Marcus by Goldman Sachs UK review

The account pays a variable rate of 3.75%, above the site median of 3%. Because the rate type is variable, the provider can revise that number, so it is a current level rather than one fixed for the term. Savers who want a locked rate are looking at the wrong kind of product.

Fees run £0 a month and the account sits on a no monthly fee model, which is the only charging model listed for it. The site median monthly fee is €0, so this is the light end of the savings accounts on the page. The only charge listed for the account is that monthly fee.

The minimum deposit is £1, so the account opens with a small transfer rather than a large sum. The linked account has to be a UK current account in your name, and transfers run between the two online. The account also carries a per-account balance cap.

The account is held with Goldman Sachs International Bank, a bank, and deposits carry the protection listed as FSCS up to GBP 85,000. The firm is regulated in the UK by the Prudential Regulation Authority under licence 124659. That is bank regulation, so a deposit protection scheme applies rather than an e-money or payment institution arrangement.

The account is an easy access product: money can be withdrawn at any time by logging in online or by phone. Per payment and daily withdrawal limits may apply, so a large payment out can be split across days. A phone call or an online login both work, and the balance keeps earning 3.75% while it waits.

The account is an easy access product paying a variable rate of 3.75%, rather than a fixed-term deposit. Money can leave as soon as it is needed, subject to the stated limits, and the rate itself can be revised while the account is open. It suits a savings pot that has to stay reachable.

Support runs on email, phone and help centre. The account is operated by Goldman Sachs International Bank, founded in 2018 and based in the UK, with the help centre as the first place to look for routine questions such as limits, transfers and statements. Email and phone are both listed as direct routes to a person.

It suits UK savers who already hold a current account in their own name, since the linked account has to match. A monthly fee of £0 and a £1 minimum deposit keep running it cheap, while the variable rate of 3.75% pays for money left in place. It fits emergency saving rather than a locked bond.