Marcus Easy Access Savings Account

RG2015

eschaton wrote: »

When have people been receiving their interest compared to account opening date?

I opened my account on 15/10 and expected interest today but nothing so far.

Some people have reported their interest being credited a few minutes before midnight on the due date which is the same date on which the account was opened.

RG2015

Biggus_Dickus wrote: »

My wife and I both opened accounts on 5.10.18.;..first interest was applied on 4.11.18 to both accounts.

The 4th November was a Sunday. I thought they said if the due date was at a weekend that the interest would be credited on the next working day.

eschaton

RG2015 wrote: »

Some people have reported their interest being credited a few minutes before midnight on the due date which is the same date on which the account was opened.

Sounds about right. Nothing late last night but it was there this morning dated as 15th.

Biggus_Dickus

RG2015 wrote: »

The 4th November was a Sunday. I thought they said if the due date was at a weekend that the interest would be credited on the next working day.

The last entry in the Account activity says ‘interest applied’ on 4.11.18 ;...however, as per normal, I guess (had we required it) the interest would only have been available for transfer to our nominated accounts on the next working day i.e. Monday.

However, I assume (perhaps wrongly!) that the interest itself will still accrue ‘interest’ from whichever day it is credited back into the account,... be that a working day, or a non-working day.

RG2015

Thank you Biggus Dickus,

I stand corrected. My first month's interest was not showing when I looked on Sunday 28th October. But now however, it shows as Interest applied dated 27/10/18.

I also checked my interest and it was calculated as 31 days from 27th September to 27th October.

OceanSound

Thrugelmir wrote: »

No. Far worse. Some would say aggressive in nature, i.e. American Capitalism at it's worst.

'Goldman Sachs ...On behalf of the american middle class....[middle finger]'.
----scene from the film 'the commuter'.

rosp

Spelunthus wrote: »

It does seem unusual that you only need an email adrress and password to sign on, but since the money HAS to move through your linked account, maybe this is all that is needed.

Is anyone else worried by this? I had planned to deposit a significant sum in my account that I opened yesterday. However, I am concerned by the lack of checks to open the account - I moved house just over a year ago and was only asked for my current address. Usually it is the past 3 years. Plus only having an email address and password feels very low tech. I have not had any other bank or savings account that is so easy to access - even similar ones with withdrawals only through a linked account. I am thinking about closing the account. It's not worth it for the extra interest if the account is too easy to break into.


I have contacted them about it so am waiting for a reply. Just wondered what others thought about it.

soulsaver

rosp wrote: »

Is anyone else worried by this? I had planned to deposit a significant sum in my account that I opened yesterday. However, I am concerned by the lack of checks to open the account - I moved house just over a year ago and was only asked for my current address. Usually it is the past 3 years. Plus only having an email address and password feels very low tech. I have not had any other bank or savings account that is so easy to access - even similar ones with withdrawals only through a linked account. I am thinking about closing the account. It's not worth it for the extra interest if the account is too easy to break into.


I have contacted them about it so am waiting for a reply. Just wondered what others thought about it.

If you can't sleep with your perception of its security you'd best put your hard earned somewhere you do trust; its rate is not exactly miles ahead of its peers.

Biggus_Dickus

rosp wrote: »

Is anyone else worried by this? I had planned to deposit a significant sum in my account that I opened yesterday. However, I am concerned by the lack of checks to open the account - I moved house just over a year ago and was only asked for my current address. Usually it is the past 3 years. Plus only having an email address and password feels very low tech. I have not had any other bank or savings account that is so easy to access - even similar ones with withdrawals only through a linked account. I am thinking about closing the account. It's not worth it for the extra interest if the account is too easy to break into.


I have contacted them about it so am waiting for a reply. Just wondered what others thought about it.

I see your point,...it probably gives some customers a more ‘secure’ feeling to use a customer id (or similar) + password rather than an email address + plus password.

However, Marcus will not accept these credentials alone if you log-in from an unrecognized device. They require an additional access verification code that is sent via sms or email. Not all sites use the verification code system.

Additionally, funds can only be withdrawn to ones nominated account;...any attempt to change the nominated account (once logged-in) meets with extra security hurdles.

My wife and I both have fully loaded Marcus accounts and I’m quite happy with their system;

...so far!

AngelOfTheNorthWest

I've been happy enough so far, not had it long enough for any interest to be applicable yet though. Will report back when I have.