Savings Interest Rates, Switch Offers and Guides for Marcus

Who they are

Marcus is a trading name of Goldman Sachs - the name itself comes from Marcus Goldman, one of the bank's original founders. Goldman Sachs opened their first retail banking service in the UK in 2018 under the Marcus name. In the UK, the proposition is deliberately narrow: Marcus specifically provides online savings accounts and, though it offers many more services in the US where it first launched, in the UK it is strictly a savings account provider. There are no branches and customer service is handled by a UK-based team by telephone, and all account enquiries must be dealt with by phone. For many savers that is a reasonable trade-off given the rates on offer.

Savings accounts

Marcus currently offers three accounts. The Online Savings Account is an easy access option with a variable rate of 4.75%, made up of a 3.24% base rate plus a 0.49% bonus that runs for the first 12 months. The Cash ISA works in a similar way - a variable rate of 4.01%, combining a 3.24% base and a 0.74% 12-month bonus. One thing worth noting: the Cash ISA is non-flexible, meaning any withdrawals count against your annual ISA allowance rather than being replaceable in the same tax year.

If you are happy to lock money away, the 1 Year Fixed Term account pays 4.60% with no access until maturity. All three accounts start from just £1, which makes them accessible whatever the size of your pot.

For the bonus-rate accounts, set a calendar reminder at around 11 months - not 12 - so you have time to review before the introductory rate drops back to the base.

FSCS protection

All Marcus accounts carry FSCS protection. Notably, your money is protected up to £120,000 by the Financial Services Compensation Scheme - higher than the standard £85,000 limit that applies to most banks. This is because Goldman Sachs holds an EU banking licence through its European entity rather than a standard UK retail banking authorisation, resulting in the elevated coverage level. Worth confirming the current position directly with Marcus if this matters to you.

Is it right for you?

Marcus suits savers who want simple, online-only accounts backed by a well-known financial institution, and who are comfortable managing everything digitally (with phone support as the fallback). The bonus-rate structure on the easy access and ISA accounts means the headline figures are genuinely competitive right now, but the underlying base rate is more modest - so these accounts reward people who stay on top of rate changes.

There are no switch offers or current accounts here, so if you are looking to move your day-to-day banking, you will need to look elsewhere. The fixed-rate bond is worth a look if you have a lump sum you will not need to touch for a year.

As always, the live rates on this page reflect what Marcus is paying right now - check them before you apply, as rates can and do change.