Marcus by Goldman Sachs Bank

Marcus by Goldman Sachs Bank

Author
Discussion

LH.

2,659 posts

201 months

Wednesday
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Just opened Coventry savings account at 3.25%

RicksAlfas

12,797 posts

231 months

Wednesday
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LH. said:
Just opened Coventry savings account at 3.25%
Good rate, but not quite the same though as it's not unlimited access.

S600BSB

2,124 posts

93 months

Wednesday
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LuS1fer said:
Joey Deacon said:
Just got an email stating that Marcus are now paying 3% interest. Time to move the money out of my Santander 2.72% account again!
Too little, too late, I emptied my Santander into my 3% Chase account months ago and I get 1% on money in my Chase current account and 1% cashback (subject to a £500 pay-in per month from April.
Emptied my Marcus into my Monzo savings account a few weeks ago.

LuS1fer

40,176 posts

232 months

Wednesday
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S600BSB said:
LuS1fer said:
Joey Deacon said:
Just got an email stating that Marcus are now paying 3% interest. Time to move the money out of my Santander 2.72% account again!
Too little, too late, I emptied my Santander into my 3% Chase account months ago and I get 1% on money in my Chase current account and 1% cashback (subject to a £500 pay-in per month from April.
Emptied my Marcus into my Monzo savings account a few weeks ago.
I took out my ISA too (which Chase don't do) but for the remainder of the tax year, it's hardly a loss. Might open a new one in April now it's 3%.

Lagom

375 posts

49 months

Wednesday
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Marcus interest rates are uncompetitive and they are always too slow to raise rates, not had any money with them for months.

Zopa 31-day notice has been at 3.31% for a couple of weeks, which tends to trump most other rates.

Move money in and give 31 days notice at the same time. After 31 days reinvest or move elsewhere.

Harpoon

1,577 posts

201 months

Wednesday
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Lagom said:
Marcus interest rates are uncompetitive and they are always too slow to raise rates, not had any money with them for months.

Zopa 31-day notice has been at 3.31% for a couple of weeks, which tends to trump most other rates.

Move money in and give 31 days notice at the same time. After 31 days reinvest or move elsewhere.
Possibly a harsh definition of uncompetitive IMO.

3.3% is 25 pence per month per £1000 saved more than 3.0% (£2.75 vs £2.50). Some old dog of a savings account at 0.5% earns 42 pence per £1000/month.


webstercivet

438 posts

61 months

Wednesday
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3.25% with Cynergy, no restrictions, £1 to £1m.

Lagom

375 posts

49 months

Wednesday
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Harpoon said:
Possibly a harsh definition of uncompetitive IMO.

3.3% is 25 pence per month per £1000 saved more than 3.0% (£2.75 vs £2.50). Some old dog of a savings account at 0.5% earns 42 pence per £1000/month.
You selectively left out 'slow to raise rates'. Which has been a recurring theme through this thread.

Edited by Lagom on Wednesday 22 March 18:16

Bowser87

968 posts

170 months

Wednesday
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webstercivet said:
3.25% with Cynergy, no restrictions, £1 to £1m.
They’re offering notice now as well, up to 3.65% for longer durations.

webstercivet

438 posts

61 months

Yesterday (10:32)
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Bowser87 said:
webstercivet said:
3.25% with Cynergy, no restrictions, £1 to £1m.
They’re offering notice now as well, up to 3.65% for longer durations.
Good spot, 3.6% for 95 days seems like the sweet spot.

LuS1fer

40,176 posts

232 months

Yesterday (12:29)
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webstercivet said:
Bowser87 said:
webstercivet said:
3.25% with Cynergy, no restrictions, £1 to £1m.
They’re offering notice now as well, up to 3.65% for longer durations.
Good spot, 3.6% for 95 days seems like the sweet spot.
They don't seem to have a decent phone app or any app. Chase have got the best app by a country mile.

Russ T Bolt

1,590 posts

270 months

Yesterday (14:35)
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LuS1fer said:
They don't seem to have a decent phone app or any app. Chase have got the best app by a country mile.
I disagree, the Chase app used to be great.

Since they updated it into different tabs the Chase app has become disjointed and is utter garbage, unnecessarily complicated.

They are now spamming me on the savings tab with Nutmeg adverts.

webstercivet

438 posts

61 months

Yesterday (15:49)
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LuS1fer said:
webstercivet said:
Bowser87 said:
webstercivet said:
3.25% with Cynergy, no restrictions, £1 to £1m.
They’re offering notice now as well, up to 3.65% for longer durations.
Good spot, 3.6% for 95 days seems like the sweet spot.
They don't seem to have a decent phone app or any app. Chase have got the best app by a country mile.
Yes and the Cynergy website and two-factor auth app is clunky and homespun.

Not a problem for me when it's a savings account tho.

Fonzey

1,799 posts

114 months

Yesterday (15:59)
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Signed up to Cynergy last night, not sure I can get on with their web portal/app - it looks like a GCSE IT project and interest is paid yearly.

Signed up to Chip, seems much better and more user friendly. Only reason I didn't want to go for Chip immediately is because I preferred a joint account (which Cynergy did provide).

LuS1fer

40,176 posts

232 months

Yesterday (16:23)
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Fonzey said:
Signed up to Cynergy last night, not sure I can get on with their web portal/app - it looks like a GCSE IT project and interest is paid yearly.

Signed up to Chip, seems much better and more user friendly. Only reason I didn't want to go for Chip immediately is because I preferred a joint account (which Cynergy did provide).
Just had a look at Chip but it's not very clear if you have to pay fees?

Fonzey

1,799 posts

114 months

Yesterday (16:28)
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LuS1fer said:
Just had a look at Chip but it's not very clear if you have to pay fees?
No fees on the 3.4 instant access account.

LuS1fer

40,176 posts

232 months

Yesterday (18:29)
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Chase are increasing to 3.1% from 3rd April.

R33FAL

470 posts

155 months

Marcus always capturing a nice spread each time... not only is it 2 weeks after the base rate change, its also only passing on 40% of it....