We tried Marcus, the new service that lets Brits bank with Goldman Sachs for as little as £1 — here’s what we thought – Finance

If you are not a strong supporter of British retail banking, you may not have noticed that Goldman Sachs quietly launched its savings account Marcus in the UK last week.

Outside the press, around the small fanfare in the United States, Goldman began its first entry into consumer banking, after 150 years of serving rich and powerful people around the world.

Named as one of the founders of the bank, Marcus Goldman, Marcus first appeared in the United States in 2016 and is part of efforts to diversify sources of income as traditional sources of income lag. Currently, Marcus has collected more than $ 2 billion in US loans.

There are early signs of the success of Marcus in the UK. Goldman has not yet released any customer number data, but Des McDaid, who heads the project, described the number of users signing up as “awesome.”

“The numbers exceeded our most ambitious expectations,” he said.

Of course, having a bank account with Goldman Sachs sounds cool, but what does Marcus really like to use?

Business Insider decided to provide the bank’s main savings account — the only Marcus product currently available in the UK — a trial run. Here is what we found.

In addition to supporting one of the most recognizable names of the financial world, the most significant for Marcus's savings account is its interest rate – 1.5%!


Announcement for Marcus since its launch in the US.
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Announcement for Marcus since its launch in the US.

(YouTube / Marcus by Goldman Sachs)

This is divided into a base rate of 1.35% and an introductory rate of 0.15% for the first year of use. Goldman did not give any indication whether he plans to increase or decrease this indicator in the near future.

Regardless of the bonus rate, 1.35% is one of the best interest rates available to investors on a British street.

Marcus's launch coincided with me, looking for a new savings account after I finally got sick with a tiny 0.2% interest rate that I received on my account with a large British bank.

The interest rate of 0.2% is so low that it is almost meaningless to say. $ 10,000 to an account with such interest you will receive only $ 10,020 by the end of the year, and in 10 years only $ 10,201.

Compare this with a rate of 1.5%, where in a year your savings will cost $ 10,150 and $ 11,650 in 10 years.

Signing up for Marcus is a fairly straightforward process.


Signing up for Marcus is a fairly straightforward process.
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Signing up for Marcus is a fairly straightforward process.

(Screenshot / Will Martin / Business Insider)

Marcus has no physical presence, so registration must be done online. Given that the accounts are oriented for millennia, it probably will not be a big problem for potential customers.

I set up my account on the morning of Marcus in the UK, and the whole process took less than 15 minutes. I had some of my savings in less than 30 minutes.


I set up my account on the morning of Marcus in the UK, and the whole process took less than 15 minutes. I had some of my savings in less than 30 minutes.
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I set up my account on the morning of Marcus in the UK, and the whole process took less than 15 minutes. I had some of my savings in less than 30 minutes.

(Screenshot / Will Martin / Business Insider)

First of all, you will need to give Goldman Sachs some information about yourself. Name, date of birth, etc., But also some more unusual details, including your work and salary.


First of all, you will need to give Goldman Sachs some information about yourself. Name, date of birth, etc., But also some more unusual details, including your work and salary.
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First of all, you will need to give Goldman Sachs some information about yourself. Name, date of birth, etc., But also some more unusual details, including your work and salary.

(Screenshot / Will Martin / Business Insider)

As a rule, salary information is not required to create a non-credit banking product, but there is no indication that Marcus has excluded anyone from opening an account based on their salary. Goldman Sachs said it was money that the information collected ispart of our anti-money laundering measures. ”

Once you enter your details, you will need to link Marcus with another bank account.


Once you enter your details, you will need to link Marcus with another bank account.
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Once you enter your details, you will need to link Marcus with another bank account.

(Screenshot / Will Martin / Business Insider)

The account you associate with Marcus is the only one you can withdraw money into. This feature is fairly simple, but it is a smart way to prevent theft, since there literally are no other means to withdraw money, except to place it in a linked bank account that you have.

Once you have linked your account, you need to set a password and PIN to protect your account, and check the email address you have associated with your Marcus account. And again everything was very straightforward.


Once you have linked your account, you need to set a password and PIN to protect your account, and check the email address you have associated with your Marcus account. And again everything was very straightforward.
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Once you have linked your account, you need to set a password and PIN to protect your account, and check the email address you have associated with your Marcus account. And again everything was very straightforward.

(Screenshot / Will Martin / Business Insider)

And with this you are a Goldman Sachs client!


And with this you are a Goldman Sachs client!
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And with this you are a Goldman Sachs client!

(Screenshot / Will Martin / Business Insider)

Transferring money to and from your account is a very simple process and remarkably fast.


Transferring money to and from your account is a very simple process and remarkably fast.
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Transferring money to and from your account is a very simple process and remarkably fast.

(Screenshot / Will Martin / Business Insider)

During the first few days of using my Marcus account, I made several transfers, and most of them were cleared within 10-15 minutes. The transmissions were especially fast, and my score in the end was in seconds.

A good feature of Marcus is that you receive an email every time you make an outgoing transfer, adding another level of security to your account.

One of the potential drawbacks is that, despite the fact that it is completely online, it does not yet have an application.


One of the potential drawbacks is that, despite the fact that it is completely online, it does not yet have an application.
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One of the potential drawbacks is that, despite the fact that it is completely online, it does not yet have an application.

(Screenshot / Will Martin / Business Insider)

Users who want to check their balance or make a transfer on their phone or tablet should use a browser-based web page for this. This is potentially disappointing to some users, but I used the mobile interface many times, and it was a completely smooth, if basic, experience.

Simplicity is one of the defining features of Marcus. There are no bells and whistles in it. Only the following functions are available: viewing, printing or downloading transactions, withdrawing money, viewing your profile and guiding how to transfer money using your account. That's all you need, but users who are looking for a savings account with many features may be disappointed.

CONCLUSION


CONCLUSION
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CONCLUSION

(Shelly Tee / Flickr)

As a savings account, you will not use Marcus on a daily basis, but it’s good to know that when you do, your account is well laid out and easy to use.

If you need a savings account with multiple functions and a physical branch, Marcus will not be for you. But if you just want a functional account with a very good interest rate, its solid choice and worthy addition to the UK retail banking landscape.

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