Marcus Bank


Thanks, as soon as I posted I found that :see_no_evil:

(Tony) #43

I don’t have a huge amount of not-to-be-touched savings :cry: but this seems like a good idea for somewhere to store what I do have, pending Monzo coming up with an interest-bearing pot, as what I do have has been sat in a Starling Goal earning 0.5% for the past few months. TBH I doubt Monzo will beat 1.5% when they eventually get that implemented so they might have lost out on my many thousands (of pennies) permanently. We shall see what happens.

Not hugely upset about the lack of an app, I can always create a shortcut to the website on my iPhone, right? I suspect once “Marcus” creates a few more products the app won’t be long behind anyway.


The website is pretty much designed for mobiles, so it does look very nice (as much as a banking website can look!)

(Tony) #45

All set up now, money transferred and showing in the savings account. That was quite quick considering.

I’m sure they’ll be hugely impressed by my massive cash reserves :laughing:

(Caspar Aremi) #46

I put in £1 just to check it was working :joy: I’ll put in more next month.

(Tony) #47

Hey big spender!

(Adam) #48

Got fed up of waiting for Monzo to open an interest pot so opened this one today and transfered my easy access savings over. Was quick and easy.

(Jonathon) #49

Will be opening one today! :slight_smile:

(Richard) #50

Nice… might actually move my ISA into this… given that there’s not a lot in my ISA and it’s not really making any interest anyway!


I don’t have any issue with the credentials or history of an organisation - just what it gives me and how efficiently it does. For me it is a non starter as Marcus doesn’t offer joint accounts. Anyone who has seen the misery of a widow having to wait for probate will understand that point.

Marcus is a good product, £1 minimum deposit, easy opening, no restrictions on withdrawals etc. However the interest rate is only 0.09% points above Yorkshire Building Society that doesn’t rely on an additional bonus. YBS is probably a PITA to open however.
Goldman Sachs is an investment bank once described as a great vampire squid.

My question is what is it that puts people off legacy banks such as RBS but apparently Marcus gets the thumbs up? Is it the ethics of the bank, the CS or the paper heavy physical having to be there way of opening an account?


You just put the account access details in a place accessible if you die. Or you share them with your spouse anyway?


YBS has a £100 min deposit and only 1 withdrawal per year.

I can vouch for their customer service so far as they unlocked my account in 3 minutes via telephone this morning after I entered my password wrong too many times. :sweat_smile:


Yes I agree with both those points. Marcus CS was awesome yesterday. Answered directly after about 2 rings and gave me the answer straight away.

Does this give part of the answer as CS CS and CS as overriding dodgy past/ethics?


To be honest, my ethical standpoint towards banks are not strong enough for it to get in the way of optimising my personal finances. If I was to be so concerned with ethics in my day to day life, I’d have to reconsider more than just turning down a simple interest rate. It would effect most of my current consumption and habits if I were not to be selective on which ethical viewpoints I decide to take action on.

(Graham - Mental health professional) #56

Opened account yesterday. That bit was wrinkle-free. Minor hiccup after, when attempting to log in again. Didn’t like the password, asking for other ID which I didn’t understand (SSN?).

Anyway, quick call to CS. Answered immediately. It transpires the Marcus.COM site had launched instead of the UK site. I’ve bookmarked now…

So just check that, and you’re all good. :grinning:

(#fullmonzo joint account since Aug18) #57

I also really need a joint account, but just had to take advantage of this rate. I have shared the login details with my wife for now until they inevitably create joint access - you know, in case I come into contact with a bus.

(Christopher) #58

Hopefully your wife isn’t a bus driver.

(Christopher) #59

It’s a very good question. I think in the case of Marcus, they’ve had significant launch coverage, which is probably driven by a combination of the fact that it’s Goldman Sachs and a market leading product (a leading headline rate for instant access with no real account preconditions). The interest rate is important in that the UK savings market is incredibly rate sensitive, and really just small differences in rates drive large increases in deposits to rate leading accounts.

My hunch is that if RBS, HSBC, or even TSB (!) launched an instant access product comparable to Marcus’s initial offer earning 1.6% you’d see good uptake there too. It will be really interesting to see Marcus’ uptake figures in 3 and 6 months, and then how the UK banking stalwarts respond to this.

(Jolin) #60

This is exactly why I haven’t looked at the Marcus account, even though it’s a good rate. For me, banks don’t get a pass on this just because they’re new or have good technology.

(Dave) #61

I think in general this is fair comment. Despite being happy with RBS I left them shortly after their role in the financial crash 10 years ago became apparent. I went to The Co-operative Bank, and look what happened then (yes, I know they still have an ethical policy, and a better one than before maybe).

I agree that if you try to apply ethics to your banking you should probably be doing that with other decisions you make in life. I still try, and these days I take the approach of “rewarding” good behaviour by a company (bank or otherwise). If a company wishes to turn over a new leaf and become more ethical, it deserves encouragement so they can see they are doing the right thing. Although an individual is insignificant, collectively people can be powerful.

That doesn’t mean I go full in and all is forgotten, but if they are not encouraged you may get the more profit motivated at the company saying “why should we bother?”. While it shouldn’t be about profit the carrot of profit is powerful for some people, and can lead to them being re-educated about what doing the right thing is.

I’ve opened a Marcus account mostly out of curiosity; it doesn’t significantly beat my other top paying savings account (especially without the 12 month bonus). However, savers deserve a better interest rate, and if in some small way my opening an account with Marcus can help encourage other banks/building societies to reward savers better then I will consider that a good thing.