Marcus by Goldman Sachs Bank

Marcus by Goldman Sachs Bank

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Discussion

LH.

2,707 posts

215 months

Wednesday 22nd March 2023
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Just opened Coventry savings account at 3.25%

RicksAlfas

13,408 posts

245 months

Wednesday 22nd March 2023
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LH. said:
Just opened Coventry savings account at 3.25%
Good rate, but not quite the same though as it's not unlimited access.

S600BSB

4,660 posts

107 months

Wednesday 22nd March 2023
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LuS1fer said:
Joey Deacon said:
Just got an email stating that Marcus are now paying 3% interest. Time to move the money out of my Santander 2.72% account again!
Too little, too late, I emptied my Santander into my 3% Chase account months ago and I get 1% on money in my Chase current account and 1% cashback (subject to a £500 pay-in per month from April.
Emptied my Marcus into my Monzo savings account a few weeks ago.

LuS1fer

41,138 posts

246 months

Wednesday 22nd March 2023
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S600BSB said:
LuS1fer said:
Joey Deacon said:
Just got an email stating that Marcus are now paying 3% interest. Time to move the money out of my Santander 2.72% account again!
Too little, too late, I emptied my Santander into my 3% Chase account months ago and I get 1% on money in my Chase current account and 1% cashback (subject to a £500 pay-in per month from April.
Emptied my Marcus into my Monzo savings account a few weeks ago.
I took out my ISA too (which Chase don't do) but for the remainder of the tax year, it's hardly a loss. Might open a new one in April now it's 3%.

Lagom

544 posts

63 months

Wednesday 22nd March 2023
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Marcus interest rates are uncompetitive and they are always too slow to raise rates, not had any money with them for months.

Zopa 31-day notice has been at 3.31% for a couple of weeks, which tends to trump most other rates.

Move money in and give 31 days notice at the same time. After 31 days reinvest or move elsewhere.

Harpoon

1,870 posts

215 months

Wednesday 22nd March 2023
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Lagom said:
Marcus interest rates are uncompetitive and they are always too slow to raise rates, not had any money with them for months.

Zopa 31-day notice has been at 3.31% for a couple of weeks, which tends to trump most other rates.

Move money in and give 31 days notice at the same time. After 31 days reinvest or move elsewhere.
Possibly a harsh definition of uncompetitive IMO.

3.3% is 25 pence per month per £1000 saved more than 3.0% (£2.75 vs £2.50). Some old dog of a savings account at 0.5% earns 42 pence per £1000/month.


webstercivet

457 posts

75 months

Wednesday 22nd March 2023
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3.25% with Cynergy, no restrictions, £1 to £1m.

Lagom

544 posts

63 months

Wednesday 22nd March 2023
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Harpoon said:
Possibly a harsh definition of uncompetitive IMO.

3.3% is 25 pence per month per £1000 saved more than 3.0% (£2.75 vs £2.50). Some old dog of a savings account at 0.5% earns 42 pence per £1000/month.
You selectively left out 'slow to raise rates'. Which has been a recurring theme through this thread.

Edited by Lagom on Wednesday 22 March 18:16

Bowser87

1,306 posts

184 months

Wednesday 22nd March 2023
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webstercivet said:
3.25% with Cynergy, no restrictions, £1 to £1m.
They’re offering notice now as well, up to 3.65% for longer durations.

webstercivet

457 posts

75 months

Thursday 23rd March 2023
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Bowser87 said:
webstercivet said:
3.25% with Cynergy, no restrictions, £1 to £1m.
They’re offering notice now as well, up to 3.65% for longer durations.
Good spot, 3.6% for 95 days seems like the sweet spot.

LuS1fer

41,138 posts

246 months

Thursday 23rd March 2023
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webstercivet said:
Bowser87 said:
webstercivet said:
3.25% with Cynergy, no restrictions, £1 to £1m.
They’re offering notice now as well, up to 3.65% for longer durations.
Good spot, 3.6% for 95 days seems like the sweet spot.
They don't seem to have a decent phone app or any app. Chase have got the best app by a country mile.

Russ T Bolt

1,689 posts

284 months

Thursday 23rd March 2023
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LuS1fer said:
They don't seem to have a decent phone app or any app. Chase have got the best app by a country mile.
I disagree, the Chase app used to be great.

Since they updated it into different tabs the Chase app has become disjointed and is utter garbage, unnecessarily complicated.

They are now spamming me on the savings tab with Nutmeg adverts.

webstercivet

457 posts

75 months

Thursday 23rd March 2023
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LuS1fer said:
webstercivet said:
Bowser87 said:
webstercivet said:
3.25% with Cynergy, no restrictions, £1 to £1m.
They’re offering notice now as well, up to 3.65% for longer durations.
Good spot, 3.6% for 95 days seems like the sweet spot.
They don't seem to have a decent phone app or any app. Chase have got the best app by a country mile.
Yes and the Cynergy website and two-factor auth app is clunky and homespun.

Not a problem for me when it's a savings account tho.

Fonzey

2,062 posts

128 months

Thursday 23rd March 2023
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Signed up to Cynergy last night, not sure I can get on with their web portal/app - it looks like a GCSE IT project and interest is paid yearly.

Signed up to Chip, seems much better and more user friendly. Only reason I didn't want to go for Chip immediately is because I preferred a joint account (which Cynergy did provide).

LuS1fer

41,138 posts

246 months

Thursday 23rd March 2023
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Fonzey said:
Signed up to Cynergy last night, not sure I can get on with their web portal/app - it looks like a GCSE IT project and interest is paid yearly.

Signed up to Chip, seems much better and more user friendly. Only reason I didn't want to go for Chip immediately is because I preferred a joint account (which Cynergy did provide).
Just had a look at Chip but it's not very clear if you have to pay fees?

Fonzey

2,062 posts

128 months

Thursday 23rd March 2023
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LuS1fer said:
Just had a look at Chip but it's not very clear if you have to pay fees?
No fees on the 3.4 instant access account.

LuS1fer

41,138 posts

246 months

Thursday 23rd March 2023
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Chase are increasing to 3.1% from 3rd April.

R33FAL

535 posts

169 months

Friday 24th March 2023
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Marcus always capturing a nice spread each time... not only is it 2 weeks after the base rate change, its also only passing on 40% of it....

LuS1fer

41,138 posts

246 months

Friday 24th March 2023
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The fighting continues

Santander e-saver just gone to 3.25% so Chase will forfeit my savings but I'll still pay in 500 a month to Chase to keep my cashback.

Edited by LuS1fer on Saturday 25th March 11:57

daddy cool

4,002 posts

230 months

Wednesday 5th April 2023
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The rate has just gone up... so i thought i'd check the thread and see whos the first knob that complains about it biggrin