Marcus is live!

ColdIron

IanManc wrote: »

I downgraded mine by phone yesterday for the same reasons. Once I'd been put through to "Sales" who deal with downgrading, it took about ten minutes.

My interest and fees happen on the 12th so I'm waiting until they're paid and will then downgrade it by phone

My DDs/bills are very predictable and I still need to pay the £500 and £200 for the Regular eSaver (commiserations on yours) which I will deal with by using standing orders from my Tesco current account. As Tesco pay on non working days I'm not anticipating any failed payments or cross fire problems. However to ensure this I phoned them up a few hours ago and set up a £600 overdraft as belt and braces. They were happy to do it

I dealt with the Select team as I used my 123 as a hub for other monthly pay in prerequisites and the £6,500 of monthly standing orders seemed to qualify me. I wonder if that will survive the downgrade, not that it's a lot of use anyway

Rheumatoid

IanManc wrote: »

I downgraded mine by phone yesterday for the same reasons. Once I'd been put through to "Sales" who deal with downgrading, it took about ten minutes.

Link for online for phonephobes like me, which was done pretty quickly over the weekend, is:

https://www.santander.co.uk/info/current-accounts/123-lite-current-account/transfer-terms-and-conditions

RG2015

RG2015 wrote: »

There has been a lot of discussion on the true value of the Santander 123 current account but this post has fully clarified it.

Now that you can get the same 1.5% easy access with Marcus as you do with the Santander 123 account you are effectively paying £48 per year for no benefit whatsoever.

AnotherJoe wrote: »

The same?
Can I have direct debits out of this account ?
Can I have a debit card ?
Can I get cash from a cash point?
Can I add money into this account from any other account?
Can others send money to this account ?
Can I use this account to pay bills ?
Can I use it to buy things online ?

Other than that, what have the Romans ever done for us ?

I am not disputing these standard services that are available on most current accounts. I am though questioning if it is worth paying £48 when they are readily available on free current accounts.

Caveat Emptor perhaps?

AnotherJoe

ColdIron wrote: »

You can do all of the above with the 123 Lite. After over 6 years with my 123 I'm downgrading it to Lite as it doesn't make sense for me any more. I'll still get the cashback and access to the Regular eSaver but save myself £48 pa. What's not to like?

My bad, I misunderstood I though you were saying go for Marcus instead of 123.

pearl123

Marcus is asking about you salary and job before you open an account, so perhaps form me as a low earning at home carer it might not be wise to apply. I don't want to get a refusal.
https://www.thisismoney.co.uk/money/saving/article-6233013/Goldman-Sachs-demands-details-salary-job-open-new-Marcus-account.html

ColdIron

It's a savings account so there will be no consequence if they decline your application

RG2015

pearl123 wrote: »

Marcus is asking about you salary and job before you open an account, so perhaps form me as a low earning at home carer it might not be wise to apply. I don't want to get a refusal.
https://www.thisismoney.co.uk/money/saving/article-6233013/Goldman-Sachs-demands-details-salary-job-open-new-Marcus-account.html

I opened an account and wasn't asked about my income. Their privacy policy however, does include the following.

Data we collect and use. Employment status and line of business. This includes your income range where necessary

I have no idea how they would decide that it was necessary but it does appear to be a catch-all legal clause

eskbanker

RG2015 wrote: »

I opened an account and wasn't asked about my income. Their privacy policy however, does include the following.

Data we collect and use. Employment status and line of business. This includes your income range where necessary

I have no idea how they would decide that it was necessary but it does appear to be a catch-all legal clause

....but not necessarily one which is compliant with the data minimisation principle enshrined within the GDPR-compatible Data Protection Act, namely that:

Personal data shall be:

(c) adequate, relevant and limited to what is necessary in relation to the purposes for which they are processed (data minimisation)

Struggling to think how they could argue that employment and/or income data is necessary for opening a savings account, perhaps someone with time and inclination will challenge them on it.

SpanishBlue

pearl123 wrote: »

Marcus is asking about you salary and job before you open an account, so perhaps form me as a low earning at home carer it might not be wise to apply. I don't want to get a refusal.
https://www.thisismoney.co.uk/money/saving/article-6233013/Goldman-Sachs-demands-details-salary-job-open-new-Marcus-account.html

I wasn't asked about my Salary/job either.


I found the account extremely quick and easy to open and money paid in/taken out is there in minutes.


It's an excellent interest rate instant access account, that unlike some others doesn't require you to jump through hoops.


I'm amazed at some of the negativity on here. No account is suitable for everyone, but seriously, what's not to like?

RG2015

SpanishBlue wrote: »

I wasn't asked about my Salary/job either.


I found the account extremely quick and easy to open and money paid in/taken out is there in minutes.


It's an excellent interest rate instant access account, that unlike some others doesn't require you to jump through hoops.


I'm amazed at some of the negativity on here. No account is suitable for everyone, but seriously, what's not to like?

I agree, apart from many people not being able to log on today.