Marcus is live!

ColdIron

AnotherJoe wrote: »

OK, what am I missing?

£48 a year, the difference between the £60 123 fee and the £12 123 Lite fee. Fixed term vs easy access isn't a valid comparison. To be fair neither is the full function current account vs savings account comparison but you've been around MSE long enough to have other higher rate current accounts. It will work better for some people than others

pearl123

With luck other banks will increase their rates too.

d63

seems like you can only pay in from your linked account either electronically by faster payment or by cheque drawn on the linked account. there appears to be no way to pay in using a debit card at the moment though.
on the plus side however the help line is an 0800 number.

IanManc

The help pages say that you may have to provide supporting documents. Did anyone who has opened an account actually have to provide any?

Alexland

ColdIron wrote: »

£48 a year, the difference between the £60 123 fee and the £12 123 Lite fee. Fixed term vs easy access isn't a valid comparison. To be fair neither is the full function current account vs savings account comparison but you've been around MSE long enough to have other higher rate current accounts. It will work better for some people than others

I am with AnotherJoe on this one. The cashback on our bills more than covers our 123 joint account fee, it's more convenient to get 1.5% on a current account balance and I wouldn't want more than £20k unwrapped cash anyway. Like many I keep our emergency fund in Santander and Nationwide easy access 5% regular savers with offset dates to keep a rolling balance. As a Select customer the Santander customer service is excellent as I only talk to people who have done well in their annual reviews.

Marcus doesn't look good enough to be worth bothering.

Alex

d63

IanManc wrote: »

The help pages say that you may have to provide supporting documents. Did anyone who has opened an account actually have to provide any?

i wasn't asked for anything other than my postal address, email address, a mobile phone number, a password and a 6 digit pin number of owns devising and details of the linked bank account number.
there was none of the usual extra security business about what was the name of your first cousin's pet goldfish or anything of that nature. all rather odd really on thinking about it later.

AnotherJoe

ColdIron wrote: »

£48 a year, the difference between the £60 123 fee and the £12 123 Lite fee. Fixed term vs easy access isn't a valid comparison. To be fair neither is the full function current account vs savings account comparison but you've been around MSE long enough to have other higher rate current accounts. It will work better for some people than others

My £60 fee is pretty much negated by the cashback I get.
To be fair, if this and 123 was coming out now I'd go for this since its much less hassle, but now all the 123 DDs are setup its too much hassle to switch (plus who knows what will happen in a years time for this except that the rate will decline)

Peelerfart

I can find room for this to replace my aging nationwide account. The loyalty bonus going up by 0.1% after the latest bank hike was a tad mean I thought.

I only opened it, back in the day, when I thought they'd demutualise so I'd grab some freebies.

Fat chance now I guess

Zero_Sum

Alexland wrote: »

I am with AnotherJoe on this one. The cashback on our bills more than covers our 123 joint account fee, it's more convenient to get 1.5% on a current account balance and I wouldn't want more than £20k unwrapped cash anyway. Like many I keep our emergency fund in Santander and Nationwide easy access 5% regular savers with offset dates to keep a rolling balance. As a Select customer the Santander customer service is excellent as I only talk to people who have done well in their annual reviews.

Marcus doesn't look good enough to be worth bothering.

Alex

But the cashback on the 123 account is the same as 123 lite. So it really is a case of being overcharged £4 a month.

SlickMongoose

I think this is a good product. No hassle, no strings, instant access savings at a market leading rate.