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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

Market leading easy access savings account

USP: truly instant access savings account with a market leading rate and none of the caveats of it’s competitors i.e. Marcus has no minimum deposit and no withdrawal restrictions. No mobile app yet but it is in the pipeline. For now, it doesn’t matter because the website is mobile friendly and when saved to the homescreen is effectively an app. Interest is paid monthly and on time. Currently, 1.5% rate in first year, then 1.35% thereafter. Registering for an account is quick. Customer support is via phone call and have had one occasion where I needed to call, which came to a swift resolution. Overall, highly recommend. Reviewed on: 18th December 2018

Challenging interest, good early product

1.5% AER for a flexible savings account, who could withstand? There’s no native mobile app, yet, but the web experience is very good on both desktop and mobile browsers. I hope there’ll be coming more features soon, I’d really like to be able having multiple “spaces” for different goals/reasons since I save for multiple people and reasons Reviewed on: 10th December 2018

best interest rate on the market

the best interest rate on the market, smooth registration procedure, convenient web site, all you need from a saving account Reviewed on: 7th December 2018

Great rates and easy to open

The savings account is by far one of the best out there for interest rates and the account was easy to setup online in minutes. Reviewed on: 7th December 2018

Fantastic

Great rates for an account that doesn't tie you in for years. Reviewed on: 1st December 2018

No-nonsense, market leading savings

Just a brilliant product that does exactly what it says on the tin. I’d recommend it to anyone for its simplicity. Reviewed on: 10th November 2018

Simple savings

Nice and easy to set up and manage. Reviewed on: 6th November 2018

Excellent rate

Great interest rate for an easy access account, and the mobile site design is user-friendly. Could be improved with an app, rather than having to log in to the mobile site every time. Reviewed on: 31st October 2018

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