You are here: Home - Saving & Banking - News -

Goldman Sachs’ Marcus account: ‘It wasn’t just the high rate that impressed me’

0
Written by:
09/10/2018
A staggering 50,000 people have opened a Marcus easy access account since it launched two weeks ago, including our editor. Here’s her take…
Goldman Sachs’ Marcus account: ‘It wasn’t just the high rate that impressed me’

I’d been meaning to open a new easy access account for a while and the new Marcus offering from Goldman Sachs was the deal that finally made me take action.

The obvious reason to open the account was the headline-grabbing 1.5% interest rate, the highest easy access rate since March 2016.

The rate includes a bonus of 0.15% which means it falls to 1.35% after 12 months, but even that’s pretty good seeing as my old account paid 0.25% and some are paying as little as 0.15%.

But it wasn’t just the rate that impressed me.

The sign-up process was quick and easy and the user experience was slick.

It took less than 20 minutes to open my account on my mobile. There weren’t any long and cumbersome application forms and all I needed to enter was my personal information (including my salary, which I know from reports has annoyed some people but didn’t bother me) and details of my linked bank account – this is the only account you can use to transfer money to and from your Marcus account.

The website is easy to navigate and I was quickly able find my Marcus sort code and account number to start transferring funds.

But the thing that surprised and impressed me most was the customer service I got when I inadvertently set off a red flag during my application.

I set up my Marcus account in my married name, but my linked bank account is in my maiden name, which the Marcus system obviously didn’t like.

I immediately got an email saying the £50 I had transferred had been returned to my bank account and that Marcus needed me to send them a bank statement. I hadn’t thought about the married/maiden name issue so called their customer service number to make sure the email was legitimate and to find out why they needed a statement.

I quickly got through to a representative – none of the press 1 for this, press 2 for that nonsense – who did have to put me on hold twice to find out from her supervisor why they’d requested my statement, but eventually was able to explain to me that the name discrepancy had prompted a security alert.

This all happened on a Thursday. I sent my bank statement off on the Monday. Two days later I had a call from a very friendly man from Marcus who told me I was cleared to start transferring money, which was a nice touch. An email would have been fine.

I transferred my money and my dashboard updated pretty much straightaway.

Overall, I’d say this was the best customer experience I’ve had in a long time from a provider.

But be warned: there’s nothing fancy about the website so if you’re looking for added extras you might be disappointed. However, if you want a clear and easy-to-use product, and a top-paying rate, Marcus might be a good home for your money.

Joanna Faith is editor of YourMoney.com

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Everything you need to know about being furloughed

Few people had heard of ‘furlough’ before March 2020, but the coronavirus pandemic thrust the idea of bein...

The savings accounts paying the most interest

If one of your jobs this month is to get your finances in order, moving your savings to a higher paying deal i...

Coronavirus and your finances: what help can you get in the second lockdown?

News and updates on everything to do with coronavirus and your personal finances.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Money Tips of the Week

Read previous post:
Seven ways to save money using your smartphone

Modern technology has made money saving easier than ever before. Here, the financial gurus at Moneyfacts highlight seven tips to...

Close