Are the Banks Open on Martin Luther King Day?

MLK Day is almost here, which has many folks wondering if banks are open on Monday, Jan. 16.

Dr. Martin Luther King, Jr.
(Image credit: Getty Images)

Are the banks open on Martin Luther King Day in 2023? That's a question plenty of folks are asking just ahead of the federal holiday. The answer is no, banks are not open on MLK Day. 

Martin Luther King Jr. Day became a federal holiday in 1983, when it was signed into law by then President Ronald Reagan, and was officially observed three years later. It wasn't until 2000 that all 50 states recognized MLK Day, as the holiday is also known.

The three-day weekend marks the second bank holiday in 2023, with the first occurring on Monday, Jan. 2, in observance of New Year's Day. 

Subscribe to Kiplinger’s Personal Finance

Be a smarter, better informed investor.

Save up to 74%
https://cdn.mos.cms.futurecdn.net/flexiimages/xrd7fjmf8g1657008683.png

Sign up for Kiplinger’s Free E-Newsletters

Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.

Profit and prosper with the best of expert advice - straight to your e-mail.

Sign up

Dr. King's birthday is actually Jan. 15, but the MLK holiday doesn't necessarily occur on that exact date, as is the case in 2023. While Martin Luther King Jr. Day is meant to celebrate Dr. King's birthday, the federal holiday is observed on the third Monday in January, regardless of the date on which that day falls. 

As for stock market holidays – particularly for those asking "is the stock market open on Martin Luther King Day" – the stock market is typically closed on the federal holiday. Bond traders also get a three-day weekend, with bond markets shuttered on MLK Day, too. 

For those wondering what time does the market open for regular trading hours, both the Nasdaq Stock Market and the New York Stock Exchange (NYSE) are open from 9:30 a.m. to 4:00 p.m. Eastern time Monday through Friday.

If you're looking to take some time over the three-day weekend to get a headstart on your tax preparation, have a look at the income tax brackets for 2022 and 2023. Additionally, don't forget to check out the standard deduction amounts and capital gains tax rates for 2022 and 2023. And while we're on the topic of taxes, be sure to go over these surprising tax write-offs.

Below, we feature a full schedule of all U.S. bank holidays for 2023. Please note that the list includes Juneteenth – the June 19 holiday commemorating the end of slavery – which became the 12th federal holiday by vote of Congress in 2021.

Bank Holidays 2023

Swipe to scroll horizontally
DateDayHoliday
January 2MondayNew Year's Day (Observed)
January 16MondayMartin Luther King, Jr. Day
February 20MondayPresident's Day
May 29MondayMemorial Day
June 19MondayJuneteenth
July 4TuesdayIndependence Day
September 4MondayLabor Day
October 9MondayColumbus Day
November 11SaturdayVeterans Day
November 23ThursdayThanksgiving Day
December 25MondayChristmas Day

* This is the recommended bank market holiday schedule from the Federal Reserve (opens in new tab). This schedule is subject to change.

Should I Cancel Amazon Prime? Here Are 12 Good Reasons

Karee Venema
Contributing Editor, Kiplinger.com

With over a decade of experience writing about the stock market, Karee Venema is an investing editor and options expert at Kiplinger.com. She joined the publication in April 2021 after 10 years of working as an investing writer and columnist at Schaeffer's Investment Research. In her previous role, Karee focused primarily on options trading, as well as technical, fundamental and sentiment analysis.