Marcus is live!

coyrls

jillette wrote: »

Okay, so I signed up to the Marcus saver account today.

The one thing that has really thrown me about the account is that it's a one stage log-in: an email address and a password. No second-stage authorisation at all.

I messaged UK Marcus on Twitter about my concern on security and they responded:

Marcus by Goldman Sachs (UK)
‏Verified account @marcus_uk
Hi there, thanks for your message. We take the security of your account very seriously. As well as your password, as part of our authentication procedure we run a number of checks in the background to help keep your account secure.
5:44 PM - 27 Sep 2018
1 reply 0 retweets 0 likes

If I was intending to pop in a few hundred quid to the account, it wouldn't be such a worry, but I was thinking of transferring multiple £K's and I'm not entirely sure that the current set up is secure enough.

Anyone else having reservations? Or am I just too worried about hackers using brute force log-in tools?

I imagine they would take extra steps if you tried to change your linked account details. Without changing the account details or having access to your account, hacking in to the Marcus account alone would not be sufficient to take money out.

The_Jester

AnotherJoe wrote: »

OK, what am I missing? Why is this so good? I'm getting 1.5% at Santander and 2% on a 1 year fix at Atom and you can get a little bit more than that elsewhere.


So, I'm assuming I've missed some extra benefit?

Glad you asked as it saved me typing the exact same thing. I thought I was missing something but now I can sleep tonight without being puzzled

zzzt

That's one of the easiest accounts I've ever opened.

1.5% is kind of crap, but it's easy access and I've had the cash sitting around earning no interest (waiting for some big purchases over the next 6 months).

jillette wrote: »

Anyone else having reservations? Or am I just too worried about hackers using brute force log-in tools?

You can only withdraw to one bank account that you choose when you open the account. There is nothing an attacker could do except transfer your money into your own bank account, and even then, if you try to transfer a large amount, it requires calling them.

I think you are worrying for no reason. It is not a current account. You cannot do anything with it other than receive money and withdraw money from one nominated account.

DennisTenus

I just logged in for the first time from my phone in chrome browser (before I'd been using my pc) and after entering username and password it asked me to verify my identity by sending code to my mobile number or email address.

So I guess that's why they need it.

And that's the 2nd level of authentication when they don't recognise your usual login browser or whatever. I was also surprised it was just username and password. I have made my password over 20 random characters mind you.

Zero_Sum

AnotherJoe wrote: »

What about the interest on it !

Worrabout it? The 'real' rate you're getting isnt anything to write home about.

I've currently got £10k across 4 current accounts receiving an average of 3.8% which is at least 3 times what you're getting and there's no fees involved.

stehouk

I was wondering to myself what an unusual name for a savings account and i am watching star trek look what i found:
"And the Children Shall Lead" is a third season episode of the American science fiction television series Star Trek, ... into steering the ship towards Marcus XII while presenting illusions that make them think they will earn money"

Sapphire

colsten wrote: »

They'll be inconsolable, no doubt.

I don't care.

IanManc

Marcus appears to use cookies to verify you, like Tesco Bank.

If you clear the cookies etc from your computer then when you log onto Marcus it says that your identity needs to be verified.

You get the choice of having a code sent to your email address or your mobile phone.

I chose email, and after five minutes nothing had appeared in my inbox - and I also checked my junk folder - so I asked for it to be resent.

Twenty minutes on from that and still no emails have appeared, so I chose the option of re-entering my email address and this allows you to choose to have a code sent to your mobile instead. The code arrived to my mobile after about two minutes.

Perhaps this is worth bearing in mind for people who have a poor mobile signal where they live.

IanManc

IanManc wrote: »

Marcus appears to use cookies to verify you, like Tesco Bank.

If you clear the cookies etc from your computer then when you log onto Marcus it says that your identity needs to be verified.

You get the choice of having a code sent to your email address or your mobile phone.

I chose email, and after five minutes nothing had appeared in my inbox - and I also checked my junk folder - so I asked for it to be resent.

Twenty minutes on from that and still no emails have appeared, so I chose the option of re-entering my email address and this allows you to choose to have a code sent to your mobile instead. The code arrived to my mobile after about two minutes.

Perhaps this is worth bearing in mind for people who have a poor mobile signal where they live.

It's now an hour after the email verification codes were requested from Marcus, and they have never appeared.

The one thing I've always disliked about Tesco Bank is their use of cookies for verification. If I'd known that Marcus did this too I would have thought twice about opening the account.

Not good.

DennisTenus

IanManc wrote: »

It's now an hour after the email verification codes were requested from Marcus, and they have never appeared.

The one thing I've always disliked about Tesco Bank is their use of cookies for verification. If I'd known that Marcus did this too I would have thought twice about opening the account.

Not good.

Why's it not good? It's additional security