Marcus is live!

Crashy_Time

pearl123 wrote: »

With luck other banks will increase their rates too.

Hopefully mortgage rates as well.

HardCoreProgrammer

Rheumatoid wrote: »

Do you still get access to the 123 5% regular saver?

I have an active regular saver account and the Santander member of staff who downgraded my account confirmed that there will be no change in interest rate, and that I will continue to open new regular saver accounts when the current one matures.

julicorn

Just opened one as well I'm mainly glad this means I can get rid of my Birmingham Midshires account, which was not only an absolute pain in the !!!! to open, but also had the worst website I've ever seen for any bank account. (If only it Marcus 1.85% like it does in the US... I know, I know, they just have better rates over there generally.)

HardCoreProgrammer

Zero_Sum wrote: »

Even before this account, you'd have been better off going for the lite version & sticking cash into one of the previous best payers of 1.30 - 1.40% as the £4 reduction does eat into the interest rate quite a bit. The full 123 account is a bit of a con really.

Yes, I am aware that the best interest which can be earnt in the 123 account is 1.20% (assuming the account always has at least £20,000, so annual interest is £20,000 x 1.5% = £300 assuming no income tax to pay; fees are £60 per annum so reduces the amount to £240, and £240 / £20,000 = 1.20%).

However, with 123 Lite, I need to keep some money in reserve (which will not earn any interest) and remember to fill it up every month (outgoings and regular savings account payments exceed net salary) which is a bit of a pain. I thought that the game was not worth the candle and decided not to bother when the best rate I could access was 1.27% (Kent Reliance, before interest rates went up in the summer) but now the launch of Marcus has prompted a rethink.

IanManc

10_66 wrote: »

I opened an account this morning and paid some money in around half an hour ago, which hasn't arrived into the account. Does anyone know if their Faster Payments are immediate over weekends or are they delayed until bank working day?

I paid some money in at around 11pm on Saturday night and it hasn't arrived in my Marcus account yet.

simonhunter87

I did a test small payment Saturday night and it still isn't showing Sunday morning at 1030am. I'm surprised it isn't using Faster Payments

Wheres_My_Cashback

firestone wrote: »

Seem to remember reading a couple of years back that some banks do soft credit checks for checking client details no trail left but some did hard checks on savings products that can leave a trial ( Bank of Ulster was one)

Banks do not legitimately do full seraches for savings accounts. They are only required to verify ID due to AML regulations and that is what they do.
Bank of Ulster admitted errors in their procedures and admitted they should have never carried out full searches. They later removed those seaches for all affected.

IanManc

IanManc wrote: »

I paid some money in at around 11pm on Saturday night and it hasn't arrived in my Marcus account yet.

Last night's payment has just appeared in my Marcus account at 12.45pm, with yesterday's date on it.

Rheumatoid

Just transferred 17k and it was almost immediate.

Rheumatoid

Rheumatoid wrote: »

Still not there. No contact from Natwest yet! Its showing as gone on my Natwest account.

EDIT: apparently their fraud team have stopped it but it is not their policy to tell me and I just have to notice and then chase them up. ****** ridiculous. Never had this when a bank or CC suspect anything. They chase me!

Gave Natwest a stern talking to and they offered me £50 by way of apology - result:T