Marcus is live!

Steve_xx

NoviceAngel wrote: »

Apologies I didn’t make it clear - I changed my full 123 to 123 lite and retain all the cashback DD’s that more than pays the £1 monthly fee and I retain the same sort code and account number.

Yes, I reread your post and have realised what you've done there.

For me, I've many regular savers and so I'll retain the 123 for now. However, I did have four of them, but I've reduced down to two.

Steve_xx

MK62 wrote: »

I hear you......even though you may be better off with a 123 Lite account, and say a Marcus savings account......the fact is that you won't be swanning off into the sunset with the c£20pa you'll save......still, £20 is £20....

Well no. If you ditch the 123 account altogether then you would save £60 per annum. Or going down the 123 Lite route you'd save £48 per annum.

ColdIron

NoviceAngel wrote: »

Good luck, let us all know how you get on.

Just to wrap it up, I received £22.04 interest today

MK62

Steve_xx wrote: »

Well no. If you ditch the 123 account altogether then you would save £60 per annum. Or going down the 123 Lite route you'd save £48 per annum.

I you religiously keep £20k at all times in the 123 account, you will earn £300 in interest, minus the £60 fee, so £240.

If you open a Marcus account and keep £18k in that, you'll earn £270 in interest.....keep the other £2k in the now downgraded 123 Lite account, to cover your bills and regular savers etc, and that's a £12 annual fee, so £258 altogether.
You may well get that back with cashback, but that depends on your bills etc.

You'd save a bit more if the split was 19k/1k.....a bit less if it's 17k/3k.
Obviously at 20k/0k, you'd save the full £48, but running a current account with a £0 average balance is cutting it too fine for me.....I'm not disciplined enough to move money around religiously on the same day each month (and Marcus is a savings account with no STO/DD capabilities).

soulsaver

Steve_xx wrote: »

Well no. If you ditch the 123 account altogether then you would save £60 per annum. Or going down the 123 Lite route you'd save £48 per annum.

You can keep 123 lite and still save £60:

If you just want the reg saver (and no interest or cashback*) you can have the 123 lite with no charges if you ensure it doesn't qualify at the start.- ie not 2DDs/£500 credit.

*Because you can get the cashback elsewhere, maybe.

Doc_N

I’m guessing this is going to put pressure on Santander to increase their rates, because there’s quite an overlap in the typical customer profile of each.

I’m sticking with Santander for the present but if nothing happens everything’s going over to Marcus.

Have to say though that there’s a very big difference between the two accounts in what they offer, not the least of which is Faster Payments.

Steve_xx

Doc_N wrote: »

I’m guessing this is going to put pressure on Santander to increase their rates, because there’s quite an overlap in the typical customer profile of each.

I’m sticking with Santander for the present but if nothing happens everything’s going over to Marcus.

Have to say though that there’s a very big difference between the two accounts in what they offer, not the least of which is Faster Payments.

Faster payments?

planteria

SlickMongoose wrote: »

I think this is a good product. No hassle, no strings, instant access savings at a market leading rate.

agreed. the comments re significant cash holdings, and re marginal increases above some other accounts, are all relevant - but the best available Instant Access rate, which happens to be easy access, is always going to attract attention.

PIL_2

I am also a happy holder of a Marcus account and glad I can transfer money from it almost instantly.

Doc_N

Steve_xx wrote: »

Faster payments?

Payments into and out of Santander are pretty much instant. Not so with Marcus.