Marcus

Who they are

Marcus is the retail savings arm of Goldman Sachs, one of the world's most recognisable names in investment banking. Goldman Sachs launched its consumer business, Marcus by Goldman Sachs, in 2016 - named after one of the firm's original founders, Marcus Goldman. Later that year, Goldman Sachs launched a Marcus online savings platform in the United Kingdom, expanding its consumer footprint internationally. It was a bold move: a global Wall Street institution stepping into the everyday savings market. Since launching in the UK in 2018, Marcus has grown to service around one million customers and their hard-earned savings.

The appeal has always been straightforward. Marcus is targeted towards ordinary savers and designed to compete with the savings accounts offered by high street banks. Everything is handled online, with no branches and no complicated tiered products - just a clean, simple experience backed by serious financial heritage.

Savings accounts

Right now, the one product Marcus offers on DepositScout is a 1 Year Fixed Term account, paying 4.60% AER. You can open it with as little as £1, which makes it accessible whether you are locking away a small pot or a larger lump sum.

Because it is a fixed-rate account, the rate is locked in for the full 12-month term - you know exactly what you will earn. The trade-off, as with any fixed account, is access. Withdrawals are not allowed during the 12-month term. You can close the account early if needed, although this comes with a penalty - you will forfeit 90 days of interest, or all interest if the account has been open for less than 90 days.

FSCS protection - a note worth reading

Your eligible deposits with Goldman Sachs International Bank are protected up to a total of £120,000 by the FSCS, the UK's deposit guarantee scheme. This limit applies to the total of any deposits you hold with Goldman Sachs International Bank, including Marcus by Goldman Sachs and Saga Savings, where Saga Savings is also provided by Goldman Sachs International Bank. That last point matters: if you also save with Saga, both pots count towards the same £120,000 cap. If your combined balance across these brands exceeds that limit, the excess may not be covered. Worth bearing in mind before you consolidate large sums in one place.

Is Marcus right for you?

Marcus suits savers who want the reassurance of a globally recognised institution, a competitive fixed rate, and a no-fuss online experience. You do not need much to get started - £1 is the minimum - and the account is managed entirely online. For customer service, you can reach a UK-based team by telephone; the number is free to call from UK landlines and lines are monitored between 8am and 8pm each day.

The main things to weigh up: there is no current account, no app, and your money is locked away for the year. If you think you might need to dip in, a fixed account is not the right fit. But if you have a sum you are confident you can set aside, a 12-month fix with Marcus gives you a clear, guaranteed return from a name with real financial substance behind it.

Rates change, and what you see here today may not be what Marcus is offering tomorrow. Always check the live figures shown on this page before you decide.