New saving app or account


(Scott) #1

Anyone know of a good savings account / app that I can open almost instantly and transfer funds into?

Looking for a decent interest rate, but beggars can’t be choosers!

Thanks :pray:


(Andre Borie) #2

Marcus by Goldman Sachs is quite good. 1.5% interest, relatively quick (24h?) deposits & withdrawals (I wouldn’t say instant as some people reported inconsistencies there even though personally it was instant) and a fully online experience with no nonsense (they even let you use a long, actually secure password of your choosing).


(Bruce) #3

Marcus is great but if you don’t need instant access to the funds, Atom has higher interest rates but you have to lock money up for a period. Atom is also almost instant to open an account. Oak North is another. And of course, you can open a :monzo: savings pot instantly


(Scott) #4

Thanks both will check them out may even end up keeping it a lot closer to home and opening with :monzo: :smiley:


(Andre Borie) #5

You’d be leaving some interest on the table though. I highly suggest you try out Marcus. Also they don’t have the 1k£ minimum limit that Monzo does so you can start with smaller amounts.


(Scott) #6

Yeah I’m looking into the Markus one now as we speak, may set that up with small amount to see how it goes, yeah your right the Monzo one is £1k opening balance so quite high I’ll do some more digging lol


#7

Best currently available FSCS-protected accounts have already been mentioned. When you need to check the market again in the future, there are a number of sites which give an overview, e.g.

If you’re willing to forego FSCS protection, another one to mention is Chip. This mainly works by automatic saving based on analysis of your spending patterns, but you can manually save up to £600 a month. Not quite instant - money transfers are by direct debit - and does not yet work with Monzo so would need another current account to connect to. But you can receive up to 5% interest if you refer others. MSE has (or used to have) a code that will start you off on 3% interest. If interested and the MSE code is no longer active, please consider using my referral code to start with 1% interest: XHWVGC


(Scott) #8

Great thank you, there’s quite a few out there so think it’s the case of looking and see what one fits my needs,

Yes I already have Chip savings which is pretty good just wanted another account so I can transfer funds from chip into :blush:


(👨‍💻) #9

The post office opened an instant access saving account to challenge the Marcus. That’s 1.5 % as well.


(Andre Borie) #10

Is the user experience comparable to Marcus though? I doubt it.


(👨‍💻) #11

Probably not.

However, I’ve read in various chats that people don’t like investing their money in GS.

I offered the info as alternative, not a comparison between their user interfaces.


(Adam) #12

After a year the Post Office rate goes down to 0.25%.

The Marcus one goes down to 1.34% after a year. So Marcus still better.


#13

I would take a look at this:

https://www.bankaccountsavings.co.uk/calculator


#14

I wouldn’t worry about what the rate will be after 12 months. If you are happy to move your money go for the best market rate at that time and move it when your introductory rate drops or something better comes on the market. Interest rates could be anywhere within the next 12 months!


(Bruce) #15

Lack of interest on Chip is quite annoying (think there’s only interest if you refer, quite an interesting mechanic! . I also think Marcus is going to have a lot of success not only because of a great interest rate, but because it’s parent company has a name that everyone ‘trusts’ so you feel safe handing over €$¥


(Bruce) #16

Pretty cool! Thanks


(Scott) #17

I decided to open the Markus account :smiley: thanks for all your input really helpful indeed :slight_smile:


#18

I think most people I know have a Marcus account! What a coup for Goldman.


(Ravi) #19

I’d say it’s the result of offering a solid, highly competitive product and then making it very easy to sign up.

Doesn’t feel like they’ve done anything like particularly special.


(Bruce) #20

They have the capital to absorb the issue of fluctuating balances better