Marcus deposits are FDIC insured up to $250,000 per account category at the bank

Yes. Marcus, the online savings brand owned by Goldman Sachs, holds FDIC insurance through its parent bank, Goldman Sachs Bank USA. This means your deposits are protected by the Federal Deposit Insurance Corporation up to $250,000 per depositor, per insured category, at that institution.

The key word is "per category." If you have a savings account at Marcus, that $250,000 limit applies to that account. If you also have a money market account at Marcus, that is a separate $250,000 limit. A joint account with someone else gets its own $250,000 limit. Understanding which accounts count separately matters if you are storing more than $250,000 across Marcus products.

FDIC insurance covers the balance in your account if the bank fails — which is rare, but the insurance exists for that scenario. It does not cover investment losses, fraud, or money you send to someone else by mistake. It covers the cash sitting in the account on the day the bank closes.

Key Takeaways

  • Marcus deposits are FDIC insured through Goldman Sachs Bank USA, protecting up to $250,000 per account category.
  • Each account type at Marcus (savings, money market, CD) has its own $250,000 protection limit, so you can hold more than $250,000 total if spread across different categories.
  • Joint accounts at Marcus are insured separately from individual accounts, meaning a joint savings account and an individual savings account each get $250,000 protection.
  • FDIC insurance protects your balance if the bank fails, but does not cover fraud, investment losses, or transfers you made to the wrong person.

How FDIC insurance limits work across multiple Marcus accounts

The $250,000 limit is per depositor, per insured category. If you are the sole owner of a Marcus savings account with $200,000 and a Marcus money market account with $100,000, both are fully covered because they are different account categories. If you put $300,000 in a single Marcus savings account, only $250,000 is insured and $50,000 is not.

If you have a joint savings account at Marcus with your spouse, that account is insured separately from any individual account either of you holds. The joint account gets $250,000 protection, and each of you also gets $250,000 protection on your own individual accounts at Marcus. This is one reason people with large balances sometimes open joint accounts — it increases the total insured amount.

Retirement accounts (IRAs, SEP-IRAs, and similar) are also a separate category. A Marcus IRA is insured up to $250,000 independently of a Marcus savings account you own. If you are unsure whether your specific account setup is fully covered, you can use the FDIC's Electronic Deposit Insurance Estimator tool on the FDIC website, which walks through your exact situation.

What FDIC insurance actually covers and what it does not

FDIC insurance covers the dollar amount in your account on the day the bank fails. It does not cover interest that accrued but was not yet credited, though in practice the FDIC usually credits accrued interest when it takes over a failed bank. It covers all types of deposits — savings accounts, money market accounts, CDs, and checking accounts — as long as they are at an FDIC-insured bank.

FDIC insurance does not cover losses from fraud, even if someone hacked your account. That is a separate matter handled by Marcus's fraud policies and your own account security. It does not cover money you sent to the wrong person or fell for a scam. It does not cover investment losses if you held stocks or bonds (though Marcus does not offer those products anyway). It does not cover fees or penalties charged by the bank.

The insurance also does not cover money you loaned to someone else, even if they promised to pay it back. If you transferred $50,000 to a friend and they disappeared, the FDIC will not reimburse you. The insurance is specifically for the risk that the bank itself fails and cannot return your money.

Why Marcus is FDIC insured when many online banks are

Marcus is FDIC insured because it is a brand operated by Goldman Sachs Bank USA, which is a federally chartered bank and a member of the Federal Reserve. All deposits at member banks are automatically FDIC insured. You do not have to sign up for it or pay for it — it is built in.

Many online banks are FDIC insured for the same reason: they are either subsidiaries of larger banks or they are themselves federally chartered banks. Some online banks partner with multiple banks to spread deposits across institutions, which allows them to offer higher total coverage if you deposit more than $250,000. Marcus does not do this — all Marcus deposits go to Goldman Sachs Bank USA.

If you are comparing online savings accounts and FDIC insurance matters to you, check whether the bank is FDIC insured and under which institution. You can search the FDIC's Bank Find tool on the FDIC website by the bank's name to confirm its insurance status and the specific limits that apply.

What happens if Goldman Sachs Bank USA fails

If Goldman Sachs Bank USA were to fail — an extremely unlikely scenario — the FDIC would step in. The FDIC would either arrange for another bank to take over Marcus deposits, or it would pay out insured balances directly to depositors. In either case, you would receive up to $250,000 per account category within a few business days, usually faster.

The FDIC has a long history of managing bank failures without depositors losing insured funds. The last major bank failure in the United States was Silicon Valley Bank in 2023, and the FDIC paid out all insured deposits on schedule. The process is routine from the FDIC's perspective, though it is disruptive for the bank's customers.

You do not need to do anything to maintain your FDIC insurance at Marcus. You do not need to register, renew, or verify anything. As long as your balance is within the $250,000 limit per category and you hold the account at Marcus, you are covered.

How to confirm your coverage if you hold large balances

If you have more than $250,000 across Marcus accounts, use the FDIC's Electronic Deposit Insurance Estimator to see exactly how much is covered. The tool asks you about each account you hold, who owns it, and what type it is, then tells you the insured amount. It takes about five minutes and removes guesswork.

You can also contact Marcus customer service and ask them to explain your coverage. They can tell you which account categories you hold and confirm that each is FDIC insured. This is a straightforward question and they answer it regularly.

If you want to hold more than $250,000 at Marcus and have it all insured, you would need to open accounts in different categories — for example, a savings account, a money market account, and a CD, each with up to $250,000. You could also add a joint account with someone else, which creates a separate $250,000 limit. The specific structure depends on your situation.

Frequently Asked Questions

Is my Marcus CD covered by FDIC insurance?

Yes. CDs at Marcus are FDIC insured up to $250,000, and they are a separate category from savings accounts. If you have a $200,000 CD and a $200,000 savings account at Marcus, both are fully covered because they are different account types.

What if I have a Marcus account with my spouse as a joint owner?

Joint accounts are insured separately from individual accounts. Your joint Marcus savings account is covered up to $250,000, and each of you also has $250,000 coverage on any individual accounts you hold at Marcus. This means a couple can hold up to $750,000 at Marcus and have it all insured: $250,000 in a joint account, $250,000 in one person's individual account, and $250,000 in the other person's individual account.

Does FDIC insurance cover money I lost to fraud or a scam?

No. FDIC insurance covers the balance in your account if the bank fails. It does not cover fraud, hacking, or money you sent to someone by mistake. Those situations are handled through Marcus's fraud policies and your own account security measures. Report fraud to Marcus immediately if it happens.

Can I get more than $250,000 insured at Marcus?

Yes, if you spread the money across different account categories or ownership structures. A savings account, money market account, and CD each get their own $250,000 limit. A joint account is also separate. An IRA is separate. The more categories you use, the more total coverage you can have.

How do I know if Marcus is actually FDIC insured?

You can search the FDIC's Bank Find tool on the FDIC website and look up Goldman Sachs Bank USA, which is the institution behind Marcus. The search results will show that it is FDIC insured. Marcus also displays FDIC insurance information on its website and in account disclosures.