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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

Great

Its a really great savings app to have Reviewed on: 2nd February 2023

Easy to use and good interest rates.

Have found this account to suit me well for saving money at good interest rates whilst being able to withdraw some/all immediately with no loss of interest. Reviewed on: 31st January 2023

Amazing interest

Great at keeping up from interest rate hikes. Reviewed on: 31st January 2023

Simple, easy to use, reasonably good rate

Had an account for 2 years. Very swift service, easy to transfer money in and out to our nominated bank. Many bank and BS competitors would do well to learn from this Goldman Sachs offering Reviewed on: 30th November 2022

Effective Online Savings

We have used Marcus to ‘garage’ funds between projects at better than bank interest and the online transfers have always been rapid with our nominated bank account. Simple to use online banking. Reviewed on: 27th October 2022

Simple straight forward savings account

The Marcus account came along when UK savings rates were at at all time low. It offered a noticeably higher rate of return, simple to operate with a tablet friendly mobile app. It has also been reactive to base rate changes and now offers 2% instant access. Really, what's not to like? Reviewed on: 22nd October 2022

Savings account

Interest rates go up as soon as the base rate changes, not like other banks who make no change Reviewed on: 23rd August 2022

TL;DR

Pages and pages of explanations and it took ages to open an account. After opening, there's not much I can do with it. Reviewed on: 12th August 2022

First class

I have had a savings account for quite some time with the Marcus arm of Goldman Sachs, and I have always found them to be excellent in all aspects. Passing on savings rate rises when they are available, an easy to use app, and when i have had occasion to speak to customer services they are brilliant. If only others were as professional. Reviewed on: 17th March 2022

Reliability, Honesty, and Simplicity

It is a pleasure to use their website. logging in is straight-forward and the level of security is perfectly adequate. Communications are simple and instant access is exactly that. Deposit interest is highly competitive. Reviewed on: 9th March 2022

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