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Marcus by Goldman Sachs: Savings reviews

Name: Savings
Rating: 4.62 (87 reviews)

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4.69

Based on 87 reviews, last reviewed 24th May 2024

No new 5 star reviews

in the past 90 days

No new 1 star reviews

in the past 90 days

72%

23%

Latest highest rating:

5

The Marcus savings account is very simple and straig... The Marcus savings account is very simple and straightforward to use, and the rate is competitive. I haven't had to contact customer service, so don't... Read more Reviewed on: 24th May 2024

Latest lowest rating:

1

Poor experience with Cash ISA transfer out of Marcus Last year, I switched an ISA over to Marcus. Switching over was straightforward and was done electronically from the previous provider. Fast forward t... Read more Reviewed on: 2nd July 2023

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About this product

Marcus by Goldman Sachs launched in 2018 with an easy access savings account that initially had a market-leading interest rate. Already a Marcus by Goldman Sachs savings customer? Leave a review and let others know about your experience. Or are you looking for Marcus by Goldman Sachs reviews? See what people are saying below about their online-only savings accounts. At Smart Money People, we're changing financial services for the better.

Marcus by Goldman Sachs Savings reviews (87)

Review of the Marcus by Goldman Sachs, Savings:

Poor experience with Cash ISA transfer out of Marcus

Last year, I switched an ISA over to Marcus. Switching over was straightforward and was done electronically from the previous provider. Fast forward to earlier in 2023 when I wanted to switch the ISA out of Marcus to another provider. I was unable to transfer my ISA electronically from Marcus to the new provider as Marcus does not support electronic transfers. Sadly, I only became aware of this at the time I wanted to transfer the ISA out of Marcus as this information is not made clear in the product particulars. It is only if you read the FAQs on ISAs that it tells you that Marcus does not support BACS transfers out of ISAs. So what does this mean in practice? It means that in order to transfer your ISA out of Marcus, you have to complete a form from your new provider which you have to hand in to a local branch of the new provider or post it to them. As you have to include personal information in the form, Imagine the security issues that this creates and what might happen if your form were to get lost in the post and fall into the hands of a less than honest third party! Once your new provider receives the completed form, they post it to Marcus (creating further security issues). Once Marcus receives it, they generate a cheque for your ISA funds and post it back to your new provider. Imagine what might happen if the cheque gets lost in the post. In the 21st century, we are expected to rely on such an antiquated system which relies on forms and cheques being put in the post rather than a simple electronic transfer! In my case, the transfer took 18 days in total. This is a process which a few banks complete electronically in no more than 48-72 hours. I contacted Marcus to ask if my new ISA provider could have emailed my completed form to them instead of putting it in the post. Marcus said that this is possible and even provided an email address to facilitate this. On checking this with my new provider, my understanding is that the email address cannot be used routinely. In the first instance, the completed form should always be sent by post. It is only if the form goes missing in the post that the email communication is normally used. I lodged a complaint with Marcus and spoke with a member of their customer services team. The long and short of it was that they will not change their process unless they receive a sufficient number of complaints like mine. I was even asked if they could consider my complaint ‘resolved’ to which I relented even though strictly, the complaint cannot be considered resolved. Bottom line is whenever you open a cash ISA with any provider, clarify from the outset whether they allow switching in and out of ISAs to be done electronically. If they don’t, then think very hard whether you want to open an ISA with them as you will potentially be faced with lengthy switch out transfer times as well as the associated significant security issues with documents being sent by post! Reviewed on: 2nd July 2023

Good rates of interest

Initially set to an ISA as Marcus offered a good rate of interest. I also set up a savings account and I love that they quickly put up the interest rate when the base rate changed. Reviewed on: 15th February 2024

Another good app.

Another good app. Love the way you can simply transfer savings into an ISA Reviewed on: 15th February 2024

Great interest rate on savings.

Great interest rate on savings. A renewable bonus is added to the already competitive interest rate. Your savings can be easily accessed and are transferred quickly to your linked account usually within a few minutes. Reviewed on: 15th February 2024

Good savings rates

Good savings rates and easy to transfer between my bank and this savings account. Reviewed on: 15th February 2024

Savings Account & ISA

Instant access of savings paying 4.75% return. Reviewed on: 15th February 2024

Good easy access savings plan

I started with Marcus and love the easy access via the App. Their interest rates are not the best though. Reviewed on: 14th February 2024

Always quick to raise interest rates, easy to use an...

Always quick to raise interest rates, easy to use and efficient. Reviewed on: 30th January 2024

An Excellent place to save

For ease of use and probably the highest interest rate available for an instant access account, Marcus is excellent. Reviewed on: 2nd November 2023

Straightfoward

Kept up to date with fluctuating interest rates. Straightforward for the computer savvy to run. Can speak to a real human on the phone. Reviewed on: 4th August 2023

Good service and interest rates

Their savings account and ISA are both the same interest rate. They automatically update interest rates. It easy to move money between accounts. Reviewed on: 14th July 2023

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