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Marcus is live!

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  • busy_dad
    busy_dad Posts: 67 Forumite
    Seventh Anniversary 10 Posts
    Thanks. Just unusual as FP are supposed to be 24/7 and never had any issues transferring between providers.
    Will see if it has arrived by tomorrow morning.
  • zagubov
    zagubov Posts: 17,939 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    busy_dad wrote: »
    Has anyone had a noticeable delay in receiving initial deposit into the account? I made a faster payment yesterday late afternoon and still not showing? Not panicking as only a test payment, but it is making me a little wary.

    Yes, I put a £1 from my current account into my new Marcus account yesterday afternoon. It didn't arrive till late this morning.
    There is no honour to be had in not knowing a thing that can be known - Danny Baker
  • NoviceAngel
    NoviceAngel Posts: 2,274 Forumite
    Part of the Furniture
    When my Marcus application has gone through verification and I can finally use it I’m taking other posters advice and changing my Santander Select to a Santander lite.

    I’m lucky enough to have just under £20k in Santander Select. My interest, cashback and £5 monthly fee always hit the account together at the end of the month. My question is - When is it the right time to downgrade the account ? I don’t want to pay £5 fee for another month then immediately downgrade but I still want the interest my £££ has earned.

    I’m guessing that the fee is paid in advance for the following month? So again just guessing the right time would be just before the fee is due and any interest credited up to that point would be credited to the account for the final time, then transfer the majority of the balance to Marcus ?

    Someone please tell me if that’s wrong

    Thanks
    After reading PtL Vaubans Guide , please don't desert us, hang around and help others!

    Hi, we’ve had to remove part of your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam
  • ColdIron
    ColdIron Posts: 9,990 Forumite
    Part of the Furniture 1,000 Posts Hung up my suit! Name Dropper
    When my Marcus application has gone through verification and I can finally use it I’m taking other posters advice and changing my Santander Select to a Santander lite.

    I’m lucky enough to have just under £20k in Santander Select. My interest, cashback and £5 monthly fee always hit the account together at the end of the month. My question is - When is it the right time to downgrade the account ? I don’t want to pay £5 fee for another month then immediately downgrade but I still want the interest my £££ has earned.

    I’m guessing that the fee is paid in advance for the following month? So again just guessing the right time would be just before the fee is due and any interest credited up to that point would be credited to the account for the final time, then transfer the majority of the balance to Marcus ?

    Someone please tell me if that’s wrong

    Thanks

    I am downgrading my 123 to Lite. My interest and fee are paid on the same day which should be this Friday the 12th and as soon as I see them I'll be on the phone. I don't think the fee is paid in advance, my first interest and fee payments were on 12/03/13. Another poster said that they pro rata the interest if you switch between monthly anniversary dates but I'll be sticking to my original plan, take the interest and run

    See post #25
    https://forums.moneysavingexpert.com/discussion/5903558/santander-123-vs-lite-are-my-sums-right
  • veryintrigued
    veryintrigued Posts: 3,843 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Logan1paul wrote: »
    ok what am i missing?

    Some context for your question.
  • RG2015
    RG2015 Posts: 6,073 Forumite
    Ninth Anniversary 1,000 Posts Name Dropper Photogenic
    edited 8 October 2018 at 8:26AM
    When my Marcus application has gone through verification and I can finally use it I’m taking other posters advice and changing my Santander Select to a Santander lite.

    I’m lucky enough to have just under £20k in Santander Select. My interest, cashback and £5 monthly fee always hit the account together at the end of the month. My question is - When is it the right time to downgrade the account ? I don’t want to pay £5 fee for another month then immediately downgrade but I still want the interest my £££ has earned.

    I’m guessing that the fee is paid in advance for the following month? So again just guessing the right time would be just before the fee is due and any interest credited up to that point would be credited to the account for the final time, then transfer the majority of the balance to Marcus ?

    Someone please tell me if that’s wrong

    Thanks
    I downgraded my sole 123 account in May just after I had paid my £5 fee and received my full month's interest and my cashback. The next day and I received 3 days extra pro rated interest.

    I downgraded my joint account earlier this month and was credited with pro rated interest and my cashback the next day. I am now past my original monthly date and have not paid any fee, neither £5 nor £1.

    My very first monthly fees were paid one month after I opened each of my accounts. It does appear that by downgrading just before my statement date that I have avoided paying the final £5 monthly fee.
  • RG2015
    RG2015 Posts: 6,073 Forumite
    Ninth Anniversary 1,000 Posts Name Dropper Photogenic
    edited 8 October 2018 at 8:30AM
    ColdIron wrote: »
    I am downgrading my 123 to Lite. My interest and fee are paid on the same day which should be this Friday the 12th and as soon as I see them I'll be on the phone. I don't think the fee is paid in advance, my first interest and fee payments were on 12/03/13. Another poster said that they pro rata the interest if you switch between monthly anniversary dates but I'll be sticking to my original plan, take the interest and run

    See post #25
    https://forums.moneysavingexpert.com/discussion/5903558/santander-123-vs-lite-are-my-sums-right
    Based on my experience as per my last post, you would be better off downgrading before you have paid your monthly fee. I downgraded five days before my statement date but I cannot say if less than five days would have made any difference.

    I also cannot say if I will pay more than £1 for the first fee after downgrading. But I expect to pay only £1 at the beginning of November.
  • ColdIron
    ColdIron Posts: 9,990 Forumite
    Part of the Furniture 1,000 Posts Hung up my suit! Name Dropper
    Well, based on the overwhelming evidence of two posts I've decided to throw caution to the wind and will phone them later this morning. Thanks for the feedback
  • RG2015
    RG2015 Posts: 6,073 Forumite
    Ninth Anniversary 1,000 Posts Name Dropper Photogenic
    ColdIron wrote: »
    Well, based on the overwhelming evidence of two posts I've decided to throw caution to the wind and will phone them later this morning. Thanks for the feedback
    Be prepared for a long wait to speak to someone and then another wait to get to the sales team and then 10 minutes answering endless questions before the downgrade is completed.

    All in all it took me 35 minutes on the phone. Good job I have inclusive minutes!
  • NoviceAngel
    NoviceAngel Posts: 2,274 Forumite
    Part of the Furniture
    ColdIron wrote: »
    Well, based on the overwhelming evidence of two posts I've decided to throw caution to the wind and will phone them later this morning. Thanks for the feedback



    Good luck, let us all know how you get on.
    After reading PtL Vaubans Guide , please don't desert us, hang around and help others!

    Hi, we’ve had to remove part of your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam
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