Today I opened a savings account with Marcus – an online consumer bank by Goldman Sachs.
It took me about 5 mins to open the account. In another 5 minutes I transferred some funds into it. That’s it, done.
That’s less than the time it would take me to travel to a bank branch, or to queue for attention in the said bank branch, or to fill any forms in the said bank branch, or … – you get the idea.
- Marcus gives a 1.5% interest (about 10x of what Barclays gives me currently, and 2x of other interest-paying challenger banks).
- It has a simple one screen interface. All I can do is see my balance, and request withdrawal (it takes a day).
- I can only transfer money to and from my linked bank account, so there’s little leeway for fraud.
It’s perfect, as a simple savings account. I’m lovin’ it.
