Some accounts were limited to existing customers rather than new signups. The partnership with Apple on the Apple Card also began to fizzle, with reports suggesting Goldman Sachs wants out.
Now, the bank is narrowing its focus. They want to keep Marcus as a digital savings product but not as an all-things-for-everyone consumer platform. Investments, loans, checking—these aren’t its priorities anymore.
The fact is, running a robo-advisor takes heavy tech investments and customer support. Services like Betterment and Wealthfront are built entirely around investing, while Goldman Sachs wants to stick to what it does best: saving and institutional banking.
What Does the Transition to Betterment Actually Mean?
Some people think “my account is being sold” sounds scary, but it’s more routine than you’d guess. Betterment has been in the robo-advisor game for over a decade, and plenty of investors already trust their platform.
Marcus Invest users who do nothing will see their investments automatically switch over to a Betterment account. Betterment supports nearly all of the same ETF-focused portfolios, and the fees will be pretty similar for most customers. If you liked having your portfolio managed for you with low minimums and no need to pick stocks, not much will change in that respect.
What’s different is you’ll have a new company managing your account, with its own website, mobile app, and customer logins. Betterment may have different features and some different investment choices. For some, it could be a better match; for others, the change is inconvenient.
If you’d rather take your money elsewhere, just contact Marcus by the June 20 deadline and request an account closure or transfer. The option to withdraw your funds or roll your assets into another provider is open until the deadline.
If You Still Use Marcus Savings, Should You Worry?
For people who only have a Marcus savings account, there’s no real reason to panic. Goldman Sachs has been pretty clear: savings accounts are staying. In fact, Marcus savings is one of the bank’s few consumer-facing products that’s still growing.
You can still open a new account, check your balance with the web or app, and move money in or out just as before. High-yield rates have kept Marcus at the top of a lot of “best savings accounts” lists over the past couple of years.
Everyday features—24/7 access, FDIC insurance up to $250,000, and easy online management—are all intact. At the moment, there’s no sign those basics are changing.
That said, Marcus by Goldman Sachs is not as aggressively expanding as it was a few years back. They’re not rolling out new checking accounts, and they’re stepping away from personal loans. But the core savings account isn’t being pulled away.
Does This Mean Marcus Is Going Away Down the Road?
That’s a fair question. Any time a bank pulls back on certain services, people assume the whole ship might go down next. In this case, it appears Marcus by Goldman Sachs is here to stay—as a digital savings product only.
Goldman Sachs is still advertising Marcus savings on its site. There’s still support for customers and no word about withdrawals or account freezes. The retreat from investments feels more like a move to double down on savings rather than an exit from retail banking altogether.
For now, if you use Marcus to store your emergency fund, holiday cash, or your summer vacation money, you’re set. The features you like aren’t going away.
Options for Marcus Customers: What Should You Do?
If you had money in Marcus Invest, check your email or account dashboard for notices about the transfer. There are step-by-step instructions for moving your account to another provider or letting it roll over to Betterment. If you prefer a hands-on approach, you might want to research other robo-advisors, traditional brokers, or even consult with a CFP.
For people with savings accounts, the best move is probably to do nothing and keep using Marcus as you have before. If you ever feel uneasy about putting all your money in one bank, you can always open a backup account elsewhere just to be safe.
International customers should pay special attention. Marcus by Goldman Sachs mostly caters to U.S. clients, so check the fine print if you live overseas or have questions about access.
If you’re looking for new ideas on where to store your cash, there are plenty of digital alternatives on the market. Sites like Anyday Business offer reviews and tips to compare rates and find the best accounts for your needs.
What to Expect from Goldman Sachs’ Banking Strategy Going Forward
So where does the company go from here? Goldman Sachs will mainly focus on offering basic savings products to regular people, and then focus its bigger efforts on traditional institutional financing.
Marcus is no longer chasing after every piece of the consumer banking market. The high-yield, easy-to-use savings account is the star of the show. Other digital banking products are either being shut down or sold off.
For existing Marcus savings account holders, things should stay simple and steady. If you’re just opening a new Marcus account, the process is the same as it’s been for years. It’s just a no-frills place to stash your money and earn a bit more in interest.
Goldman Sachs as a company is big on customization, efficiency, and trust. But when it comes to Marcus, simplicity is the name of the game.
Bottom Line: Marcus by Goldman Sachs Isn’t Closing—But Its Investment Platform Is
To sum up: Marcus by Goldman Sachs is not closing its savings accounts or leaving the digital banking space. It is, however, shutting down Marcus Invest and sending those portfolios to Betterment as of mid-2024.
If your only connection to Marcus is your savings account, nothing should change for you. Customers using Marcus Invest will need to decide whether to accept the jump to Betterment or move money elsewhere.
Goldman Sachs is being choosier about which consumer banking services it sticks with. For now, though, Marcus savings accounts remain part of its main strategy.
Keep an eye on future updates, but there’s no need for alarm right now. Just use the tools that work for your finances. And check official Marcus communications for any more changes they might announce down the line.
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