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.