Savings account

Leafy1523 · 29 May 2024 at 11:22AM

Hi, I’m currently with Marcus by Goldman Sachs savings account. I’ve read somewhere that they might possibly be closing this. I’ve read that chip is quite good, looking to get some actual feedback on what people are using for their instant access savings account so I can look at moving to an alternative. Thank you in advance!

Mark_d · 29 May 2024 at 11:42AM

I have a savings account with Marcus and I've heard nothing about a potential closure of this.

I use Kroo as my current account. This pays 4.35% interest so the benefit of maintaining a separate savings account is insignificant.

poseidon1 · 29 May 2024 at 12:11PM

https://www.marcus.com/us/en/invest#:~:text=Key Dates for Impacted Marcus Invest Customers&text=After market close on 6,access your Marcus Invest account.

If you read the link above, it is apparent you have confused Marcus UK ( savings bank ), with Marcus Invest ( Goldman Sach's retail investment product for the American mass market).

It is the American Marcus Invest which is to close in June with investors transferred to the Betterment robo weatlh advisor, a competitor to Marcus Invest.

This has no effect on Marcus Bank UK so no need for you to immediately consider moving your savings if you are happy with the interest rate and the service.

However having said all the above, the Marcus brand as a digital bank in America has not been a success for Goldman Sachs, and given Marcus Bank UK is now 6 years old, it is unclear whether there are any concrete plans for the UK entity to evolve beyond its pure depositor taker status.

Certainly, if one compares with J P Morgan's Chase UK bank offering, that appears to have a clear road map for its development as an 'all singing all dancing' UK digital bank with future plans to launch lending products along side its current account and savings/Investment (via Nutmeg) products. By contrast, Marcus has been somewhat silent as to its future UK ambitions.