Savings accounts best interests

Jimbo_78

Hi there,

I don't normally post on forums but thought I'd make the exception today.  Last week I searched - savings accounts + best interest rate and looked on MSE website, and found this link - https://www.moneysavingexpert.com/savings/savings-accounts-best-interest/#easyaccesstable

I opted for Marcus savings account listed in the link above.  I set up the account, following the link from MSE website.  I was looking to transfer money from my bank account when they said there was a warning and this was possibly a cloned account.  At this point my bank suggested checking out FCA website, link provided -  https://register.fca.org.uk/s/unauthorised-firm?id=0010X00004UxWCxQAN.  They advised phoning Goldman Sachs directly and it turns out they were correct to be wary as the firm hold none of my details and have no record of an account being created.

This is my experience and I thought I would share.  I am now concerned that I have given copies of my passport and other information to potenital fraudsters.

Any info/advice would be appreciated.

Cheers.

RacingDriver

Here is the FCA page for Marcus by Goldman Sachs (listed under trading names) https://register.fca.org.uk/s/firm?id=001b000000MfF0NAAV

refluxer

I also opened a Marcus account a few weeks ago via the MSE link - this takes you to the www.marcus.co.uk page which appears to be genuine, so I'm not sure how you ended up on a scam site ? 

It might be worth scanning whichever device you used to open the account for malware - I can't think of any other reasons you would be redirected to a malicious link / scam site from a genuine MSE link, without realising.

Jimbo_78

If I go to www.marcus.co.uk I can log into my account.  I'm not sure what has led to this occurring either but quite concerning.

eskbanker

Jimbo_78 said:

I set up the account, following the link from MSE website.  I was looking to transfer money from my bank account when they said there was a warning and this was possibly a cloned account.  At this point my bank suggested checking out FCA website, link provided -  https://register.fca.org.uk/s/unauthorised-firm?id=0010X00004UxWCxQAN.  They advised phoning Goldman Sachs directly and it turns out they were correct to be wary as the firm hold none of my details and have no record of an account being created.

This is my experience and I thought I would share.  I am now concerned that I have given copies of my passport and other information to potenital fraudsters.

I think what you saw was simply a routine warning that your bank was unable to verify the destination account via the Confirmation of Payee protocol, which is exactly what should be expected, as Marcus aren't part of that scheme yet.

https://www.marcus.co.uk/uk/en/public-site/help#transfers explains:

Extra verification

When you send a payment from your linked account, you may be asked to check the details of your payment before continuing. This is a scheme introduced by some banks that automatically confirms the details of the account you're trying to send money to.

We're not part of the scheme, so when you make a transfer to your Marcus account, you should check that:

• You’ve entered your full name correctly, as it appears on your Marcus account.
• The sort code is displayed as 40-64-37 and shows Goldman Sachs International Bank.
• Your Marcus account number is correct.

You may see a warning that asks you if you're sure you want to continue. As long as you've entered your details correctly, your money should go to your Marcus account.

Did you try to send to that 40-64-37 sort code and to the account number you'd been given?  Do you bank with HSBC by any chance, as many seem to be spooked by the way they issue warnings?

If you tried phoning Goldman Sachs directly, then unless you happened to get through to the relevant department specifically for Marcus, it's not a surprise that they wouldn't have found your details....

Jimbo_78

The sort code I have been provided with is 40-64-37.

"I think what you saw was simply a routine warning that your bank was unable to verify the destination account via the Confirmation of Payee protocol, which is exactly what should be expected, as Marcus aren't part of that scheme yet".

That is helpful to know.

When I phoned Goldman Sachs I did ask to be transferred to the Marcus department but there was still no record.  I was aked twice for 'the last 4 digits of my social' ('err is that my National Insurance number' lol).

I believe you are right and my bank were concerned due to what you highlighted -  my bank was unable to verify the destination account via the Confirmation of Payee protocol.

However, given interest in these accounts is peanuts I think I'm going to opt for a High Street Bank instead.

eskbanker

Jimbo_78 said:

If I go to www.marcus.co.uk I can log into my account.  I'm not sure what has led to this occurring either but quite concerning.

I missed this while posting previously - what has led to that occurring is that you've opened a genuine Marcus account but misinterpreted the verification warnings made by your bank!  No scam, no problems, no reasons to be concerned, it's all exactly as should be expected....

Jimbo_78

Okay, thanks very much for your help.  

refluxer

Jimbo_78 said:

given interest in these accounts is peanuts I think I'm going to opt for a High Street Bank instead.

The Marcus account is one of the highest paying easy access savings accounts around at the moment - you'll probably only get a small fraction of that on the high-street, although you can get close with one or two if you don't mind an account with limited access.

I paid a £1 test sum into my Marcus account and got similar warnings about my bank not being able to verify the account - you just need to make sure you enter details correctly and it's always a good idea to try a small initial payment before transferring larger sums. I've been impressed with Marcus so far, with the speed in which transactions are processed.

jimjames

Jimbo_78 said:

When I phoned Goldman Sachs I did ask to be transferred to the Marcus department but there was still no record.  I was aked twice for 'the last 4 digits of my social' ('err is that my National Insurance number' lol).

Based on this, is it possible that Goldman Sachs transferred your call to the USA Marcus department which is why they couldn't find your account?

Thomas_Crown

jimjames said:

Jimbo_78 said:

When I phoned Goldman Sachs I did ask to be transferred to the Marcus department but there was still no record.  I was aked twice for 'the last 4 digits of my social' ('err is that my National Insurance number' lol).

Based on this, is it possible that Goldman Sachs transferred your call to the USA Marcus department which is why they couldn't find your account?

As soon as I read the word 'Social'', which would be Social Security Number, I thought Goldman Sachs USA.