FYI - Marcus Alternative

Anyone who missed out on Marcus by Goldman Sachs can open up an account with SAGA. Interest rate of 1% and powered by Goldman Sachs. The home page even looks identical.


Interesting as thought Marcus were reaching their limits - may have found some clever way around it with a whitelabel.

I thought they were close to their limits too… I wonder how this fits into the whole picture. Maybe they only manage the actual mechanics of the operation and take a management fee rather than holding the deposits themselves.

Another option - NS&I income bonds 1.16%

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Personally after keeping a couple of months expenses in a cash savings account I’d then go for premium bonds. Average return is over 1%, tax free, and always a chance to win a bit more money like a lottery of sorts. Also you can sell the bonds and get the money back pretty easily if you need the cash.

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Chip has 0.9%

Interesting, thank you! I had not heard of Chip…

I like Premium Bonds for the reasons you’ve outlined. Basically a cash reserve with a few added benefits, I know the winning pot has been eroded a bit but still a nice safe option to have cash tucked away in.

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Chip is my discretionary items saving pot for the last 2 years - it puts a little bit away every week depending on your spending patterns / balance and it’s a pretty enjoyable experience. Whenever I can convince myself that I need to buy new tires for a bike or a newer monitor I know where those money will be coming from.

Do you link your bank account to it?

Yes. It used screen scraping but I believe it’s using open banking API now (not sure). The transfers are going through variable direct debit though.

Interesting, thank you.

Some discussion about marcus

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