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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

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

Very good company

Always a very competitive interest rate. Online statements very clear and easy to withdraw and deposit money. Good checks when you try to withdraw cash, and signing into account Reviewed on: 19th January 2022

Great home for your instant access savings

Competitive interest rate that is updated regularly to reflect any base rate change. Instant access and very fast transfers when needed, even at weekends. Uncluttered interface, easy to navigate. Highly recommended. Reviewed on: 18th January 2022

good

good rates on saving accounts constantly Reviewed on: 18th January 2022

A great online bank

The interest rate is good for an instant access savings account and the app is very useful Reviewed on: 17th January 2022

Great company

Very happy with the company. The interest rates are good and website is easy to use. Reviewed on: 29th March 2021

Good, simple platform - poor rate now

Introductory savings rate was quickly cut which loses customer confidence. Reviewed on: 28th March 2021

Simple and reasonable savings

A solid online savings product, however is also fairly basic and without frills. The Goldman Sachs link is the draw here. Reviewed on: 26th March 2021

Just works

Does everything it’s meant to. Easy savings. Clear info. No app though. Reviewed on: 12th March 2021

Was good when rates were attractive

Good and recommend when higher interest rates were available. Cuts make it less attractive to recommend. Reviewed on: 11th March 2021

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