FDIC: Deposit Insurance and Coverage

What it is and how to maximize your coverage

Marcus savings accounts are provided by Goldman Sachs Bank USA. Goldman Sachs Bank USA is an FDIC member, which means that funds deposited in Marcus Online Savings Accounts and CD accounts are insured up to the maximum allowed by law, which is currently $250,000 for all your individually-owned accounts combined, $250,000 per owner for jointly owned accounts and $250,000 per beneficiary for accounts with payable-on-death (POD) designations.

Our customers are not required to apply for or request coverage, but it’s important to understand how your deposit coverage works.

How to maximize your FDIC insurance coverage

The FDIC insures deposits according to ownership type, meaning individual accounts, joint accounts and accounts with beneficiaries. With a combination of accounts and different ownership types, your deposits at Marcus could be covered for more than $250,000.

Types of account ownership

  • Single-owner accounts. Each member of the family can have an account in his or her name insured up to $250,000. Marcus requires account owners to be at least 18 years old.
  • Joint accounts. Money in joint accounts is insured separately from single-owner accounts, up to a total of $250,000 per owner.
  • Accounts with beneficiaries. Account beneficiaries are insured separately, up to $250,000 per beneficiary. Marcus accounts can have up to six named beneficiaries.

Note: We require all primary and joint account owners to sign a Signature Card (on paper or via electronic signature) to ensure deposits are eligible for the maximum amount of FDIC insurance.

Maximizing FDIC insurance coverage: 2 examples

These examples show how a sample Marcus customer, Mrs. Jones, could set up account ownership to maximize FDIC coverage for a total of up to $1,000,000 in savings for her family. In these examples a person (as an individual owner, joint owner or beneficiary) is eligible for FDIC coverage up to $250,000 total in each ownership category.

Other account ownership scenarios are possible. In addition, Marcus has per-account and per-owner deposits limits. Click here for more information.

Learn more about FDIC insurance

The examples above are designed to help explain how FDIC insurance works and are not intended as estate planning or other financial advice. Check with your own financial advisor about what’s best for you. To determine how much insurance is applicable to your accounts at Goldman Sachs Bank USA and for any other FDIC insurance requirements that may apply, please visit the FDIC website at www.fdic.gov/deposit/deposits or call the FDIC directly at 1-877-ASK-FDIC (1-877-275-3342). The FDIC website includes the Electronic Deposit Insurance Estimator (EDIE), an online tool you can use to calculate your actual FDIC coverage. You can find the EDIE calculator at www.fdic.gov/edie.