Write a review

Marcus by Goldman Sachs: Savings reviews

Name: Savings
Rating: 4.62 (87 reviews)

View other Marcus by Goldman Sachs products

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

Read all reviews See your review

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

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 have an experience in that area, but never had a problem since I opened the account. Reviewed on: 24th May 2024

Very user friendly and easy to use.

Very user friendly and easy to use. Clear information and great security measures, including text and email warnings that money has been transferred from my account Reviewed on: 24th May 2024

It has had good consist good interest rates.

It has had good consist good interest rates. Very easy to transfer money. Great stuff Reviewed on: 24th May 2024

Simple yet best app experience.

Simple yet best app experience. Always get top of the market rates. Never had any issue and downtime Reviewed on: 13th April 2024

Hassle free banking, and great rates

Hassle free banking, and they tell me about rate increases and bonus options without me have to look for them Reviewed on: 12th April 2024

Goo Communication, excellent rates

A simple interface for this company makes it easy to use. The Booster rates are always updating and they keep me constantly informed. Money feels secure as only linked to one account. Reviewed on: 12th March 2024

I love the bonus interest rate and that it locks in...

I love the bonus interest rate and that it locks in for 1 year. Reviewed on: 29th February 2024

High Aptitude Customer Service

The Customer Service team is such a pleasure to deal with - they actually address the question being asked and check with their managers if not sure, to ensure they share accurate information, unlike other banks where the customer service is appalling and people simply read off scripts and have very little ability to advise on any question off script. They also have an efficient and sensible savings transfer method unlike other banks which make you repeat multiple steps with no logic and reasoning applied. Reviewed on: 16th February 2024

Marcus savings account is the best!

I have been advised Marcus savings account few months ago, and very much satisfied with the progress! Reviewed on: 16th February 2024

The Marcus savings account is excellent all round.

The Marcus savings account is straight forward and the website is easy to navigate. The interest rates are very competitive. Transactions are immediate. Reviewed on: 15th February 2024

Are you a business? Get insights, reply to reviews, invite customers and understand their needs

Join Smart Money People

Keep up to date on ratings of your favourite businesses. Find out about our awards and write new reviews with ease

Create an account

News, guides and insight from our team

View resource hub