Savings account FAQs

The ISA allowance for the current tax year is £20,000. You can choose to use your ISA allowance in a cash ISA, a stocks and shares ISA, an innovative finance ISA, a lifetime ISA, or a combination – as long as you don't exceed your annual allowance, or pay into more than one of the same type of ISA each tax year.

Important: you can only pay into one cash ISA in a tax year. This includes any cash ISAs you hold outside Marcus. It’s your responsibility to keep track of the contributions you make across all the ISAs you hold, with any provider, up to your annual ISA allowance.

Yes, you can make withdrawals from your Cash ISA to your linked account or an Online Savings Account without being charged.

But our Cash ISA is not a flexible ISA, so any money you do take out can’t be replaced within your tax-free allowance. This is because the annual ISA allowance applies to what you pay in, not what you save overall. So if you take any money out, you won’t be able to top it back up to the full contribution limit.

If you withdraw money from your Cash ISA to either your linked account or an Online Savings Account, you’ll give up the tax-free benefit on the amount you withdraw. This means that any future interest you earn on the amount you’ve withdrawn may be subject to tax.

You can transfer your Cash ISA to another ISA (including to a cash ISA with another provider) and keep the tax-free benefits on the amount you transfer.

We don’t support Bacs transfers: if you’re looking to transfer your ISA to another provider, please check that they can support non-Bacs members before requesting a transfer.

No, you aren’t able to transfer in an existing cash ISA you hold.

The tax year runs from 6 April to 5 April each year.

To take full advantage of your annual allowance, you’ll need to make sure you send your funds to your Cash ISA before the cut-off date for that year.

This is particularly important if you’re adding money to your Cash ISA by cheque - so please leave enough time for your cheque to arrive, taking into account any potential postal delays. 

For your money to be included in the current tax year, you need to pay into your Cash ISA by 10:30pm on the 5 April. For cheques, the deadline is 1 April for it to be included in this tax year.

If you add money into your Cash ISA after this, the money may not count towards your current tax years ISA allowance but instead count towards your allowance for the new tax year.

Yes, you can transfer your Cash ISA but it must be transferred in full. We are unable to support partial transfers. 

To transfer your Cash ISA, you’ll need to talk to your new provider who can start this process.

All ISA providers need to meet a set of standards to ensure ISAs are transferred securely between ISA accounts. Please note, we are not part of the Cash ISA electronic process scheme so we usually send funds via cheque.  Your new provider will check that we're not in this scheme before completing the transfer. The process should be completed within 15 working days.

Here’s the ISA transfer process:

1. Contact your new Cash ISA provider to arrange your transfer. They’ll ask you to complete a Transfer Authority Form (TAF) - this form varies from provider to provider so we suggest you contact your new provider if you have any questions about their form.
2. Once you’ve submitted your form, your transfer should be completed within 15 working days. Your new provider will then send us the  completed TAF to us via post or email.
3. Once we have the TAF we will send the new provider a Transfer History Form (THF), which is a letter confirming the account history, along with a cheque payable to your new provider for the total balance held in the Cash ISA.
4. The new provider will receive the payment and ISA history and will credit this to your new ISA account.  The new provider should backdate the payment to ensure this is processed in line with scheme rules. 

You’ll continue to earn interest on your Cash ISA up until, and including the day we transfer it out of your account to your new Cash ISA provider.

You’ll notice that we’ll place a restriction on your account once we receive the Transfer Authority Form from your new Cash ISA provider. The process should be completed within 15 working days. This means you won’t be able to pay in or out of your Cash ISA during this time. Once your Cash ISA is transferred, interest on the transferred funds should be backdated by your new provider either to the date of our cheque, or to the day after the transfer process is completed, whichever is the earliest.  

If you have not subscribed to your Marcus Cash ISA for a full tax year, you must renew it before being able to fund it again. 

You can only do this online, via your desktop or mobile browser, by following these steps:

1. Log into marcus.co.uk
2. Select ‘View’ next to your Cash ISA..
3. Open the ‘Manage account’ dropdown and select ‘Renew Cash ISA’ from the menu options.
4. Read the Cash ISA product summary.
5. Review your details.
6. Check and confirm the declaration and terms and conditions.

Your Cash ISA will be renewed, and you can start paying into it right away.

You can also call us on 0800 085 6789 and a member of our Customer Care Team can help you to renew your Cash ISA. Our lines are open 8am-8pm, Monday to Friday (excluding bank holidays).

No, you can’t renew your Cash ISA in the app. You can only renew your Cash ISA from a web or mobile browser, by following these steps:

1. Log into marcus.co.uk
2. Select ‘View’ next to your Cash ISA.
3. Open the ‘Manage account’ dropdown and select ‘Renew Cash ISA’ from the menu options.
4. Read the Cash ISA product summary.
5. Review your details.
6. Check and confirm the declaration and terms and conditions. 

You can close your Cash ISA by calling us on 0800 085 6789 or if your balance is under £20,000 you can send us an email at [email protected]. A member of our Customer Care Team will guide you through the process. Our lines are open 8am-8pm, Monday to Friday (excluding bank holidays).

Your account term starts from the date your account is opened. From that date, you have 14 calendar days to add up to £250,000 to your 1 Year Fixed Rate Saver (this is your funding window). After this date you won’t be able to add any more.

You can add money from your linked account or from another Marcus account you hold with us in your name, if it allows you to make payments.

If your Marcus account is a joint account, both of you will be able to add money in this way.

You can make as many payments into your account as you like during the funding window, up to £250,000. Any money received after the funding window closes will be returned to you.

If you don’t add any money during the funding window, we’ll close your account.

Your term will end either on the one-year anniversary of your account opening, or on the next business day. We’ll contact you before it ends to remind you and to explain your options for what to do with your savings. 

We’ll do what you’ve asked us to do on the day your term ends. You won’t earn interest for that day but you’ll keep earning interest daily until then. We’ll pay any interest you’ve earned into your account before we move your money.

If you don’t let us know what you want to do by the end of the business day before your term ends, we’ll transfer your money and any interest into a Maturity Saver. We’ll let you know the current interest rate for the Maturity Saver before we move your money and you’ll be able to access your money at any time.

Our 1 Year Fixed Rate Saver does not allow withdrawals, including during your funding window. So you should be sure you will not need access to your money before you open one.

If you need to close your account early, you can call our Customer Care Team on 0800 085 6789. We’ll charge an early closure fee.

If you close your account within the first 90 days, the fee will be equal to the interest you’ve earned so far. If you close your account after that point, the fee will be equal to the interest you earned during those first 90 days.

If you have a joint account, either of you will usually be able to give us instructions to close your 1 Year Fixed Rate Saver early.

The early closure fee will not apply if a sole account holder dies or if we can see that you’re in unexpected or challenging circumstances that mean you need urgent access to your money. If you find yourself in this situation, please contact us.

A Maturity Saver is the account we open for you after your 1 Year Fixed Rate Saver expires. You can access your money at any time and the interest rate is variable. The Maturity Saver doesn’t include the option to add a bonus rate.

Yes, you can move money from your Maturity Saver to another Marcus account, or to your linked account.

To close your Maturity Saver, please call us on 0800 085 6789 and a member of our Customer Care Team will do this for you. Our lines are open 8am to 8pm, Monday to Friday (excluding bank holidays).

If you have a Maturity Saver account, there are a few things you can do:

• Open another Marcus account and move the funds into that account. You can see what Marcus accounts are available in our savings table.
• Move your money into an existing Marcus account.
• Move your money back to your linked account.

Once you move your money, you can email [email protected] or you can call our Customer Care Team to close your Maturity Saver account. Our number is 0800 085 6789 and we’re open 8am to 8pm, Monday to Friday (excluding bank holidays).

If you chose to do nothing with your Maturity Saver account, you’ll continue to earn interest on your money and receive updates about it.

When you applied for an account with us, we asked you to give us the details of a UK current account held in your name. This is your linked account (although you may have updated this since you opened your account).

You can add money to your Marcus accounts from your linked account. You can also transfer money between the Marcus accounts you hold. If your Marcus account is a joint account, both of you will be able to add money this way.

To send money from your linked account, you can just make a transfer the way you usually do from your current account. Use your Marcus account number and sort code and put your own name as the payment reference.

Extra verification

When you send a payment from your linked account, you may be shown an extra verification step. This is a new scheme introduced by some banks that automatically confirms whether the account you’re trying to send money to is in the name of your intended payee.

The scheme is in its first phase, and we’re not included in that, but provided you’ve checked the details you’ve entered and you’re happy that they’re correct, you can still continue with your payment.

When you make a transfer to your Marcus account, you should check:

• You’ve entered your full name correctly, as it appears on your Marcus account.
• The sort code is displayed as 40-64-37 and shows Goldman Sachs International Bank.
• Your Marcus account number is correct.

How long a transfer takes 

When you add money by bank transfer, it should arrive in your Marcus account as soon as we’ve received it. This tends to be within two hours if your linked account provider uses Faster Payments. You’ll start earning interest on the same day we receive your money.

If you add money using a bank transfer over the weekend, it could take until the end of Monday to show in your Marcus account depending on when we receive it. Please allow extra time on bank holidays.

Please note: We’re expecting we may experience delays in receiving deliveries at the moment, so if you send us something in the post, it may take longer than usual for us to process it.

We can only accept cheques from your linked account. To add money by cheque:

1. Make the cheque payable to Goldman Sachs International Bank.
2. Write your Marcus sort code and account number on the back.
3. Post it securely to:

Goldman Sachs International Bank
PO Box 5184
Worthing
BN11 9JD

Please allow at least 7 days for your cheque to reach us. We won’t be able to let you know we’ve received your cheque, but once we do, we'll credit your account. We can’t accept banker’s drafts, so please don’t send them to us.

To move money out of your Marcus account, just log in and make a bank transfer to your linked account or call us. 

You can take out up to £20,000 in one day online. If you want to take out any more than that, you’ll need to call our Customer Care Team on 0800 085 6789, or +44 203 901 3353 if you’re calling from abroad and we can do this for you. Our lines are open Monday to Friday, 8am to 8pm (excluding bank holidays). You’ll be able to take out as much as you hold in your account over the phone

Payments from your Marcus account to your linked account are usually made within two hours and at the latest by the end of the following business day.

If this doesn’t happen, it might be because we are checking the payment as we think your account is at risk of fraud or unauthorised use. It might also be because allowing the payment through would cause us to breach a law or regulation. Please also be aware that payments over the weekend may take longer because this is when we carry out regular maintenance.

If there’s a problem with a transaction on your Marcus account, we’ll let you know the reason as soon as we can and as long as we’re legally permitted to. You can read more about moving your money in our terms and conditions.

There are a few reasons why this might happen:

1. If you’ve transferred money from your linked account over the weekend, it can take until the end of Monday to show in your account depending on when we receive it.
2. Similarly, if you send the money outside of your linked account provider’s business hours, the transaction can take a little longer to show in your Marcus account.
3. If you’ve given the wrong Marcus account details to your linked account provider or tried to send money from an external account other than your linked account, the money will be sent back to the account you sent it from.
4. If you try to make a payment into your account that would take your balance over the maximum pay in limit of the account, the money will be sent back to the account you sent it from.

The interest you earn on your savings counts towards the maximum pay in limit of £250,000. This means if your account balance is close to £250,000, and interest is added that takes your account balance up to or over that limit, you won’t be able to add more money to your account. Please make sure you check your account balance before trying to make a payment.

There may also be times where we have to stop money coming into your Marcus account for a legal reason. You can read more about moving your money in our terms and conditions.

The maximum amount you can save in any Marcus account is £250,000.

If your balance is close to the pay in limit of £250,000, you may accrue interest that pushes your account balance over the maximum pay in limit. If this happens, you won't be able to add any more money to your account, but you will keep earning interest in the same way and it will continue to be paid into your account.

Please be aware that we're a part of a US bank, so we can't accept money that's related to countries or territories where there are significant financial crime concerns or legal restrictions in the US. For example, this means you won't be able to save money in an account with us when you intend to spend it in:

• Cuba
• Iran
• so-called Donetsk People’s Republic and Luhansk People’s Republic
• so-called Republic of Crimea and Sevastopol
• North Korea
• Syria

If we suspect that the money you’re saving is related to or intended to be used in this way, we may need to delay or reject transactions, or freeze your account. Depending on the circumstance, there’s a chance we may not be able to return your money to you.

AER stands for Annual Equivalent Rate, and it's a rate used by UK banks to help customers compare savings accounts.  The AER illustrates what your interest rate (called the gross interest rate) would be, if interest was only paid and compounded once each year.

For example, if interest is paid once a year then the gross interest rate and the AER would be the same, as interest is only applied once. But if interest is paid monthly – as with our Online Savings Account – then the AER will be higher than the gross interest rate. This is because the AER will take into account the compounding interest that you earn every month over the course of a year.

By showing the rate in this way, you can confidently compare accounts whether they pay and compound interest monthly, quarterly, or yearly.

From time to time, we'll have new products and offers, including new bonus rates. A bonus rate is an extra interest rate, on top of the account rate. You can add this to your account at any time, so keep an eye on what bonus rates we have on offer to get the most from your savings.

If you already have a bonus rate on your account, we'll remind you that your bonus rate is expiring via email and in the 'My Documents section' of your account just before it expires. 

Shortly before your current bonus rate expires, you will be able to see if a new bonus rate is available by logging into your account and reviewing the options displayed next to your current interest rate details. If there is a new bonus rate available, the details will be included there.

You can add a bonus rate to your existing account at any time when one is available – even if you already have an existing bonus rate applied to your account. If you add any bonus to your account it will immediately replace any existing bonus you have and will be valid for 12 months from the date you add this new bonus rate. You will not need to wait for your current bonus rate to expire or open a new account to get the bonus rate.

You can also renew the fixed-rate bonus when it expires, as long as there's a bonus rate available. You can add a new bonus rate to your account online or in app.

To add the bonus rate from your web browser:

1. Log into your Marcus account at marcus.co.uk
2. Select ‘View’ next to your Online Savings Account or Cash ISA account.
3. Scroll down until you see the ‘Bonus rates’ section and select the ‘Review your savings’ link.
4. When there’s a bonus available, you’ll see the bonus rate and expiry date.
5. Select ‘Renew your bonus’.

To add the bonus rate from your app:

1. Log into the app.
2. Go into your Online Savings Account or Cash ISA.
3. Tap the three dots in the top right hand corner of the screen.
4. Select ‘View bonus options’ from the menu options.
5. When there’s a bonus available, you’ll see the bonus rate and expiry date.
6. Select ‘Renew your bonus’.

Online Savings Account and Cash ISA

Interest is calculated daily and applied to your account monthly on the date your account was opened. So if you opened your account on the 27 September, your interest will be applied at the very end of the day on 27th of each month.

We'll add the interest to your account at the end of the day, not at the beginning. When your interest payment date falls on a weekend or bank holiday, the interest will usually be paid in by the very end of the next business day instead.

Fixed Rate Saver

Interest is calculated daily and will be applied to your account at the end of your term.

Interest is calculated daily and paid monthly. Your money will be earning interest at the stated rate – including any bonus – every day that it remains in your account.

At the end of every tax year, we provide you with a tax certificate. We don't deduct tax from your account. You can find more information on what tax you might need to pay on your savings at gov.uk/apply-tax-free-interest-on-savings. 

If we increase our interest rates, we’ll tell you either before, or immediately after we start paying interest at the new rate.

If we decrease our interest rates, we’ll tell you at least 14 days  before we start paying interest at the new rate .

If a new fixed term bonus rate becomes available for your account, we’ll tell you as soon as we can.

View historical interest rates