Savings account other than Marcus

RomfordNavy
RomfordNavy Posts: 682 Forumite
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in Savings & investments
Any opinions on an Easy Access account other than Marcus? Fed-up with Marcus needing a mobile phone number to operate.

At the moment it is between Shawbrook Bank (1.33%) and Saga (1.35%).
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Comments

  • blue_eyes
    blue_eyes Posts: 289 Forumite
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    The Saga easy access is provided by Goldman Sachs and may therefore just be a skinned version of Marcus, and may be subject to the same annoyances you currently feel. I don't have either, so I'm not speaking from experience, but Saga teamed up with Goldman Sachs to provide savings accounts from late 2019.

    https://www.saga.co.uk/money/savingshttps://www.saga.co.uk/money/savings
    "This limit is applied to the total of any deposits you have with Goldman Sachs International Bank under any brand, including Marcus and Saga Savings."
  • jimjames
    jimjames Posts: 17,592 Forumite
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    Tesco bank?
    Remember the saying: if it looks too good to be true it almost certainly is.
  • ffacoffipawb
    ffacoffipawb Posts: 3,593 Forumite
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    Hargreaves Lansdown Active Savings has Coventry BS at 1.2%
  • Chloe_G
    Chloe_G Posts: 316 Forumite
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    Had no probs when I was with Shawbrook a couple of years ago. Didn't need a mobile to operate account then.
  • Rheumatoid
    Rheumatoid Posts: 886 Forumite
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    Chloe_G wrote: »
    Had no probs when I was with Shawbrook a couple of years ago. Didn't need a mobile to operate account then.

    But haven't things changed recently with regard to security?

    Suggest OP just gets themselves a burner for receiving security texts :D
    16 Panel (250W JASolar) 4kWp, facing 170 degrees, 40 degree slope, Solis Inverter. Installed 29/9/2015 - £4700 (Norfolk Solar Together Scheme); 9.6kWh US2000C Pylontech batteries + Solis Inverter installed 12/4/2022 Year target (PVGIS-CMSAF) = 3880kWh - Installer estimate 3452 kWh:Average over 6 years = 4400 :j
  • Stenwold
    Stenwold Posts: 198 Forumite
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    Rheumatoid wrote: »
    But haven't things changed recently with regard to security?

    Suggest OP just gets themselves a burner for receiving security texts :D


    Agreed - once SCA kicks in you'll be limiting your choice with no option for security via a mobile phone.
  • RomfordNavy
    RomfordNavy Posts: 682 Forumite
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    ffacoffipawb wrote: »
    Hargreaves Lansdown Active Savings has Coventry BS at 1.2%
    H.L. Active Savings looked interesting until I noticed the following:
    All our partner banks are authorised by the Prudential Regulation Authority
    which suggests that the 'Partner' banks may well be very limited. Still might be worth a try for a while to see how their partner banks perform.
  • bowlhead99
    bowlhead99 Posts: 12,295 Forumite
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    RomfordNavy wrote: »
    H.L. Active Savings looked interesting until I noticed the following:
    All our partner banks are authorised by the Prudential Regulation Authority
    which suggests that the 'Partner' banks may well be very limited. Still might be worth a try for a while to see how their partner banks perform.

    Are you aware that every UK high street bank and building society is authorised by the Prudential Regulation Authority? It is the regulator for UK banking.

    Are you concerned that the HL savings product is not going to be any good because they only work with banks which are regulated in the UK? This seems fundamentally misguided.

    But perhaps you are making a different point?
  • RomfordNavy
    RomfordNavy Posts: 682 Forumite
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    bowlhead99 wrote: »
    Are you aware that every UK high street bank and building society is authorised by the Prudential Regulation Authority? It is the regulator for UK banking.

    Are you concerned that the HL savings product is not going to be any good because they only work with banks which are regulated in the UK? This seems fundamentally misguided.

    But perhaps you are making a different point?
    Thanks, hadn't realised that. Had quickly assumed that was a particular banks FSCS licence.
  • colsten
    colsten Posts: 17,597 Forumite
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    RomfordNavy wrote: »
    Thanks, hadn't realised that. Had quickly assumed that was a particular banks FSCS licence.
    There is no such thing as an FSCS licence. Licences are issued to firms which are authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority (FCA) and the PRA. The FCA manages the Financial Services Register, which details what the firms are registered for.

    The FSCS is the Financial Services Compensation Scheme, in which all authorised firms must participate. They are funding the scheme, which will pay the respective guaranteed amounts to depositors if a financial service provider fails catastrophically.
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