Marcus by Goldman Sachs Bank
Discussion
Anybody holding a lot of cash needs to look at this:-
https://www.marcus.co.uk/uk/en
Much better rates than mainstream UK banks.
https://www.marcus.co.uk/uk/en
Much better rates than mainstream UK banks.
Orchid1 said:
I was looking at this as well and wondering what people's thoughts were. The rate drops to 1.35% or thereabouts after a year however that's still better than what Yorkshire Bank drops to after the same time period and you can take your money out any time you like without penalty.
0.2% for an easy access account with Lloyds or Halifax. 
I listened to a GS employee on Radio 4 this morning.
There was brief talk about Marcus customers' money, being used for GS investment banking.
I was surprised to hear that and therefore expected the employee to say it is now not allowed, but there was no comment.
The main UK banks have recently formed incorporated ring-fenced retail banks, to keep their retail operation separate from investment activities.
Is Goldman Sachs not required to do the same?
Jimmy Recard said:
You can get 1.3% for a year on instant access savings with at least a few banks. I have one with Tesco and I think Post Office (Bank of Ireland) offer the same. That said, they drop a lot after 12 months
I started to open an online account with Tesco. I got as far as them saying I would have to post them documents to open the account and withdraw money but they wouldn't say what the documents are until I had done so. I really don't want to post my passport and/or driving license and there was no facility to take the documents into a store.Found it. Here’s the problem with opening an account with Tesco. I wonder if the same applies with Marcus?
You can pay money into your account once your application is complete, but you won't be able to take money out until you send us certain information by post. We'll tell you what this involves once your account is open.
You can pay money into your account once your application is complete, but you won't be able to take money out until you send us certain information by post. We'll tell you what this involves once your account is open.
bad company said:
Found it. Here’s the problem with opening an account with Tesco. I wonder if the same applies with Marcus?
You can pay money into your account once your application is complete, but you won't be able to take money out until you send us certain information by post. We'll tell you what this involves once your account is open.
According to Marcus's help section you can withdraw money to your bank account easily within 2 hours. The only time it becomes more complicated is if you withdraw £100,000 or more apparently.You can pay money into your account once your application is complete, but you won't be able to take money out until you send us certain information by post. We'll tell you what this involves once your account is open.
Simpo Two said:
As do I. But Goldman Sachs sounds better in the pub.
I did think that tooIf anyone opens one, would you let us know if the site is any good? Ie is it convenient for transferring money to and from your current account each week, is it a pain to sign in? Banks can vary massively like that.
It sounds useful for what I use my Tesco account for if it's similarly convenient
Edited by Jimmy Recard on Thursday 27th September 19:54
I took the plunge and opened an account as my current 'high' interest account is about to become very low interest.
The site is really simple. Like, my first website simple. Big text, big buttons and lots of 'white' space. Renders OK with similar big stuff on mobile. Opening the account took 3 minutes and was painless. It sends you a verification pin on first login from a new device. You get an account number and sort code (so no 'roll' number but it says you can only deposit money from your nominated account). Test deposit was in there within an hour. You can only withdraw money to your nominated account but it was dead easy. Put in the amount, click continue and confirm and away it goes (I didn't actually hit confirm but it says it will arrive within 2 hours). .
This is the account home page on my laptop (you need to scroll down for Account Activity and Quick Links);
The site is really simple. Like, my first website simple. Big text, big buttons and lots of 'white' space. Renders OK with similar big stuff on mobile. Opening the account took 3 minutes and was painless. It sends you a verification pin on first login from a new device. You get an account number and sort code (so no 'roll' number but it says you can only deposit money from your nominated account). Test deposit was in there within an hour. You can only withdraw money to your nominated account but it was dead easy. Put in the amount, click continue and confirm and away it goes (I didn't actually hit confirm but it says it will arrive within 2 hours). .
This is the account home page on my laptop (you need to scroll down for Account Activity and Quick Links);
Edited by Fore Left on Thursday 27th September 21:18
Fore Left said:
I took the plunge and opened an account as my current 'high' interest account is about to become very low interest.
The site is really simple. Like, my first website simple. Big text, big buttons and lots of 'white' space. Renders OK with similar big stuff on mobile. Opening the account took 3 minutes and was painless. It sends you a verification pin on first login from a new device. You get an account number and sort code (so no 'roll' number but it says you can only deposit money from your nominated account). Test deposit was in there within an hour. You can only withdraw money to your nominated account but it was dead easy. Put in the amount, click continue and confirm and away it goes (I didn't actually hit confirm but it says it will arrive within 2 hours). .
This is the account home page on my laptop (you need to scroll down for Account Activity and Quick Links);
Sounds great but how do they get to be so easy without seeing proof of I’d and address etc?The site is really simple. Like, my first website simple. Big text, big buttons and lots of 'white' space. Renders OK with similar big stuff on mobile. Opening the account took 3 minutes and was painless. It sends you a verification pin on first login from a new device. You get an account number and sort code (so no 'roll' number but it says you can only deposit money from your nominated account). Test deposit was in there within an hour. You can only withdraw money to your nominated account but it was dead easy. Put in the amount, click continue and confirm and away it goes (I didn't actually hit confirm but it says it will arrive within 2 hours). .
This is the account home page on my laptop (you need to scroll down for Account Activity and Quick Links);
Edited by Fore Left on Thursday 27th September 21:18
bad company said:
Sounds great but how do they get to be so easy without seeing proof of I’d and address etc?
The same as Tesco or Virgin or any other, at a guess?I use both regularly and they've never seen my documents as far as I recall. HSBC and Lloyds took a passport, but they were both a couple of decades ago and I barely use either now
bad company said:
ReallyReallyGood said:
I wonder how many people will forego the high rate due to the ethical concerns of their Investment Banking arm and what some view as them being an 'evil' corporation.
I'd wager, not many!
Not me for a start.I'd wager, not many!
It usually does not concern me either (although I did warn a friend in advance of the Icelandic bank fiasco), but that was not my question.
I just wondered whether what HSBC etc. have done regarding UK ringfencing rules, also applies to Goldman Sachs?
Perhaps it is only applicable to UK domiciled banks.
Edited by Jon39 on Friday 28th September 09:08
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