Marcus by Goldman Sachs

Marcus bank account review, information and more

Marcus Bank by Goldman Sachs
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Marcus bank account review
Pros
Save with just £1
Manage your money from any web browser on any device
From trusted name, Goldman Sachs
High-interest rates for an easy access savings product
Cons
No mobile banking app
No current accounts available
Marcus does not offer joint accounts
Customer services can only be contacted by phone
4.3

Offering savings accounts that encourage you to ‘put the interest back into your savings’, Marcus is a trading name of Goldman Sachs. Though you might not have heard of Marcus, you’ll almost certainly have heard of the multinational investment bank that used its founder’s forename to launch these new products in 2016.

Is Marcus a modern contender in the financial market, or has it missed the mark?

First Glance

In the UK, Marcus specifically provides online savings accounts. These are intended to be simple to use, with new customers invited to start saving with just £1.

Here’s an ‘at a glance’ guide to Marcus in the UK, with more detail to follow:

Pros:

  • Save with just £1
  • Manage your money from any web browser on any device
  • From trusted name, Goldman Sachs
  • High-interest rates for an easy access savings product

Cons:

  • No mobile banking app
  • No current accounts available
  • Marcus does not offer joint accounts
  • Customer services can only be contacted by phone

What is Marcus?

Though it offers many more services in the US where it first launched, Marcus in the UK is strictly a savings account provider.

As part of one of the world’s most well-known investment banks, with 150 years of experience and history, Marcus offers something a bit different. It’s Goldman Sachs’ foray into the modern financial world, where customers want quick and easy access to products that do the work for them.

Bringing together sophisticated digital technology and almost 150 years of financial know-how

Marcus

Interestingly, Marcus is not managed through a smartphone app. You can only access your account online, through your choice of web browser. However, the website is designed to be mobile-friendly and should still be very easy to use.

Though most banks do offer an iOS and Android app, Marcus might have you questioning if this is really necessary just for online savings accounts.

Who is Marcus for?

As a 150-year-old investment bank, Goldman Sachs might seem a little out of touch. It’s for those that really understand their money, and want careful control of their savings.

Marcus brings Goldman Sachs to the masses. This is a place to store money, with very little management involved.

A Marcus account can be opened online in as little as five minutes, in much the same way as any savings account with a traditional bank.

With a variable interest rate of 1.45% AER, this account may be suitable for any UK resident that wants to make a profit on their money.

How does Marcus work?

You can apply online for a Marcus savings account. To do so, you will need to make a deposit of at least £1 from a current account in your name. For most people, this process should take less than 10 minutes.

You will need to verify your identity with a passport, full UK driving license or Biometric Residence Permit (BRP). You will also need to provide proof of address using your driving license, a recent mortgage statement, a recent council tax or utility bill, a bank or benefits statement, or your HMRC self-assessment letter.

Your Marcus account is an instant access savings account, with no current account attached. You must make deposits from an existing current account in your name, and will make withdrawals to the same linked account.

Your employer can’t pay money straight into your Marcus account, and you can’t use your funds for payments and Direct Debits. You do not receive a card with your Marcus account. All money management is carried out online.

What features do you get with Marcus?

Marcus is not a feature-packed savings account. But, it does offer the following:

Variable interest of 1.45% AER

Marcus’ interest rates are very competitive, for easy access savings accounts. This rate is at the higher end of the scale.

Instant Access

A savings account with Marcus is truly instant access. This means that when you make a withdrawal, the money should reach your account almost instantly.

Often, savings accounts are easy-access and can get your money to you within 24 hours, usually within 2 hours. The Marcus account allows you to withdraw penalty-free at any time, for a deposit straight into your current account.

Online Account

You will manage your account online. This means that it can be accessed from any PC, laptop, tablet or smartphone. The website is designed to work with a wide range of devices.

Bonus Rate

For your first 12 months, enjoy a bonus rate on your savings of 0.10% gross. You can renew your bonus rate at any time, as long as there’s a bonus rate available. This may be higher or lower than your existing bonus.

Monthly Interest

Your interest will be calculated monthly and applied to your account on the same day of the month that the account was originally opened.

What products do Marcus offer?

Only one product is available. The Marcus Online Savings Account is an instant access, interest-paying savings product.

Are there any additional charges?

There are no fees or charges associated with a Marcus account.

How safe is Marcus?

Associated with Goldman Sachs, Marcus piggybacks on 150 years of investment banking history. It is regulated by the Financial Conduct Authority and the Prudential Regulation Authority.

Your money is protected up to £85,000, by the Financial Services Compensation Scheme.

What about customer service?

For customer service, you will contact a UK-based team by telephone. The phone number (0800 085 6789) is free to call from UK landlines. The phone lines are monitored between 8am and 8pm each day.

All account enquiries must be dealt with by phone. Marcus offers no alternative. If you don’t want to wait on the line, you also have the option to email ([email protected]) for a call back within two business days.

Marcus: The Verdict

Savers are likely to be quite impressed by Marcus’ instant access offering. Interest rates are higher than most other easy access savings accounts, with the added convenience of withdrawals that you don’t need to wait for.

As part of a 150-year-old investment bank, even Marcus – Goldman Sachs’ attempt to reach a modern-day audience – can seem a little out of touch. The lack of a mobile phone app, years after launch, may be a slight inconvenience. That said, Marcus’ mobile-friendly online banking layout is a tick in the right box. It means that accounts can be managed from any device, even without a smartphone in sight.

Because Marcus doesn’t offer its own current account products, you’re free to link your savings account with any current account in your name. For some people, this is appreciated freedom. It provides you with the option to take advantage of two different banking establishments, to maximise profit or convenience. For others that like to keep all their money in one place, this could be more negative.

Though Marcus isn’t breaking the mould in terms of savings product offerings, its high-interest rates and ease of use could tempt more than just the everyday saver.

More about Marcus

Marcus is a new online banking service offered by Goldman Sachs and named after one of the bank’s founders, Marcus Goldman. This new savings focused product already has over half a million customers in the United States and has recently expanded to the UK. It marks the bank’s first foray into the UK market and comes after the account was trialled with UK-based Goldman Sachs staff.

Marcus is one of only a few digital-only challenger banks currently operating in Britain.

Marcus Products and Services

Marcus savings accounts are designed to be simple to use with transparent pricing and great value and work for both short and long-term savers.

Accounts can be opened online in just a few minutes and managed either online or over the phone. As Marcus is an online bank, it has no physical branches.

Marcus savings accounts can be opened with just £1, and savers can deposit a maximum of £250,000. The account pays 1.5% AER variable, including a 0.15% fixed bonus for 12 months. This is the highest rate of interest that has been offered by any bank in over two years. Interest is calculated daily and paid monthly directly into the account.

The account also has no limit on withdrawals, unlike some other savings accounts – so money is available instantly when needed.

Customers who open a bank account (which has strict criteria) or commit to saving for a fixed term with no withdrawals can get an even higher rate of interest.

Anyone looking to apply for a Marcus online savings account must be a UK resident and at least 18 years of age.

Marcus by Goldman Sachs Security

As a UK savings account, the Marcus account is covered by the Financial Services Compensation Scheme (FSCS) up to the value of £85,000 (for savers who also have an account with Goldman Sachs International, the £85,000 covers both accounts).

As an online-only bank Marcus is focused on maintaining the security of customers’ information and safeguarding their money. Several ways in which customers can help to keep themselves safe online are detailed on the Marcus website, and customers can view the bank’s security and data usage policies online too.

Marcus Contact Details

Marcus UK
PO Box 74787
London
EC4P 4JG

Telephone: 0800 085 6789

Helping the UK make informed banking decisions
  1. MARCUS – USELESS CUSTOMER SERVICE. Having opened the account with £100, one month later I deposited £249,900 to match their£250,000 limit, it was returned to my bank account because 13p interest was credited to the account, even though their terms state deposits exclude interest. Having spent money using the banking chaps system they refused any recompense!!!

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