To set up the Marcus direct deposit form your employer gives you, you need four things from your Marcus Online Savings Account: the routing number 124085260, your personal account number, “savings” as the account type, and, if the form asks, the bank’s address. Goldman Sachs Bank USA uses the same routing number for every retail savings customer, so your location does not change it.1Marcus by Goldman Sachs. Accessing Your Money
The bank address, when required, is Goldman Sachs Bank USA, Salt Lake City Branch, Lockbox 6112, P.O. Box 7247, Philadelphia, PA 19170-6112.2Goldman Sachs. Important Changes to Your Account Terms Confirm that the name on your Marcus account matches the name your employer has on file for payroll. A mismatch is one of the most common reasons a direct deposit gets rejected during verification.
Finding Your Routing and Account Numbers
Log into your account at marcus.com or open the Marcus mobile app. The routing number and account number appear on the main account details screen, labeled for direct deposit use.1Marcus by Goldman Sachs. Accessing Your Money Copy them directly from the screen rather than typing from memory. One transposed digit can send your paycheck somewhere it does not belong or cause the whole transfer to fail.
One caveat if you have a Marcus savings account linked through Apple Wallet: Apple Wallet uses a different routing number, 124085082.3Goldman Sachs. Terms and Conditions For direct deposit into a standard Marcus Online Savings Account, use 124085260.
Submitting the Form Through Your Employer
Most employers run direct deposit changes through a self-service payroll portal such as ADP, Workday, Gusto, or Paychex. Open the direct deposit or payment method section, enter your Marcus routing and account numbers, and choose “savings” for the account type. Marcus does not offer checking, so selecting “checking” by mistake will cause the deposit to bounce back.
You do not have to send the whole paycheck. Payroll systems typically let you split a deposit two ways: a fixed dollar amount per pay period, or a percentage of net pay. A fixed amount keeps your savings contribution predictable. A percentage flexes automatically when your pay changes, which helps if your hours or commissions vary. Whatever is left goes to the account you designate as primary.
Watch for one quirk with fixed amounts. If a paycheck comes in smaller than the dollar amount you told payroll to send to Marcus, most systems will route everything to your primary account that cycle and send nothing to Marcus. Percentage splits sidestep that problem.
When the First Deposit Will Land
Expect the first deposit to take one or two pay cycles to go live. Your employer’s payroll processor sends a prenote, a zero-dollar test transaction, to confirm the connection with Goldman Sachs Bank USA before any real money moves. Your paycheck keeps going to your previous account until that verification clears.
After the connection is active, deposits arrive on your regular payday. Marcus does not appear to offer early direct deposit, so your money shows up the day your employer processes payroll, not a day or two ahead.
No Fees or Minimums to Worry About
Marcus charges no monthly maintenance fees, no minimum balance fees, and no fees for incoming or outgoing transfers.4Marcus by Goldman Sachs. High Yield Online Savings Account There is no minimum deposit to open or keep the account open. Every dollar from your paycheck lands in the account and starts earning interest.
Getting Money Back Out
Because Marcus is savings-only, with no debit card and no checks you can write, plan how you will pull money out before you route your whole paycheck in. Marcus offers three methods and charges nothing for any of them:5Marcus by Goldman Sachs. Frequently Asked Questions
- ACH transfer to a linked bank account, up to $125,000 per transfer when initiated online, processed in one to three business days. For larger amounts, call Marcus.
- Wire transfer, up to $50,000 per statement period online, processed within about an hour if requested by 4 p.m. ET. Phone-initiated wires have no dollar cap but take one to three business days. Your receiving bank may charge its own fee.
- Check by mail, requested by phone, mailed to the primary address on your account and payable only to the account owner.
The Federal Reserve removed the old Regulation D cap of six monthly withdrawals from savings accounts in 2020,6Federal Register. Regulation D: Reserve Requirements of Depository Institutions so there is no federal limit on how many times you can pull money out in a month. Keep in mind that the reason to route your paycheck to a high-yield savings account is to let the balance sit and compound; treating it like checking defeats the point.