Marcus by Goldman Sachs Bank
Discussion
Shnozz said:
The idea of holding more than the FSCS protection ceiling in any account would be risky and I am sure if I had a million quid in investments I wouldn't be in tesco bank but would be:-
1. Not looking at 1.5% instant access accounts and;
2. Not on PH at 9pm sat in the cold UK; and
3. Off my head with norks in my face
I’m not sure I think it’s all that risky1. Not looking at 1.5% instant access accounts and;
2. Not on PH at 9pm sat in the cold UK; and
3. Off my head with norks in my face
But I mentioned it because often when there’s a thread like “I’ve sold my house for £300k - what do I do with that money until I buy another in six months?” I often see responses suggesting accounts like this as it’s a bit short term for big investments and you might as well get some interest on it.
Jimmy Recard said:
I’m not sure I think it’s all that risky
But I mentioned it because often when there’s a thread like “I’ve sold my house for £300k - what do I do with that money until I buy another in six months?” I often see responses suggesting accounts like this as it’s a bit short term for big investments and you might as well get some interest on it.
It probably isn't risky at all. And one would hope with the Basel III capitalisation requirements your money would be safe across the board. However, I think if my life savings/house money was on the line I would forego a modest interest rate in one establishment for the benefit of FSCS insurance just in case the worst happened. £85k in Marcus, £85k in tesco, £20k in Santander accounds for pretty substantial deposits and plonk £50k into premium bonds and you get the majority of the GS rate with protection and the chance to win a few quid.But I mentioned it because often when there’s a thread like “I’ve sold my house for £300k - what do I do with that money until I buy another in six months?” I often see responses suggesting accounts like this as it’s a bit short term for big investments and you might as well get some interest on it.
Anyone had any delays on transfers in?
Did a test £100 from Santander and it showed up almost instantly.
Then did 20k which failed on the Santander side (no reason given from telephone support).
Then did the 20k again on internet banking while on the phone to support and it left Santander straight away. Both available & actual balance has debited the 20k.
14 hours later still not showing in Marcus.
Plan to call Marcus in the morning if still not available, but has anyone else seen this scale of delay?
Did a test £100 from Santander and it showed up almost instantly.
Then did 20k which failed on the Santander side (no reason given from telephone support).
Then did the 20k again on internet banking while on the phone to support and it left Santander straight away. Both available & actual balance has debited the 20k.
14 hours later still not showing in Marcus.
Plan to call Marcus in the morning if still not available, but has anyone else seen this scale of delay?
BoRED S2upid said:
Exactly you may as well take your chances plus 2 people have to get a million a month! The only people getting a million a month from Goldman Sachs are them.
It's not 1.4% PLUS you might win a million. It's "all of the customers averaged together - inc those who win millions - average 1.4%. You have to have a LOT of people getting nothing every month to allow one to get a million and average 1.4%.https://www.moneysavingexpert.com/savings/premium-...
It's more of an alternative to the lottery, than an alternative to a savings account.
sas62 said:
Anyone had any delays on transfers in?
Did a test £100 from Santander and it showed up almost instantly.
Then did 20k which failed on the Santander side (no reason given from telephone support).
Then did the 20k again on internet banking while on the phone to support and it left Santander straight away. Both available & actual balance has debited the 20k.
14 hours later still not showing in Marcus.
Plan to call Marcus in the morning if still not available, but has anyone else seen this scale of delay?
I transferred £25k (the most hsbc allow in one day) hsbc / marcus and it was almost instant.Did a test £100 from Santander and it showed up almost instantly.
Then did 20k which failed on the Santander side (no reason given from telephone support).
Then did the 20k again on internet banking while on the phone to support and it left Santander straight away. Both available & actual balance has debited the 20k.
14 hours later still not showing in Marcus.
Plan to call Marcus in the morning if still not available, but has anyone else seen this scale of delay?
Hope you get it sorted ASAP.
Now I can't log into Marcus
"Sorry, something seems to be wrong
Please come back later and try again. If you still can't get to the page you need and you’d like to talk to us, call us on 0800 085 6579. Our lines are open Monday to Friday, 8am to 8pm."
And the phone number is just beeps 3 times and cuts off.
Not very inspiring.
Any one else with login issues?
"Sorry, something seems to be wrong
Please come back later and try again. If you still can't get to the page you need and you’d like to talk to us, call us on 0800 085 6579. Our lines are open Monday to Friday, 8am to 8pm."
And the phone number is just beeps 3 times and cuts off.
Not very inspiring.
Any one else with login issues?
sas62 said:
Got through by phone eventually. They have confirmed wen site is not working and are advising people to try later. Also confirmed my deposit arrived which is something.
In that case I am out. I don't want that hassle. One of the great things with first direct is the speed at which you reach a human being.funinhounslow said:
So there was me thinking I'm opening a savings account with a decent (by today's standards) rate of interest, and now I'm at risk of being attacked by a giant octopus?
They're regulated by the FCA, and I can get my money back when I want. Interest is even paid monthly.
All banks are in it to make money, and none of them give money away. Remember self certification mortgages, PPI misselling and this
https://www.theguardian.com/business/2012/jul/17/h...
Which ethically pure bank do you suggest I use? Co-op?!
You’re view is valid but hyphen does raise a good point which is just what exactly is in this for GS? There’s always an angle and with GS it’s never pleasant. They're regulated by the FCA, and I can get my money back when I want. Interest is even paid monthly.
All banks are in it to make money, and none of them give money away. Remember self certification mortgages, PPI misselling and this
https://www.theguardian.com/business/2012/jul/17/h...
Which ethically pure bank do you suggest I use? Co-op?!
Maybe it’s long term plan is for Marcos funds in deposit to form the first line during the next bail in? Why set up a new brand of not to be able to kill it when needed with fewer repercussions?
It’s GS. There has to be a big angle and it has to be unpleasant.
DonkeyApple said:
You’re view is valid but hyphen does raise a good point which is just what exactly is in this for GS? There’s always an angle and with GS it’s never pleasant.
Maybe it’s long term plan is for Marcos funds in deposit to form the first line during the next bail in? Why set up a new brand of not to be able to kill it when needed with fewer repercussions?
It’s GS. There has to be a big angle and it has to be unpleasant.
How about they want to build up a new database of probably wealthy clients to cross sell other services to?Maybe it’s long term plan is for Marcos funds in deposit to form the first line during the next bail in? Why set up a new brand of not to be able to kill it when needed with fewer repercussions?
It’s GS. There has to be a big angle and it has to be unpleasant.
bad company said:
How about they want to build up a new database of probably wealthy clients to cross sell other services to?
Then why not setup a private bank? Why not target family offices.Why a open to the public retail bank. why play with pennies. If they are after high net worth, why not setup an offshore, tax free affair? Why go after the plebs such as myself!
If you google Marcus bank, the first product they have chosen to list in the first line is loans, not savings...
When you go to their homepage, loans is also what you see first, also see that button for 'loan invitation code'
The high interest on savings is to get them all the free PR they are getting, and get the brand out there, as the GS brand is not trusted.
Until another strategy is revealed, which it may well be. I am of the opinion that they are going to rape a lot of people somewhere down the line.
Edited by hyphen on Wednesday 3rd October 11:53
hyphen said:
Goldman's are in it to make money, ruthlessly. The nickname Vampire Squid exists for a reason.
Leading the way in the interest league tables is clearly going to be a loss leader for this squid to wrap it's tentacles around you, but what isn't clear is their end game.
They have a strategy, and it's not to give money away. The more savvy customers, such as some of yourselves, will do fine, get in whilst savings rates are good and then later switch away.
Or you may end up having unexpected financial trouble, and end up using the services of the devil you are in bed with!!
Goldman's aren't a low margins business, if they are using some of the billions off their balance sheet for this venture, over the many other opportunities they have, then there is some way they have calculated to make serious money along the way.
It's really very simple...it's a cheap way for GS to borrow money...i.e. if they go to the wholesale markets it would cost them more to borrow money than it does to give savers these interest rates through "Marcus". Same principal as with the Icelandic Banks back in 2008...they were paying what people thought were amazing rates to borrowers because in their case they had been shut out of the wholesale markets. Leading the way in the interest league tables is clearly going to be a loss leader for this squid to wrap it's tentacles around you, but what isn't clear is their end game.
They have a strategy, and it's not to give money away. The more savvy customers, such as some of yourselves, will do fine, get in whilst savings rates are good and then later switch away.
Or you may end up having unexpected financial trouble, and end up using the services of the devil you are in bed with!!
Goldman's aren't a low margins business, if they are using some of the billions off their balance sheet for this venture, over the many other opportunities they have, then there is some way they have calculated to make serious money along the way.
Cheib said:
It's really very simple...it's a cheap way for GS to borrow money...i.e. if they go to the wholesale markets it would cost them more to borrow money than it does to give savers these interest rates through "Marcus". Same principal as with the Icelandic Banks back in 2008...they were paying what people thought were amazing rates to borrowers because in their case they had been shut out of the wholesale markets.
They are aggressively pushing loans... Indicates they are aiming to lend more than build up deposits. Goldmans total assets at 2017 were $979.25 billion and they have a huge black book of deep pocketed private, institutional and sovereign investors. They don't need your £100 a month drip feeding in
I am worried on your behalf, so here are the details of a rape helpline for future use http://www.supportline.org.uk/problems/rape_sexual...
hyphen said:
bad company said:
How about they want to build up a new database of probably wealthy clients to cross sell other services to?
Then why not setup a private bank? Why not target family offices.Why a open to the public retail bank. why play with pennies. If they are after high net worth, why not setup an offshore, tax free affair? Why go after the plebs such as myself!
If you google Marcus bank, the first product they have chosen to list in the first line is loans, not savings...
When you go to their homepage, loans is also what you see first, also see that button for 'loan invitation code'
The high interest on savings is to get them all the free PR they are getting, and get the brand out there, as the GS brand is not trusted.
Until another strategy is revealed, which it may well be. I am of the opinion that they are going to rape a lot of people somewhere down the line.
Edited by hyphen on Wednesday 3rd October 11:53
Jimmy Recard said:
But how does this negatively affect people who want to deposit money but will not have any need for a loan?
I’m really struggling to see it
The devil doesn't come to you promising doom and gloom, he offers you an incentive to get into bed with him.I’m really struggling to see it
Traps don't work without bait.
I can go on all day
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