What Is Marcus Bank UK?
Marcus by Goldman Sachs is an online savings brand operated in the UK by Goldman Sachs International Bank, authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority (FCA) under firm reference number 124659. Marcus launched in the UK in September 2018, bringing Goldman Sachs's retail savings proposition — a competitive easy-access savings rate — to everyday UK savers for the first time. Deposits at Marcus UK are protected by the Financial Services Compensation Scheme (FSCS) up to £85,000 per person.
Marcus does not offer a current account or debit card — it is a savings-only platform. This guide covers how the easy-access account works, what rates to expect, how Marcus compares to competitors, and the limitations to understand before opening an account.
Marcus UK Easy Access Savings Account: Key Features
- ▸Easy access — no notice period required to withdraw funds. Withdrawals are processed by the next working day.
- ▸No minimum deposit — accounts can be opened with as little as £1.
- ▸Maximum balance of £250,000 — Marcus imposes a £250,000 cap per account (above which additional deposits will not earn interest).
- ▸No fees — there are no account management fees, no withdrawal fees, and no penalty for accessing your money.
- ▸Interest paid monthly — interest accrues daily and is paid to the account monthly.
- ▸Managed online only — Marcus does not have branches or a telephone banking service for standard account management. Accounts are managed via the Marcus website or app.
Marcus UK Rate History and Rate Positioning
Marcus entered the UK market with a rate designed to sit near the top of the easy-access savings market. Its rate has moved in line with the Bank of England base rate — rising sharply from 2022 onwards as the Bank raised rates to combat inflation, and fluctuating as rates stabilise. Because the rate is variable, it can be changed by Marcus at any time with notice. The current rate is published on marcus.co.uk and should always be verified directly before opening an account, as it may differ from the rate at the time this article was written.
Marcus periodically offers a "rate boost" — a bonus rate applied for a fixed period (typically 12 months) on top of the standard variable rate, available to new customers or as a retention offer to existing ones. These boosts have historically added 0.10–0.25 percentage points above the standard rate.
Marcus UK vs Easy-Access Savings Competitors 2026
| Provider |
Account Type |
Rate (variable) |
FSCS? |
Max Balance |
| Marcus UK |
Easy access |
Check marcus.co.uk |
Yes (£85k) |
£250,000 |
| Chip |
Easy access (via Allica) |
Variable |
Yes |
£250,000 |
| Cynergy Bank |
Online easy access |
Variable |
Yes |
£1,000,000 |
| Chase UK Saver |
Linked easy access |
Variable |
Yes |
No stated cap |
| Nationwide Triple Access |
Limited access |
Variable (with restrictions) |
Yes |
£100,000 |
Always verify current rates directly with each provider. The savings market changes rapidly and rates published in articles may be outdated within weeks.
How to Open a Marcus UK Account
- ▸Visit marcus.co.uk and click "Open an account."
- ▸You must be a UK resident aged 18 or over with a UK address and a valid UK mobile number.
- ▸Provide your personal details including National Insurance number, which Marcus uses for identity verification and HMRC reporting.
- ▸Link a UK current account (sort code and account number) to fund your Marcus account — Marcus does not issue a debit card; all deposits and withdrawals are made by electronic transfer to and from your linked account.
- ▸There is no branch visit required. Approval is typically instant for most applicants; some may require additional identity checks.
Marcus Account Limitations
- ▸No current account or debit card — Marcus is savings-only. You must maintain another current account to fund it and to receive withdrawals.
- ▸No fixed-rate bonds — as of 2026, Marcus UK offers only easy-access savings, not fixed-term deposits. For competitive fixed rates, consider other providers.
- ▸No business or joint accounts — Marcus UK is a personal savings account only; no joint, trust, or business accounts are available.
- ▸No ISA wrapper — interest earned is not ISA-sheltered, so it counts towards your Personal Savings Allowance (£500 for higher-rate taxpayers, £1,000 for basic-rate taxpayers from April 2024).
- ▸Withdrawal processing time — unlike some accounts offering same-day withdrawals, Marcus processes withdrawals by the next working day.
FSCS Protection at Marcus UK
Marcus UK operates under the banking licence of Goldman Sachs International Bank, which is PRA-authorised and FCA-regulated. The FSCS therefore protects deposits up to £85,000 per person. It is important to note that Goldman Sachs International Bank is a separate legal entity from the Goldman Sachs brand in the US — FSCS protection applies specifically to deposits held under the UK-authorised entity. If you also hold deposits with other Goldman Sachs entities in the UK, the £85,000 limit applies across all of them combined.
Case Scenario 1: Emergency Fund Optimisation
Scenario: A couple holds a £15,000 emergency fund in a Barclays instant-access account earning 1.5% AER. Their financial adviser suggests moving it to a higher-rate easy-access account. They open two separate Marcus accounts (one per person) — each protecting up to £85,000 — splitting the £15,000 equally between them. Each Marcus account earns the current easy-access rate, which they verify on marcus.co.uk before transferring. Withdrawals are back in their Barclays account the next working day if an emergency arises.
Case Scenario 2: Higher-Rate Taxpayer and Personal Savings Allowance
Scenario: A higher-rate (40%) taxpayer holds £50,000 in savings across two Marcus accounts. The current Marcus rate generates approximately £2,000 of interest per year. His Personal Savings Allowance is £500 — the remaining £1,500 is taxable income. He contacts his accountant before tax year-end to ensure the taxable interest is declared on his self-assessment return. He also reviews whether moving a portion of savings into a Cash ISA would shelter future interest from tax, particularly as his savings pot grows.
Related reading: UK Challenger Banks 2026 | Cynergy Bank 2026 | Vanquis Bank Savings 2026
Disclaimer
This article is for informational purposes only and does not constitute financial advice. Savings rates are variable and subject to change. Always verify the current rate at marcus.co.uk and seek independent advice before making any financial decision.
Frequently Asked Questions
Is Marcus Bank UK the same as Goldman Sachs?
Marcus is a retail brand operated by Goldman Sachs International Bank, which is a separate legal entity from the Goldman Sachs investment bank. Deposits at Marcus UK are regulated by the PRA and FCA under firm reference 124659 and are FSCS-protected up to £85,000.
Can I open a joint Marcus account?
No. Marcus UK currently offers only individual personal savings accounts. Joint accounts and business accounts are not available.
Does Marcus have an ISA?
As of 2026, Marcus UK does not offer a Cash ISA. Interest earned on a Marcus account counts toward your annual Personal Savings Allowance. Higher earners who have already used their PSA may wish to consider a Cash ISA from another provider to shelter additional interest from tax.
How do I withdraw money from Marcus?
Log in to your Marcus account online or via the app and initiate a transfer to your linked UK current account. Withdrawals are processed by the next working day — there is no same-day transfer option.
What is the maximum I can deposit with Marcus UK?
The maximum balance on a single Marcus UK account is £250,000. Balances above this limit will not earn interest. Because the FSCS covers only £85,000 per person per institution, depositing more than £85,000 at Marcus means the excess is not FSCS-protected.
Is Marcus UK available to non-UK residents?
No. Marcus UK is available only to UK residents aged 18 or over with a UK address and a UK mobile number. Non-UK residents, including British citizens living abroad, cannot open a Marcus UK account.
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