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.

Death by options…

the financial kind.


This is one part of the derivatives market that I’ve never understood – who creates and sells these options, and why?

Creating and selling options, in itself, has always sounded a loser’s business to me.
When it’s selling them to investors more sophisticated, and more informed, than you – it’s just burning pounds to earn pennies from viewers.

Why do then the same set of investors, usually pension funds, keep doing this every few years? Despite half of them getting wiped out by those pensions when the next downturn (or a period of volatility in this case) hits.

Continue reading Death by options…