A savings account called Marcus? Are financial products to go the way of hurricanes and be named after people? Who knows. But that was only the first surprising thing about Goldman Sachs’ new instant access savings account. The second was that Goldman Sachs is now doing personal savings accounts. And the third and final most pleasant surprise about the Marcus account is the interest rate of 1.5%.
It’s not inflation beating, but it is still the highest interest rate on the instant access savings scene.
We signed up within 5 minutes or so. Nothing difficult at all. You nominate a current account to transfer from. The beauty of Goldman Sachs not doing current accounts is that you can pick any current account you have – it doesn’t have to be one with the same bank like so many high street banks do.
They do have this sort of awkward security procedure every time you login, but to be honest, how often is that likely to be?
As soon as it’s all set up, which takes literally minutes, you can send money from your nominated current account into the Marcus account. Interest is paid monthly, which means compound interest.
Because of Goldman Sachs elitist image, Marcus seems to be getting a lot of stick on social media, but all things considered, we’re happy so far.