Marcus is live!

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

Zanderman

tel_ wrote: »

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

Front page of their website states

With a variable rate of 1.50% AER*, which includes a bonus rate of 0.15% gross† for the first 12 months.

So, a fixed bonus of just 0.15% but the rest variable with no time-scale and no guarantee.

Nick_C

Zanderman wrote: »

Front page of their website states

So, a fixed bonus of just 0.15% but the rest variable with no time-scale and no guarantee.

... and the ability to get all your money out quickly and easily if the rate becomes uncompetitive

Terry_Towelling

tel_ wrote: »

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

Are you sure the BM account is a 'regular saver' that has a maturity date? I have a BM internet saver paying that rate but it is just an easy-access saver and the bonus rate ends after 12 months rather than matures.

If I were you , I'd get the account now because they may withdraw it or drop the rate for new applications - as BM did.

Don't fully understand all the hoo haa and nay-saying about this product. It's an easy access savings account (which seems to use faster payments) and it has a 1.5% rate at the moment which includes a 12 month bonus. Where is the problem with that?

If the underlying rate drops and it becomes uncompetitive just switch elsewhere. Same applies when the bonus rate ends.

tel_

Zanderman wrote: »

So, a fixed bonus of just 0.15% but the rest variable with no time-scale and no guarantee.

Looks like they are about to get another customer :T