Marcus by Goldman Sachs

LisaJwl

Hi savers. I heard about saving with Marcus & Saga on the MSE TV show. However, when I researched Marcus by Goldman Sachs on the FSCS website, they said it was a clone and unauthorised so basically STAY AWAY! Can anyone tell me more about this? 

jak22

A link to the article would be handy. Marcus and Saga savings are obv. legit as many here use them but no doubt there are clone sites around if you follow bad links. Doing a google search for "marcus savings" might be one approach.

Marcus have recently dropped their 0.25% bonus so the rate isnt that great. Also they;ve been a little slow to increase rates as the market moves.

dgpur

LisaJwl said:

Hi savers. I heard about saving with Marcus & Saga on the MSE TV show. However, when I researched Marcus by Goldman Sachs on the FSCS website, they said it was a clone and unauthorised so basically STAY AWAY! Can anyone tell me more about this? 

You’ve made a mistake in your search. I just checked myself, and the site is quite clear that Marcus is protected. You may have accidentally clicked on the link for one of the other entities named Marcus.

25_Years_On

LisaJwl said:

Hi savers. I heard about saving with Marcus & Saga on the MSE TV show. However, when I researched Marcus by Goldman Sachs on the FSCS website, they said it was a clone and unauthorised so basically STAY AWAY! Can anyone tell me more about this? 

I think you have misread the website. There's no problem with Marcus by Goldman Sachs.

refluxer

This is the official Marcus site : https://www.marcus.co.uk/uk/en - the one you saw referenced on the FSCS website will have been a clone, presumably with a different web address.

As jak22 mentioned, Marcus are no longer competitive for new customers now that they've dropped their bonus and you can do a lot better than 2.25% elsewhere.

https://savingschampion.co.uk/best-buys/personal/easy-access-accounts

isasmurf

I assume you mean the FCA site? I don't think the FSCS site provides details on clones?

Searching Marcus by Goldman Sachs on the FCA register will bring up a clone using that name. You won't find the authorised Marcus by Goldman Sachs as a separate entity on the FCA register as it is only a trading name of Goldman Sachs International Bank, where it is listed under, and not a distinct company. 

LisaJwl

Hi guys. Thanks for the comments, I really appreciate it. This was the screenshot I took from the FCA website. I guess I'm missing the Goldman bit. Would be so easy to get caught out by unscrupulous people. Thanks for your help! 

LisaJwl

refluxer said:

This is the official Marcus site : https:/en - the one you saw referenced on the FSCS website will have been a clone, presumably with a different web address.

As jak22 mentioned, Marcus are no longer competitive for new customers now that they've dropped their bonus and you can do a lot better than 2.25% elsewhere

The account I was looking at was the 3% fixed for 1 year which is still available, but I've been out off now by the "cloning"! 

refluxer

LisaJwl said:

refluxer said:

This is the official Marcus site : https:/en - the one you saw referenced on the FSCS website will have been a clone, presumably with a different web address.

As jak22 mentioned, Marcus are no longer competitive for new customers now that they've dropped their bonus and you can do a lot better than 2.25% elsewhere

The account I was looking at was the 3% fixed for 1 year which is still available, but I've been out off now by the "cloning"! 

You can currently get up to 4.40% for a 1 year fixed rate account elsewhere, so Marcus is even less competitive there than in their easy access account.

https://savingschampion.co.uk/best-buys/personal/fixed-rate-bond

It's not unusual for banks to get cloned so there's no reason to be put off. You just need to make sure you visit the legitimate site 

Beddie

LisaJwl said:

refluxer said:

This is the official Marcus site : https:/en - the one you saw referenced on the FSCS website will have been a clone, presumably with a different web address.

As jak22 mentioned, Marcus are no longer competitive for new customers now that they've dropped their bonus and you can do a lot better than 2.25% elsewhere

The account I was looking at was the 3% fixed for 1 year which is still available, but I've been out off now by the "cloning"! 

It's perfectly safe! Right here: https://www.marcus.co.uk/uk/en

Many of us have had an account with them, including me.

LisaJwl

Thanks guys. I'm a newbie at this stuff, so I'll follow your advice and do my research. Cheers.