#FLODown: Marcus by Goldman Sachs

What’s the Deal?

Marcus is an easy access online savings account and offers significantly higher interest rates than the average. To the sound of cheers, Goldman Sachs launched the Marcus account in the UK in 2018, it is named after one of the founders of the bank, Marcus Goldman.

Setting up the account is pretty simple, and there is no minimum initial deposit required to set it up. You can deposit anything between £1-£250,000 and you are not obliged to pay in a certain amount each month or maintain a certain balance. Marcus operates online; therefore there isn’t a physical location to visit for queries. They offer a customer care support team available on the phone Monday to Friday: 8am-8pm.

The Benefits 

 The biggest benefit of all to the Marcus account is the higher than average interest rates, the account offers 1.5% AER on savings between £1 - £250,000 with a 0.15% bonus rate for the first 12 months. Therefore, after a year AER will drop to 1.35%. You will be reminded when your bonus rate is expiring and can check to see if new bonus rates are available when you log into your account. Interest rates are variable and are calculated daily but will be paid into your account monthly. Your savings will be covered by FSCS protection.

Payments and Withdraws 

 Payments can be made to your Marcus account by direct transfer from a linked current account in your name. You’ll be happy to know, you can withdraw funds from your Marcus account at any time, by transfer into your linked current account. The maximum you can withdraw online is £100k, to withdraw more you will have to call their customer care team.

How to open an account? 

 Opening account is quite an easy process, just visit the Marcus by Goldman Sachs website and Sign up online. You will need to be a UK resident and over the age of 18 to open up an account.

#FLODown: The Marcus account is an ideal saving account to have, it is easily accessible and offers favourable interest rates, so you can start saving up for that dream house! What we love most is that you can be earning a good bit of interest on your savings whilst still having instantaneous access to withdraw funds if you need to.

The only slightly annoying issue with the Marcus account is the lack of an app. The Marcus account does not have an app, so you need to log on the good old-fashioned way, which in an age where you can log onto all your banking apps with Touch or Face ID it can be quite a challenge to remember any passwords!