Marcus by Goldman Sachs Bank

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Anybody holding a lot of cash needs to look at this:-

https://www.marcus.co.uk/uk/en

Much better rates than mainstream UK banks.

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Orchid1 said:

I was looking at this as well and wondering what people's thoughts were. The rate drops to 1.35% or thereabouts after a year however that's still better than what Yorkshire Bank drops to after the same time period and you can take your money out any time you like without penalty.

0.2% for an easy access account with Lloyds or Halifax.

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ReallyReallyGood said:

I wonder how many people will forego the high rate due to the ethical concerns of their Investment Banking arm and what some view as them being an 'evil' corporation.

I'd wager, not many!

Not me for a start.

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Jimmy Recard said:

You can get 1.3% for a year on instant access savings with at least a few banks. I have one with Tesco and I think Post Office (Bank of Ireland) offer the same. That said, they drop a lot after 12 months

I started to open an online account with Tesco. I got as far as them saying I would have to post them documents to open the account and withdraw money but they wouldn't say what the documents are until I had done so. I really don't want to post my passport and/or driving license and there was no facility to take the documents into a store.

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Found it. Here’s the problem with opening an account with Tesco. I wonder if the same applies with Marcus?

You can pay money into your account once your application is complete, but you won't be able to take money out until you send us certain information by post. We'll tell you what this involves once your account is open.

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Fore Left said:

I took the plunge and opened an account as my current 'high' interest account is about to become very low interest.

The site is really simple. Like, my first website simple. Big text, big buttons and lots of 'white' space. Renders OK with similar big stuff on mobile. Opening the account took 3 minutes and was painless. It sends you a verification pin on first login from a new device. You get an account number and sort code (so no 'roll' number but it says you can only deposit money from your nominated account). Test deposit was in there within an hour. You can only withdraw money to your nominated account but it was dead easy. Put in the amount, click continue and confirm and away it goes (I didn't actually hit confirm but it says it will arrive within 2 hours). .


This is the account home page on my laptop (you need to scroll down for Account Activity and Quick Links);

Edited by Fore Left on Thursday 27th September 21:18

Sounds great but how do they get to be so easy without seeing proof of I’d and address etc?

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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?!

This 100%.

I think someone’s losing the plot here.

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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?

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funinhounslow said:

Jimmy Recard said:

Go on all day about nothing?

I doubt I’ll ever take a loan in the future, apart from mortgages maybe.

Even if I do, there are options other than Goldman Sachs.
Unless you think Goldman Sachs will steal my deposits, I’m not following

Me either, and I find the references to rape, getting "bent over without lube", and giant octopuses or whatever ridiculous in relation to a consumer savings product.

I wish someone would just tell me clearly what I've set myself up for by opening an online savings account.

I am just waiting for a link to some YouTube "documentary", probably in the form of a cartoon...

I may be wrong here but I ‘thing’ Goldman Sachs have to comply with the same laws as others.

There’s some paranoia on this thread.

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DonkeyApple said:

If we’re really honest, Lloyd’s was by far the most robust player at that time until it decided to leap at Gordon’s invitation to shoot itself in the face and scoff down a McTurd Sandwich.

Spot on. I was a Lloyds shareholder at the time, WTF were they thinking?

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Simpo Two said:

OK let's cut to the chase here. Ethics is a county. If Marcus is covered by the FSCS to £85K, and I put £85K in it, how can I lose it?

Realistically the answer is that you can’t.

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Henners said:

Seems to be pretty popular, 50k accounts opened in the 10 days since UK launch.

Hopefully it’ll encourage others to review their rates.

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Henners said:

Now up to 100k accounts open, well 100k customers.

Also looking to launch ISA and mass market wealth products.

Edited by Henners on Monday 5th November 09:48

The wealth products will be how they’re planning to make money from this.

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Badda said:

Jon39 said:

I did warn a friend in advance of the Icelandic bank fiasco

Relevance?

Since when was relevance an issue on PH?

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As many people’s rate will be reducing now after the first year here’s the fix:-

Simply log in to your Marcus account online, click 'View', 'Review your savings' and then 'Renew your bonus'.

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My sister just applied to open an account with Marcus. Apparently they asked her about the source of the funds which seems odd as I was never asked that question. Anyway when she said she’d inherited the money they wanted a death certificate.

Does that seem right? I just opened my account online and funded it from my UK bank account.

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PostHeads123 said:

JM said:

I saw the message a few months ago and put it in my calendar to renew it this weekend, only to find out I can't now renew it.

Same here logged in before xmas option to renew was there but I thought would do after xmas just logged in and cant shows underlying rate as 1.34% and the old bonus was 0.15 so I'm going from approx 1.5% to 1.34. Pitty as I liked Marcus website will have to mess around now looking for another account.

I tried Coventry Building Society. Decent rates but a real paper chase, very clumsy and not easy to deal with/manage. I have Marcus and some with Virgin Money.

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I 8 a 4RE said:

Simply bumping this with the question if anyone has found any good alternatives?

Virgin Money not bad @2%.

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I 8 a 4RE said:

bad company said:

Virgin Money not bad @2%.

Thank you.
It seems the maximum amount is £3,500 only?

I have a 6 figure amount with them at 2%.

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Jimmy Recard said:

bad company said:

I have a 6 figure amount with them at 2%.

The proceeds from Straight Shooter?

You need to be of a certain age to know about that.