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AskAsk

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2010

AskAsk said:

Is it safe to have more than 85k with Marcus Bank? 

They have a better rate for instant saving than other banks.  To put it into context, I am happy to have more than 85k with my own bank Natwest, so how would you rate Marcus against Natwest in terms of the risk of them going under and I have to rely on the FSCS?

You know the limit but if you`re happy to risk losing the excess amount, go ahead.

i don`t know the numbers but I would say Goldman Sachs are a lot bigger than NW.

threlkeld53

A division of the Goldman Sachs Group. I'd be ok exceeding the FSCS £85k limit . I wouldn't be waking up at 3am worrying if the bank is going under. But then nothing is 100% guaranteed.

Rollinghome

AskAsk said:

Is it safe to have more than 85k with Marcus Bank? 

They have a better rate for instant saving than other banks.  To put it into context, I am happy to have more than 85k with my own bank Natwest, so how would you rate Marcus against Natwest in terms of the risk of them going under and I have to rely on the FSCS?

Short of a major meltdown, then it's safe. But then that's what we had in 2008.

Or you could open a second savings account with Tesco, also paying 0.60%.

eskbanker

AskAsk said:

Is it safe to have more than 85k with Marcus Bank? 

They have a better rate for instant saving than other banks.  To put it into context, I am happy to have more than 85k with my own bank Natwest, so how would you rate Marcus against Natwest in terms of the risk of them going under and I have to rely on the FSCS?

Not sure if you're implying that you have two pots of at least £85K but even if it's just one, do you really need so much in cash form, especially easy access?

refluxer

There are a number of banks all offering online savings accounts with similar rates at the moment - why not open a couple and remove the risk altogether ? I can't comment on Cynergy or Shawbrook, but I have a Tesco Internet Saver which I've been impressed with so far.

There are a couple of other aspects you might want to pay attention to, depending on the amounts and your circumstances - the upper limits (Shawbrook actually limit to £85k, for example) and daily withdrawal limits (eg. £10k per day for Tesco)

grumiofoundation

AskAsk said:

Is it safe to have more than 85k with Marcus Bank? 

They have a better rate for instant saving than other banks.  To put it into context, I am happy to have more than 85k with my own bank Natwest, so how would you rate Marcus against Natwest in terms of the risk of them going under and I have to rely on the FSCS?

It is certainly safer not to exceed 85k.

Cynergy and shawbrook have better instant access rates (according to MSE). I have never used cynergy but had accounts with shawbrook in the past and never had an issue that I can recall.

Premium bonds (max 50k) should also beat 0.6%.* (*with average luck over a decent time period would get ~0.9%).

As mentioned above you seem to be suggesting having significantly more than 85k in instant access accounts which is quite a lot. 

Daliah

AskAsk said:

in terms of security, anyone got an opinion of tesco savings as a secure bank?? 

There is no such thing as a secure bank, or a secure savings provider. What is safe and secure is the £85K FSCS protection, which provides the same security for any FSCS-protected account, regardless of the provider. You can get  protection for higher than £85K at NS&I.

Regarding your original Q: putting £85K into Marcus is just as safe as having £85K in Natwest.

Malchester

I have accounts with Shawbrook and am really impressed. Also Investec have online flexi saver paying 0.58%. I use them as my main instant access account and they are superb. V speedy deposits and withdrawals. Would recommend them. 

1882

Just to say that Cynergy are perfectly good, used them for a few years now and no problems. I would say however that their website is slightly less straightforward that Marcus.

Malchester

AskAsk said:

Malchester said:

I have accounts with Shawbrook and am really impressed. Also Investec have online flexi saver paying 0.58%. I use them as my main instant access account and they are superb. V speedy deposits and withdrawals. Would recommend them. 

thanks.  will have a look into them.

update - just looked and it seems that investec is app based only?  it says you need to upload ID to open an account?

shawbrook bank says minimum withdrawal is £500 but it doesn't say what is the maximum daily withdrawal amount?

Hi. Investec is not just app based - I use it on a laptop. Don't have the app (not sure if they have one for this account. Yes I had to update a photo as ID but was easy to do. The website is

Online savings accounts from Investec | Fixed Rate and Instant Access