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Marcus by Goldman Sachs: Savings reviews

Name: Savings
Rating: 4.62 (89 reviews)

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4.68

Based on 89 reviews, last reviewed 22nd Jan 2025

100% increase in 5 star reviews

in the past 90 days

No new 1 star reviews

in the past 90 days

71%

24%

Latest highest rating:

5

They offer great rates, good customer service They offer great rates, good customer service and generally offer a good product Reviewed on: 22nd January 2025

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 (89)

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

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

Good for savings

Instant access and interest! What could be better? Reviewed on: 10th March 2021

Reliable & rewarding

good interest and straightforward website which makes it easy to manage your savings Reviewed on: 14th February 2021

Great account and easy to use

Opened this a couple of years ago. At the time it was the highest interest you could get for an instant access account. It’s a basic system and easy to use online. I only needed to phone once as I was purchasing a house and needed a proper savings certificate which was sorted promptly. All in all a good simple account with some interest too. Reviewed on: 13th July 2020

Good

Easy process to set up and offers great interest for an easy access saving account Reviewed on: 11th July 2020

Best rate

Easy to set up an online account. Rates good Reviewed on: 11th July 2020

A great savings account

Easy to set up. Good to deal with. Competitive interest rates for easy access savings. Staff on the phone friendly and helpful. Online banking easy/ straightforward to use. Access money via nominated current account. Reviewed on: 9th February 2020

Modern banking

A modern company offering good customer service. They could do with an app and that is why I haven't scored them 100% Reviewed on: 25th January 2020

Great Interest Rate

Easy to use with a wonderful interest rate. Reviewed on: 2nd January 2020

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