Marcus is live!

AnotherJoe

Despite my earlier comments I've opened one, smooth sailing apart from a silly PEBCAK error when i sent the initial money in from the wrong account. (they promptly sent it back)


Its a good place for my "float" to live instead of my Barclays account where its been earning about 0.000000000005% interest.

pafpcg

Anyone know when the monthly interest is paid?

ColdIron

AnotherJoe wrote: »

Despite my earlier comments I've opened one, smooth sailing apart from a silly PEBCAK error when i sent the initial money in from the wrong account. (they promptly sent it back)

Its a good place for my "float" to live instead of my Barclays account where its been earning about 0.000000000005% interest.

You know it makes sense Rodney

ColdIron

pafpcg wrote: »

Anyone know when the monthly interest is paid?

Monthly anniversary (monthiversary?) of account opening apparently

murphydavid

Zero_Sum wrote: »

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.

I thought the lite account did not pay interest? So with full 123 the £4/£5 is balanced by cashback then you get 1.5% interest on your balance.

AnotherJoe

murphydavid wrote: »

I thought the lite account did not pay interest? So with full 123 the £4/£5 is balanced by cashback then you get 1.5% interest on your balance.

Exactly. So that posters comment was incorrect.

murphydavid

Zero_Sum wrote: »

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.

Thought we were talking about getting 1.5% interest. 123 lite doesn't pay interest does it?

Zanderman

murphydavid wrote: »

I thought the lite account did not pay interest? So with full 123 the £4/£5 is balanced by cashback then you get 1.5% interest on your balance.

iirc the point being made was that whilst the 123 account pays 1.5% and cashback it charges more than 123 Lite which pays no interest, but offers the same cashback with a lower charge?

This would mean that if you moved your interest-earning cash to Marcus for the 1.5% and switched your 123 to 123 Lite you would get the same interest (but via Marcus), the same cashback (but via 123 Lite not 123) but a lower fee (123 Lite). Which would be a net gain. That's iirc.

No-one was suggesting 123 Lite earns interest.

Rheumatoid

Zanderman wrote: »

iirc the point being made was that whilst the 123 account pays 1.5% and cashback it charges more than 123 Lite which pays no interest, but offers the same cashback with a lower charge?

This would mean that if you moved your interest-earning cash to Marcus for the 1.5% and switched your 123 to 123 Lite you would get the same interest (but via Marcus), the same cashback (but via 123 Lite not 123) but a lower fee (123 Lite). Which would be a net gain. That's iirc.

No-one was suggesting 123 Lite earns interest.

Plus you retain access to the 5% regular saver. Just converted mine (impressed it happened in less than 24 hours over the w/e) and current a/c Money now with Marcus. I use Natwest for rewards and not Santander cashback so will transfer the Santander current to another provider once there is a deal i like.

tel_

Anyone got an idea how long this 1.5% offer will be on for?

My Birmingham & Midshires regular saver matures end of November (which is still paying me a nice 1.44% interest a month), or I might just go ahead & open this now ready anyway