Marcus by Goldman Sachs Bank
Discussion
Panthro said:
I received a letter in the post today from GS saying they are closing my Marcus account. No reason given other than they can do so at their discretion in line with their terms. Very odd. I haven't done anything with my money in there other than add and withdraw a few grand here and there. I've opened a Chase account now so will move the money over.
Has anyone else had the same happen to them?
Interesting, as mentioned earlier in the thread lots of talk of Goldman potentially exiting UK. Has anyone else had the same happen to them?
Panthro said:
I received a letter in the post today from GS saying they are closing my Marcus account. No reason given other than they can do so at their discretion in line with their terms. Very odd. I haven't done anything with my money in there other than add and withdraw a few grand here and there. I've opened a Chase account now so will move the money over.
Has anyone else had the same happen to them?
Odd.Has anyone else had the same happen to them?
Have you still got a reasonable amount in there? I take it they are saying they will send the money back to your nominated account?
Thin White Duke said:
Odd.
Have you still got a reasonable amount in there? I take it they are saying they will send the money back to your nominated account?
Agreed, especially as they are still allowing new accounts to be opened, I was wondering if this was going to be a gradual winding up of the business?Have you still got a reasonable amount in there? I take it they are saying they will send the money back to your nominated account?
Thin White Duke said:
Odd.
Have you still got a reasonable amount in there? I take it they are saying they will send the money back to your nominated account?
It's a lot of money for me, around £27k. I've had it there about 3 years, with plans of investing most of it into several funds but have not gotten round to it yet. This will probably be the trigger for me to do so. Have you still got a reasonable amount in there? I take it they are saying they will send the money back to your nominated account?
Yes, they said they'll transfer any remaining money back to my linked account.
From a quick google.
With its Q3 2022 earnings release, Goldman outlined a reorganization that would dismantle Marcus.
Most of Marcus’ products would be transitioned into the wealth and asset management businesses.
Checking accounts would be available only for high-net-worth clients and some corporate partners.
Its robo-advisor, Marcus Invest, and savings accounts would be offered only to high-net-worth customers.
With its Q3 2022 earnings release, Goldman outlined a reorganization that would dismantle Marcus.
Most of Marcus’ products would be transitioned into the wealth and asset management businesses.
Checking accounts would be available only for high-net-worth clients and some corporate partners.
Its robo-advisor, Marcus Invest, and savings accounts would be offered only to high-net-worth customers.
alscar said:
From a quick google.
With its Q3 2022 earnings release, Goldman outlined a reorganization that would dismantle Marcus.
Most of Marcus’ products would be transitioned into the wealth and asset management businesses.
Checking accounts would be available only for high-net-worth clients and some corporate partners.
Its robo-advisor, Marcus Invest, and savings accounts would be offered only to high-net-worth customers.
I believe that’s from Marcus from a global perspective. Not sure how/when the UK element fits in with that. With its Q3 2022 earnings release, Goldman outlined a reorganization that would dismantle Marcus.
Most of Marcus’ products would be transitioned into the wealth and asset management businesses.
Checking accounts would be available only for high-net-worth clients and some corporate partners.
Its robo-advisor, Marcus Invest, and savings accounts would be offered only to high-net-worth customers.
alscar said:
No idea - looking back I see it was you on this thread I think that first mentioned the rumours about them closing - presumably nothing else seen about it ?
Nothing solid that I’ve heard, just rumours. I know someone that’s friendly with the MD there and asked him as well but nothing come of it.Plot twist; I called Marcus today because I tried to move money to my linked account and it was frozen. They unfroze my account and asked me to update my details (job sector and salary range). Then once that was complete they said my account was no longer being closed and I can disregard the letter.
Their reason for the original account closure was that I hadn't been in contact with them since opening the account and this led to some sort of legal obligation on them to close my account.
Anyway, it's resolved but I am still going to move my money out.
Their reason for the original account closure was that I hadn't been in contact with them since opening the account and this led to some sort of legal obligation on them to close my account.
Anyway, it's resolved but I am still going to move my money out.
Panthro said:
Plot twist; I called Marcus today because I tried to move money to my linked account and it was frozen. They unfroze my account and asked me to update my details (job sector and salary range). Then once that was complete they said my account was no longer being closed and I can disregard the letter.
Their reason for the original account closure was that I hadn't been in contact with them since opening the account and this led to some sort of legal obligation on them to close my account.
Anyway, it's resolved but I am still going to move my money out.
I’ve heard of banks closing current accounts due to years of non activity but for a savings account ?Their reason for the original account closure was that I hadn't been in contact with them since opening the account and this led to some sort of legal obligation on them to close my account.
Anyway, it's resolved but I am still going to move my money out.
You said that money had gone previously in and out anyway.
I wonder what counts as contact - I opened mine with a lump sum when first offered and don’t suppose I’ve had any contact since then other than occasionally logging on.
alscar said:
I’ve heard of banks closing current accounts due to years of non activity but for a savings account ?
You said that money had gone previously in and out anyway.
I wonder what counts as contact - I opened mine with a lump sum when first offered and don’t suppose I’ve had any contact since then other than occasionally logging on.
Bizarre, dormancy is typically 3+ years for savings accounts and normally with complete inactivity throughout the period. You said that money had gone previously in and out anyway.
I wonder what counts as contact - I opened mine with a lump sum when first offered and don’t suppose I’ve had any contact since then other than occasionally logging on.
Bowser87 said:
Bizarre, dormancy is typically 3+ years for savings accounts and normally with complete inactivity throughout the period.
Yup - perhaps Panthro's tale was just one of computer error but as he closed the account we will never know -unless we all get termination letters obviously but I imagine there an awful lot of their customers who have just paid in and not taken out.I've never heard a peep from Marcus. Sounds like a bug .
Mortgage fix expired yesterday, made sense to pay it off with Marcus savings rather than remortgage. So I have exactly zero easy access savings for first time since a student.
Feeling slightly anxious about that, but on other hand, feels right to be out of the cash game
Mortgage fix expired yesterday, made sense to pay it off with Marcus savings rather than remortgage. So I have exactly zero easy access savings for first time since a student.
Feeling slightly anxious about that, but on other hand, feels right to be out of the cash game
lizardbrain said:
I've never heard a peep from Marcus. Sounds like a bug .
Mortgage fix expired yesterday, made sense to pay it off with Marcus savings rather than remortgage. So I have exactly zero easy access savings for first time since a student.
Feeling slightly anxious about that, but on other hand, feels right to be out of the cash game
Congrats on being mortgage free though.Mortgage fix expired yesterday, made sense to pay it off with Marcus savings rather than remortgage. So I have exactly zero easy access savings for first time since a student.
Feeling slightly anxious about that, but on other hand, feels right to be out of the cash game
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.Gassing Station | Finance | Top of Page | What's New | My Stuff