Marcus by Goldman Sachs

Other Fintechs šŸ“±
22

Iā€™d be looking to put around Ā£7k in there so that should be fine, tax wise. Iā€™m guessing itā€™s just online and theres no physical card?

24

Yeah Iā€™ve signed up and popped a little in it. Pretty simple and painless, linked to my Monzo account and Faster Payments arrive promptly. Withdrawals quick too.

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25

Conquests and controversies. The evolution of GS over time that led to Marcus :bank:

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26

I am currently with Marcus, its great! However the 1.45% does not move the needle for me that much, unless I deposit a very large amount. I am a little bit surprised that no challenger bank is offering a similar or better savings rate. Seems like an obvious opportunity to me!

27

1.45% I think itā€™s the highest interest rate in the U.K. for an instant access savings account. So itā€™s leading the pack essentially.

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28

i believe raisin also offer similar rate on flexible deposit account, but Goldman obviously carries more weight. Ideally looking for a higher rate alternatives, where one can deposit half as much as in Marcus and earn the same interest. essentially risk adjusted return!

29

Raisin is a broker for other banks, so itā€™s not instant access. It also doesnā€™t look like they offer any easy access accounts just fixed notice and bonds. As far as I can tell minimum deposit amounts as well.

Thereā€™s better rates but they all come with restrictions. Thereā€™s not much better than about the 1.5 mark.

30

In City Am this morning that they are going to open a stocks and shares ISA

31

I saw this on FT as well.

Itā€™ll be interesting to see how it competes with the established players.

32

Yep, S&S ISA on itā€™s way from Goldman

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33

Mentions the appeal would be generating fees from it. Presumably these would have to be percentage based fees to move the dial for GS, but that these would be more competitive than Hargreaves

Combined with the scrap on exit fees and the Neil Woodford saga thereā€™s certainly going to be some switching away from Hargreaves

34

Just checked my Marcus account, the bonus rate ends on 10-10-2019 and Iā€™ll be moving to https://www.alrayanbank.co.uk/savings/instant-access-savings/everyday-saver/
at the moment it has 1.6%

35

You can renew the rate in your account.

36

Ā£500 min deposit* for Alrayan.

Still waiting on Marcus to launch a mobile app that they were speaking of last year :hourglass_flowing_sand:

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37

Do they need to?
There website is mobile friendly. Save the site to your home screen it acts like an app.

38

Already done this. Whilst itā€™s mobile friendly, via this method to withdraw it opens a new window in Safari & then you must log in again. So yes, a mobile app with Touch/Face ID would be ideal especially if theyā€™re launching other services.

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39

It doesnā€™t do this at all for me, itā€™s all in app. Once logged in I can withdraw money normally without any new windows. Maybe thereā€™s an iOS setting somewhere causing this?

FaceID would be nice. Or the upcoming Apple signin

40

yeah, but after renewing it will be at 1.45%

41

Thatā€™s still the highest for an instant access flexible savings account in the U.K.

42

It is less than https://www.alrayanbank.co.uk/savings/instant-access-savings/everyday-saver/ 1.6%