I spent a good chunk of time this week going through FAQs and Documentations on Marcus.com, a high-yield savings account from Goldman Sachs, to find out how to close a few of my “sub” savings accounts but not all of them.
And I couldn’t find the button (even though “open a new account” is VERY prominent), or could I find a relevant FAQ. So I contacted support. I’m writing this post so when you want to consolidate or move your accounts around, you don’t have to spend a long time searching!
I have 4 savings accounts in my Marcus account: “Freelance Income“, “i401k“, “Freelance Tax“, and “Main Savings.” I made them a while ago in response to reading Profit First: Transform Your Business from a Cash-Eating Monster to a Money-Making Machine by Mike Michalowicz.
He advocates for having your money all separated so that you aren’t eating into your Tax Funds or forgetting to Pay Yourself. I did a bit of a mix of his strategy by breaking up my income, retirement, and tax accounts, but after a few months, I decided that since my operating costs weren’t very high, and most, if not all, of my income will be going into taxes, paying operational costs, and i401k, it doesn’t make much sense to keep multiple accounts.
So I wanted to close the i401k and Freelance Tax accounts, and keep the other two. Butttttttt Marcus REALLY doesn’t make it clear on how to do that. They might tell you how to close the WHOLE account, but not SOME of the accounts.
So I messaged support, and here’s the steps I found. (The support lady was super nice.)
Step 1: Collect Information
Log into your Marcus account, and note the account numbers (last 4 digits is fine) of the accounts you’re going to be closing.
You will also need to know your “Secret Word.” If you don’t remember off the bat, they will give you a hint. This REALLY threw me off, because I had NO idea. But once they gave me the hint, I was able to answer them.
Step 2: Call Support
They will ask you for your name, last 4 digits of your social security number, and your “Secret Word.”
Alternatively, you can start with a chat at the right bottom corner of your dashboard, and they will lead you to call the same number, or will give you a call at the number registered to your account.
Step 3: Support Will Close Accounts
Support will verify your address, accounts, etc. and will ask you why you want to close your accounts. You will also need to tell them where to send the interest that may have accumulated. I had them send the $0.00 (lol) to the “Main Savings” account.
They said it’ll all be settled in 1~3 days.
And that’s it!
Your Marcus Accounts are Closed
When I tried this earlier this week, the wait time for the chat was so long that the website logged me out.
So that kind of gave me a mental block on doing this, but in reality, once you got someone on the line, it took less than 5 minutes!
Anyways, I hope this was helpful. I was looking for an article like this when I was searching around, so I figured I’d write one myself.
If you need to close your Marcus high yield savings account… But not the WHOLE account, give that phone number a try!