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ColdIron wrote: »

A curious argument. Is your 1.5% interest from your 123 the same as the rate of inflation? One presumes that you are also setting fire to your money and also the additional £48 difference in fees

That account drip feeds two 5% Regular Saver accounts. The additional cash back from bills increases the effective return above the rate of inflation even after the monthly fee. Any returns from it are fed into a S&S ISA.

talexuser

and still losing an extra £48 a year.

wallofbeans

littlemissbossy wrote: »

You are using the UK site rather than the US one ??

Yep, definitely using the UK site. Got 'login PIN' from the UK site so am sure. It's just none of them worked. Baffled.

busy_dad

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.

NoviceAngel

tg99 wrote: »

Called them on Friday and they said had not been declined but that sometimes the ID verification checks they do need further review if any details don’t exactly match based on the tools / verification services they use. Was advised could take up to 5 working days but then got an email yesterday confirming my account was now open and I have subsequently successfully transferred money in.

Thanks for posting that, I have a 999/999 score on Experian so was amazed when my application wasn’t immediately opened - my application is still under review after 5 days! Not a brilliant opening account experience. (Ohh yes before anyone shouts at me I know an excellent credit score can be regarded as worthless)

Oddly my mum has her account opened the same day and she had to provide ID passport and utility bill but mums was opened the same day within hours or uploading the docs.

I’m not happy and just waiting for Marcus to pull their finger out and review my application. I’ll also be changing my 123 to 123 lite

Zero_Sum

Tarambor wrote: »

That account drip feeds two 5% Regular Saver accounts. The additional cash back from bills increases the effective return above the rate of inflation even after the monthly fee. Any returns from it are fed into a S&S ISA.

Out of interest how much do you keep in your 123 account?

If you have full £20k then the 1.26% you're really getting which is ok-ish
If you have £10k then you're only getting about 1%

You can still get access to the regular savers with 123 lite.

I can sort of understand having the full version if you have £20k in as whilst you could get a better rate (1.3 - 1.4%) pre marcus it involved a bit of hassle sloshing money between accounts so it is easier.

If you only have a few grand in, having the full version is utter madness.

RG2015

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.

The Marcus help page gives the following answer so it is probably a weekend issue.

This could be due to a number of reasons. You could have sent the money outside of your linked account provider’s business hours, so the transaction is taking a little longer to show in your Marcus account.

https://www.marcus.co.uk/uk/en/public-site/help

busy_dad

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

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.

NoviceAngel

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