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Marcus Savings Account by Goldman Sachs launches 27th September

Discussing offers, rates and deals on suppliers
MusingMarket
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Marcus Savings Account by Goldman Sachs launches 27th September

#168882

Postby MusingMarket » September 25th, 2018, 4:27 pm

1.5% interest rate (including a 0.15% bonus that can be renewed annually).

“easy access, no restrictions, and complete transparency” according to the GS managing director

Deposits from £1 to £250,000.

Launches Thursday morning according to This Is Money[0], The Times[1] also says Thursday.

A previous This Is Money[2] piece stated it will be covered by the FSCS (up to £85k of course).

I think I'll open an account since I'm only getting 1.19% (Shawbrook - yes they currently offer 1.3% but I'm on a previous issue that means I can't easily get the latest rate - it's not just bonuses that are annoying!)

Also, the bonus doesn't look like the typical screw the lazy saver tactic. "Marcus" in the US has offered a very competitive rate for a few years so the bonus may genuinely be a way of rewarding early adopters since Goldman Sachs are likely to continue offering a competitive rate.

The Times article also states GS plan to start offering ISAs (presumably cash) and bonds (presumably fixed term/rate savings accounts) after the easy access account.

[0] https://www.thisismoney.co.uk/money/art ... -rate.html

[1] https://www.thetimes.co.uk/article/gold ... -2mqrmcp50

[2] https://www.thisismoney.co.uk/money/new ... ender.html

stevensfo
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Re: Marcus Savings Account by Goldman Sachs launches 27th September

#169178

Postby stevensfo » September 26th, 2018, 2:22 pm

1.5% interest rate (including a 0.15% bonus that can be renewed annually).

Deposits from £1 to £250,000.

A previous This Is Money[2] piece stated it will be covered by the FSCS (up to £85k of course).


I'm sure it will attract quite a few clients, but I'm genuinely interested in why anyone would want to put £250,000 in an account paying only 1.5%.
With rpi inflation rate in August at 3.5% this means they will lose 2% per year or £5000. Oh, and most not even covered by the FSCS limit.

“easy access, no restrictions, and complete transparency” according to the GS managing director


Oh, that's alright then! :-)

Steve

Alaric
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Re: Marcus Savings Account by Goldman Sachs launches 27th September

#169185

Postby Alaric » September 26th, 2018, 3:00 pm

stevensfo wrote:I'm sure it will attract quite a few clients, but I'm genuinely interested in why anyone would want to put £250,000 in an account paying only 1.5%.


Short term cash, between sale and purchase of a house perhaps.

There may be those who are that risk adverse that they sacrifice potential returns for security, they hope, of capital value. If by risk, they mean volatility rather than catastrophe, that and any other deposit satisfies the requirement.

MusingMarket
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Re: Marcus Savings Account by Goldman Sachs launches 27th September

#169280

Postby MusingMarket » September 26th, 2018, 8:15 pm

So the website ( https://www.marcus.co.uk ) is live now, and I signed up easy enough. Despite my current/linked account stating "faster payments" takes a nap after 6:30pm my £1 deposited after 8pm is showing in my 'Marcus' account.

stevensfo wrote:
“easy access, no restrictions, and complete transparency” according to the GS managing director


Oh, that's alright then! :-)

Steve

:)

SlickMongoose
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Re: Marcus Savings Account by Goldman Sachs launches 27th September

#169303

Postby SlickMongoose » September 26th, 2018, 10:01 pm

Seems like a good place for an emergency fund. Very easy to use website with a no-strings instant access account.

Alaric
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Re: Marcus Savings Account by Goldman Sachs launches 27th September

#169319

Postby Alaric » September 26th, 2018, 11:24 pm

MusingMarket wrote:1.5% interest rate (including a 0.15% bonus that can be renewed annually).


You wonder how long it will last before a marketing department seeks to justify its existence by dropping existing clients down to next to nothing rates and introducing whizzy new accounts.

But perhaps their track record in the USA counters that fear.

AleisterCrowley
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Re: Marcus Savings Account by Goldman Sachs launches 27th September

#169321

Postby AleisterCrowley » September 26th, 2018, 11:36 pm

I really can't get excited about 1.5%
It may be 'market leading', but to borrow a phrase from Stewart Lee, that's rather like winning a 'tallest dwarf competition'

Slarti
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Re: Marcus Savings Account by Goldman Sachs launches 27th September

#169391

Postby Slarti » September 27th, 2018, 10:25 am

AleisterCrowley wrote:I really can't get excited about 1.5%
It may be 'market leading', but to borrow a phrase from Stewart Lee, that's rather like winning a 'tallest dwarf competition'


It is not market leading with Tesco paying 2.96% on the first £3,000
And I think Sainsbury's have something similar.

Slarti

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Re: Marcus Savings Account by Goldman Sachs launches 27th September

#169413

Postby mc2fool » September 27th, 2018, 11:39 am

Slarti wrote:It is not market leading with Tesco paying 2.96% on the first £3,000

Yeah, for £3k and if you shuffle in £750pm and have 3 DDs, and if you want to play that game, Tesco is beaten hands down by Nationwide & TSB paying 5% on £2500 & £1500 respectively, as well as by the 5% from a number of banks on regular savings accounts (up to £200-250pm).

But one really should compare apples with apples, and while, sure, there are a number of current accounts that offer better rates for smaller amounts (if you can meet the shuffle-in and DD requirements), if once one has used up the £2500 @ 5% from Nationwide, £1500 @ 5% from TSB, and 2*£3000 @ 3% from Tesco one still has instant access savings needs "Marcus" does indeed have the market leading rate for instant access savings accounts (and without the shuffle-in and DD faffs for the 1.5% BoS, Santander & Lloyds current accounts).

Slarti wrote:And I think Sainsbury's have something similar.

I can't find that, can you provide a link please?

Slarti
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Re: Marcus Savings Account by Goldman Sachs launches 27th September

#169597

Postby Slarti » September 27th, 2018, 6:35 pm

mc2fool wrote:
Slarti wrote:It is not market leading with Tesco paying 2.96% on the first £3,000

Yeah, for £3k and if you shuffle in £750pm and have 3 DDs


I don't "shuffle in £750pm and have 3 DDs"
Used to have to pay in £750, but never have had to have 2 DDs. Don't recall any requirement for any DDs, though I have always used it to pay off my Tesco Clubcard credit card, so paying in £750 was not a problem.

Perhaps Sainsburys have ceased their offer to new customers. I haven't looked recently.

mc2fool wrote:£1500 @ 5% from TSB

I declined the offer from TSB when they were bought by the Spanish gauchos, same as I got the heck out of Abbey when they were bought by a less than salubrious Spanish company. Looks like my judgement on TSB was right.

Slarti

mc2fool
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Re: Marcus Savings Account by Goldman Sachs launches 27th September

#169605

Postby mc2fool » September 27th, 2018, 7:19 pm

Slarti wrote:
mc2fool wrote:
Slarti wrote:It is not market leading with Tesco paying 2.96% on the first £3,000

Yeah, for £3k and if you shuffle in £750pm and have 3 DDs

I don't "shuffle in £750pm and have 3 DDs"

Neither do I. :D But that's 'cos we had the accounts before 1 April 2017. New customers since then and now have to shuffle in £750pm and have 3 DDs.

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Re: Marcus Savings Account by Goldman Sachs launches 27th September

#169841

Postby colboy » September 28th, 2018, 1:46 pm

Also good that it puts pressure on Shawbrook, RCI (even nsandi?) etc to raise their rates.

Slarti
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Re: Marcus Savings Account by Goldman Sachs launches 27th September

#170113

Postby Slarti » September 29th, 2018, 5:09 pm

mc2fool wrote:
Slarti wrote:
mc2fool wrote:Yeah, for £3k and if you shuffle in £750pm and have 3 DDs

I don't "shuffle in £750pm and have 3 DDs"

Neither do I. :D But that's 'cos we had the accounts before 1 April 2017. New customers since then and now have to shuffle in £750pm and have 3 DDs.


How strange. When I set up the account there was the requirement to pay in at least £750/month but they stopped it some time back.
I do pay over whatever is necessary to keep the balance at £3,000 after interest has been paid in and my Tesco credit card has been paid by DD.

Slarti

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Re: Marcus Savings Account by Goldman Sachs launches 27th September

#170131

Postby Lanark » September 29th, 2018, 6:30 pm

"includes a bonus rate of 0.15% gross† for the first 12 months."

so the real rate at Marcus is only 1.35%

Not really worth all the hassle of applying.

richlist
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Re: Marcus Savings Account by Goldman Sachs launches 27th September

#170150

Postby richlist » September 29th, 2018, 7:43 pm

Lanark wrote:"includes a bonus rate of 0.15% gross† for the first 12 months."

so the real rate at Marcus is only 1.35%

Not really worth all the hassle of applying.


That might be the case for you but someone with, say, £100K who is currently getting 1.25% can now get 1.50%. Ok, it only 0.25% extra, but that's worth £250 a year. So, id suggest that for them it is worth opening an account.

BobbyD
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Re: Marcus Savings Account by Goldman Sachs launches 27th September

#172687

Postby BobbyD » October 10th, 2018, 4:47 am

Well that's my BOS Vantage accounts put in to hibernation...


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