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Marcus by Goldman Sachs: Savings reviews

Name: Savings
Rating: 4.62 (89 reviews)

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4.67

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

Great interrest rates

I have been very pleased with the rate of interest on my savings Reviewed on: 25th November 2019

simple & easy

simple & easy to set up simple & easy to use Reviewed on: 20th November 2019

Great rate, great experience, great service

Very competitive rate, excellent online experience - very easy to open and use my account. Fantastic staff at the end of the phone...with no IVR system, straight through to really helpful staff. Reviewed on: 14th November 2019

At Last - a company who operate professionally.

Opened an A/C with them at the beginning of this year and am pleased to say they operate professionally - not many about who do these days! Reviewed on: 6th November 2019

Good interest rate, easy to navigate web page

The savings rate for easy access savings account is among industry leaders. For someone like me who ibs not particularly computor literate the web site is easy to navigate. Transfrrs into and out of the account are rapid Reviewed on: 5th November 2019

Simple with good service

Simplicity with a good rate. Need more banks like this. Reviewed on: 9th February 2019

Best Interest rate

Super Bank for my savings , very quick response and a great interest rate Reviewed on: 3rd February 2019

At last some interest

Reasonable Interest on sensible amount Reviewed on: 30th January 2019

Easy to use and good interest rates

Their website is easy to use and they offer good interest rates Reviewed on: 19th January 2019

Swish

Not experienced any issues yet unlike a few other online companies I could mention! Reviewed on: 13th January 2019

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