Marcus Savings Account, still worthwhile?

Richard1212

talexuser said:

Richard1212 said:

( including 0.25% bonus ending in July). 

The bonus can be updated anytime to gain another year. Go to Dashboard, View, Review your savings, Renew your bonus.

I moved out to the Yorkshire at 2.75 and then the Coventry at 3.25, keeping Marcus open because I think you can't open again if you close, at least it was that way. I agree the instant withdrawal to bank is a bonus, building socs are generally end of day or next day. I use Santander for the excellent bill/shopping/petrol cashbacks, esaver at 2.75 and edge saver for the 4k at 4% and that edge current also has instant transfers to the main bank account. 

There's no bonus rate extension available at this time. Perhaps nearer the July deadline, perhaps not. May depend on whether Marcus raises its main rate soonish.

RG2015

talexuser said:

Richard1212 said:

( including 0.25% bonus ending in July). 

The bonus can be updated anytime to gain another year. Go to Dashboard, View, Review your savings, Renew your bonus.

I moved out to the Yorkshire at 2.75 and then the Coventry at 3.25, keeping Marcus open because I think you can't open again if you close, at least it was that way. I agree the instant withdrawal to bank is a bonus, building socs are generally end of day or next day. I use Santander for the excellent bill/shopping/petrol cashbacks, esaver at 2.75 and edge saver for the 4k at 4% and that edge current also has instant transfers to the main bank account. 

The Marcus bonus extension has not been an option since 9 November 2022. 

MisterMotivated

Richard1212 said:

Personally, I'd ban all Welsh accounts having access to English, Welsh and Irish customers 

Sounds like an excellent business strategy

25_Years_On

The writings on the wall for Marcus. Certainly the American version is pretty much finished and with Goldman Sachs looking to make cuts I don't see the UK arm will escape. They certainly won't be trying to attract more savings by being competitive. It's time to move - and that includes me.

RG2015

25_Years_On said:

The writings on the wall for Marcus. Certainly the American version is pretty much finished and with Goldman Sachs looking to make cuts I don't see the UK arm will escape. They certainly won't be trying to attract more savings by being competitive. It's time to move - and that includes me.

I withdrew the last of my money in March 2022 when it became uncompetitive at 0.60/0.70%.

Can’t recall where it went, possibly Chase at 1.50%. Don’t we just love our American cousins.

Band7

Goldman Sachs are not having a brilliant time at the moment. I reckon Marcus will now remain an also-run for quite some time to come. I have not kept more than £1 in Marcus since September 2018, when they lost their market leadership.

https://www.cnbc.com/2023/01/20/goldman-sachs-slips-on-report-that-the-fed-is-investigating-its-marcus-business.html

RG2015

Band7 said:

Goldman Sachs are not having a brilliant time at the moment. I reckon Marcus will now remain an also-run for quite some time to come. I have not kept more than £1 in Marcus since September 2018, when they lost their market leadership.

https://www.cnbc.com/2023/01/20/goldman-sachs-slips-on-report-that-the-fed-is-investigating-its-marcus-business.html

Didn’t they only launch in the UK in September 2018?

https://www.pymnts.com/news/banking/2021/goldman-planning-2022-uk-launch-of-marcus-app-robo-adviser/

https://www.ft.com/content/9a8e7bde-a6b4-11e8-926a-7342fe5e173f

eskbanker

RG2015 said:

Band7 said:

Goldman Sachs are not having a brilliant time at the moment. I reckon Marcus will now remain an also-run for quite some time to come. I have not kept more than £1 in Marcus since September 2018, when they lost their market leadership.

https://www.cnbc.com/2023/01/20/goldman-sachs-slips-on-report-that-the-fed-is-investigating-its-marcus-business.html

Didn’t they only launch in the UK in September 2018?

Indeed: https://www.moneysavingexpert.com/news/2018/09/new-online-bank-makes-its-marcus-with-top-savings-rate/

ColdIron

Opened and made my first payment 26/09/2018

subjecttocontract

I moved £80k out of Marcus at 2.5% into Coventry at 3.25%......which is worth another £600pa