We’d like to remind Forumites to please avoid political debate on the Forum.

This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Marcus is live!

1181921232439

Comments

  • Zanderman
    Zanderman Posts: 4,915 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    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 :D

    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
    Nick_C Posts: 7,625 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Home Insurance Hacker!
    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
  • 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 :D

    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_
    tel_ Posts: 333 Forumite
    Sixth Anniversary 100 Posts Name Dropper
    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
  • Xenon
    Xenon Posts: 275 Forumite
    Part of the Furniture 100 Posts Name Dropper
    I have just opened my account

    It was simple quick and easy

    Did not need or receive a text to open or verify just used my email address (which arrived in seconds)

    1st impressions - nice clear and simple website

    Just the way banking web sites should be i might add
  • Zero_Sum
    Zero_Sum Posts: 1,567 Forumite
    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.

    It doesnt. The point is the £4 isnt worth the 1.5%
    You can get a better deal elsewhere
  • Zero_Sum
    Zero_Sum Posts: 1,567 Forumite
    AnotherJoe wrote: »
    Exactly. So that posters comment was incorrect.

    Nope. You're now making up things.
    I said it gets same cashback. This is true. Ive not said interest. You're effectively paying £4 for the interest. Its a rip off
  • tel_
    tel_ Posts: 333 Forumite
    Sixth Anniversary 100 Posts Name Dropper
    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.

    Sorry, you're correct, it's an 'Internet Saver' easy access account. But where it gives the anniversary date it says maturity date - not that I expect to get anything.
  • intalex
    intalex Posts: 990 Forumite
    Part of the Furniture 500 Posts Name Dropper Photogenic
    ColdIron wrote: »
    Monthly anniversary (monthiversary?) of account opening apparently
    And is it paid into the Savings account itself, or out to the linked current account?
  • RG2015
    RG2015 Posts: 6,073 Forumite
    Ninth Anniversary 1,000 Posts Name Dropper Photogenic
    intalex wrote: »
    And is it paid into the Savings account itself, or out to the linked current account?
    "Interest will be calculated on the balance in your Marcus account at the end of each day. Interest will be paid monthly into your Marcus account."

    https://www.marcus.co.uk/content/dam/mosaic/savings/pdf/Marcus_Terms_and_Conditions.pdf
This discussion has been closed.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 352K Banking & Borrowing
  • 253.5K Reduce Debt & Boost Income
  • 454.1K Spending & Discounts
  • 245K Work, Benefits & Business
  • 600.5K Mortgages, Homes & Bills
  • 177.4K Life & Family
  • 258.7K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.2K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.