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Marcus by Goldman Sachs: Savings reviews

Name: Savings
Rating: 4.62 (87 reviews)

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4.66

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:

Best Instant Access with Good Rate

Been with Marcus since Day 1. It is still my primary Savings account with Instant access Reviewed on: 23rd January 2022

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

Great service.

Had my money with them for some time and they always give a good rate of saving interest. Quick to pet rates up as well and give a bonus. Reviewed on: 20th June 2023

Excellent savings products with competitive interest rates and terrific website GUI

Excellent savings products with competitive interest rates and terrific website GUI Reviewed on: 2nd June 2023

Decent rates comparatively

Across the board no easy access savings account is matching the base rate. Marcus comes close. Reviewed on: 31st May 2023

Intuitive and straightforward

Smooth and easy to use. Straightforward user interface online and fast transfers. Best savings account I've had Reviewed on: 11th April 2023

Easy to operate

All online quick but secures access, automatically move you to best rate and bonuses Reviewed on: 10th April 2023

Great bank

Easy to set up, access and use. Interest is also increased regularaly with increases in the base rate, which is better than most of the main banks. Reviewed on: 9th April 2023

Safe

Easy to use app to track you money and interest. Customer service very good. I could understand clearly what the member of staff was explaining. He was very helpful. Reviewed on: 7th April 2023

Really good customer service

When you speak to Marcus. You instantly talk to a human being without going through a longautomated system. My savings account is simple and money is easy to transfer. The app is simple and the interest rate goes up much quicker than my other accounts. Above all the best customer service of all the banks I use. And have used on the past. Reviewed on: 3rd April 2023

Great communicators

Always keeping in touch and very open about interest rates and usually first to raise them Reviewed on: 3rd April 2023

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