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.
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.
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?
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:
Cons:
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.
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.
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.
Marcus is not a feature-packed savings account. But, it does offer the following:
Marcus’ interest rates are very competitive, for easy access savings accounts. This rate is at the higher end of the scale.
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.
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.
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.
Your interest will be calculated monthly and applied to your account on the same day of the month that the account was originally opened.
Only one product is available. The Marcus Online Savings Account is an instant access, interest-paying savings product.
There are no fees or charges associated with a Marcus account.
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.
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.
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.
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 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.
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 UK
PO Box 74787
London
EC4P 4JG
Telephone: 0800 085 6789
Find answers in Q&As and ask your question
How easy is to get ED (VP2 US colleagues)@S&T in London?If you know how to play the corp. game and diversity card it is possiblewithout qualification, weak education etc. Commonmisconception is it is difficult not being sb protégé. Well, I was recruited by direct HR approach (typically for +VP).
However, I can call myself v.lucky HR on-board me although:
– I was disciplinary terminated, sucked @BofA in 15’focusing on the last employer instead, recommendation.Lucky this hasn’timpacted my screening, most banks perform much detailed checks further in history!
– I'm 100% non-TARGET (Uni, MBAs, background etc)I have low (3.6/5.0)MscMarketing/Accounting of EasternUni,non target even there,2nd degree but never finished,started ACCA which failed after 1stexam, same goes to FCA etc. An obvious trick was do buy instead MBA) the cheapest London’s MBA(100% pass rates+ CMI incl. nb cares,West London@the end merged with City Uni-what confused HR as it is still same quality)
– My background by no means wasn’t FO,as I camefrom generic op. Firmops,CA experience, never been involved in actually sellspitching, direct clients interaction, not like most transfers to FO <Risk or Research,Finance,Markets
– I’m not qualified,neither FCA, FRM, ACCA etc, Analyst I supervise are 2x more technical superb, as far my +15 YOE middle op support goes.I have started ACCA but failed,started FCA but failed, so MBA with impossible to fail(100% successful rate) at WestLondon was my way around, especially as they merged it with City Uni at final study what confused HR even more and giving other label for same quality same.
– CHEAT TRICK there are MBAs and “MBAs”- I have completed the cheapest (budget-limitation & language barrier) non-target (some called it Micky Mouse MBA)costed +£16k, which was later luckily merged with City Uni.The main requirement pass basic IELTS(sb might be laugh) not like in professional MBA programmes (GMAT) not to mentioning LSE andrest Russel’s Group requirements! Most of my colleagues @GS have graduated LSEetc(140£k eMBA)however due to language, communication I was also forced to use extensive help copywriters(fiverr,gumtee) to pass final result.
– My communication skills although average at the best, I have neverstudied English language as my 1st foreign language, nor eastern accent luckily hasn’t impacted my chances.
– Finally if I were representing a different sex, probably not meeting diversity, I wouldn’t stand a chance among colleagues, with CFAs,LSEs etc
Overall I’m so grateful and happy that I can lead own team and set owntargets as well recruit people suitable for business and my management own personal goals.
I’m keep telling friends that in this business critical thinking is disadvantageous,there is no space for too old, too experienced candidates as they tend tocreate leaderships challenges and raising uncomfortable questions about senseand ways of doing things.the speed, accuracy are the most importantin this role alongside soft skills managed (not the most knowledgeable or skilled got promoted!).I personally tend to recruit only young candidates,who are willing to make effort, work long hours and do not challengesupervisors causing unnecessary fractions.Why I would recruit sb you can possessa threat to your own role!
Ethics& Integrity: Neither GS nor my previous bank wouldn’t probably mind if I will admit that I’ve spent few years clamming council social housing benefits as well, living with my further family in their council flat and still work as Director(savings ‘000).I simply used an opportunity as I was learnt doing at work.
To summarize I’m not exactly a raw model for juniorcolleagues (sometimes) better qualified and technically skilled on the job than me, neither in terms of technicality nor especially ethics at all, but as theycame to me and once you are in, who cares!All of the above are true and rather simple tocheck, so I hope HR is taking notes.
Morgan's HR acknowledged that if they had known much earlier, they would have responded appropriately, as now…now it is yours and only yours problem…
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!!!
Dreadful customer service. Once they found out I was deaf they refused to open an account!
Seems very good so far and easy to set up. Money is already in and earning! 🙂
