Marcus is live!

Riff_Raff

Presumably this is a loss leader off the back of which they're planning to sell loans? So not much reason to feel guilty about propping up GS if you just open a savings account?

uptdale

I opened an account last night, very easy to do, and the initial deposit showed up in the account very quickly. My only concern was that they asked for my mobile phone number. We don't have a mobile phone signal, so two-factor authentification for withdrawals using texts would be a show-stopper for me. So I did a test withdrawal this morning, and that went through to my linked account almost instantly, without problems, so I'm happy so far.

chucknorris

karlie88 wrote: »

:rotfl:

Ah but aj23, it's about the amount of interest you get as you famously once said, not the percentage.

So my plan is to deposit £250k which means I will earn £3750 after a year. Much better than £15, no?

It is about the percentage rate, and you will find after taking inflation and tax into account, you actually lose in real terms from a gross rate of only 1.5%. Fair enough, if you need to hold cash for something like a forthcoming property purchase, but 1.5% gross isn't anything to write home about, it just means that you lose less in real terms, while holding cash.

EDIT: Although my wife after selling a property still hasn't invested all the equity yet, so she has over £500k earning a pittance, and will probably switch it to this account, as it will lose less until she decides where to invest it.

Zanderman

chucknorris wrote: »

It is about the percentage rate, and you will find after taking inflation and tax into account, you actually lose in real terms from a gross rate of only 1.5%. Fair enough, if you need to hold cash for something like a forthcoming property purchase, but 1.5% gross isn't anything to write home about, it just means that you lose less in real terms, while holding cash.

I think you'll find that Karlie88 wasn't entirely serious about the £250k.... (or the comment about the amount of interest rather than the rate...)

Wheres_My_Cashback

Zanderman wrote: »

It's not really 'refreshing'. There are loads of instant access accounts out there.

This one merely pays a little bit more interest than most.

But not a huge amount more than, say, Tesco Internet Saver, who regularly relaunch their introductory 12 month rate of about 1.36%. So this is a mere 0.14% more than you'd have been getting with Tesco for ages.

I've opened a Marcus account, but I'm not going to rave about it. It aint that special.

glider3560 wrote: »

Also, finally an instant access account paying a good rate where Faster Payments actually arrive within 2 hours. Most will only process withdrawals overnight (or 5:30pm the next evening for Birmingham Midshires).

jeepjunkie wrote: »

The UK banks could learn from this... if they don't I see trouble ahead.


So refreshing to have an instant access savings account again that actually pays interest


Cheers

Tiiming is the key ! Already that type of account out there currently paying 1.56%.

Not available to open now, but the point is that if you want the highest rate don't just look at the headline rate, but also the frequency in which the bank increases that rate when the BOE rate increases. Some do it far more frequently than others and are more likely to pass the increases on, whereas some never do.

There may be an account paying slightly less than the top rate, however it may be more likely than others to pass on any future increases.

Cowlick94

Anyone had their application rejected? Just attempted to sign up and got an instant rejection following submission.


Thought that was odd as haven't had issues with any other banks, nothing negative on my credit file etc.


What possible reasons could there be for rejection? They have given a number to call to 'appeal' the decision, would that be worth the time?

aj23_2

Shashy wrote: »

What if I put 10 grand in it?

Then you'd get £150...

Most people do not have 10k to deposit upon opening. For most people, using a couple of regular savers to save monthly over period of time is a better option.

karlie88

For the record, I have no intention of depositing £250k into this account (despite what I said earlier).

Cowlick94 wrote: »

Anyone had their application rejected? Just attempted to sign up and got an instant rejection following submission.


Thought that was odd as haven't had issues with any other banks, nothing negative on my credit file etc.


What possible reasons could there be for rejection? They have given a number to call to 'appeal' the decision, would that be worth the time?

Did you enter all your details correctly? Even one mistyped character or number can lead to your application being rejected.

aj23_2

karlie88 wrote: »

:rotfl:

Ah but aj23, it's about the amount of interest you get as you famously once said, not the percentage.

So my plan is to deposit £250k which means I will earn £3750 after a year. Much better than £15, no?

Yeah, and £15 on £1,000 deposit isn't really worth it. So what's your point? By the way I'm flattered that what I say is so impregnated into your brain. Maybe you like me more than what you're letting on (though I hope not).

You said that this Marcus account doesn't work for you in a previous comment, so you won't be depositing £250k, will you :rotfl: And I didn't say that £3750 isn't better than £15, that's you saying that. Not that you'd get £3750, you'd have to pay tax on that as it's above the allowance. Chances are if you have £250k spare to put in this account, you're a higher or additional rate taxpayer. Perhaps you'd like to have another look at what you said :beer:

aj23_2

sprouty76 wrote: »

What if you're due a hefty redundancy payment and don't want it sat in your current account while you decide what to do with it for the longer term? Plenty of people who can find a use for it.

Then do what you like with it and open it.... lol

I never said people couldn't have a use for it.