The Top Easy Access Savings Discussion Area

gt94sss2

fwdrew said:

Really surprised with Marcus, they have been playing it careful. Thought they may have come out with something to compete with Chase to keep them at the top of the board.

Marcus haven't been the market leader for quite a while.

If they achieve over £25bn in savings then they would need to ringfence their retail operations from their investment banking side which they don't want to do.

As they come close, they have previously suspended signups and/or made savings rates less competitive.

2010

clivep said:

soulsaver said:

fwdrew said:

Really surprised with Marcus, they have been playing it careful. Thought they may have come out with something to compete with Chase to keep them at the top of the board. Will be interesting to see what happens in May.  

Yes, the TOTP shows something clearly though - 1.0% is the top rate not requiring an app... Maybe that's why they don't feel the need to compete above that yet?

Cynergy doesn't need an app if you get it's digipass. You need to phone them to get one once your account is opened. You cant't request one online via secure message as you need the digipass to complete registration before you could then request one! (catch 22).

I'm still waiting for mine (they quoted about 10 days to get it). Meantime the rates have gone up from 1.1% to 1.2% so I'll need to open a new account before transferring my funds. (I know I could have funded the 1.1% one but want online access first).

 

https://www.cynergybank.co.uk/authenticator-app/cynergy-bank-authenticator-app-faqs/#:~:text=Yes, once the new 'Cynergy,steps to register your App.

Scroll down to last question.

Molehusband

2010 said:

I can`t believe the average easy access account has a really big amount in it to justify jumping through hoops to get the top rate.
Marcus may only be 1% but it`s easy to open and manage.
You can transfer money both ways quite easily and it`s usually in your nominated account within 15 minutes.
Sometimes hassle or even the expense of a new phone does not justify the amount that`s actually being saved.

Indeed. This thread is full of posts suggesting problems with the Chase App. In any event I'm not interested in an account which can only be operated with a mobile App. Therefore I will only open accounts which have the ability to be operated through a website.although I don't mind if an App is available as an additional account access. I just don't want to be forced to struggle keying in data with devices that don't have a proper keyboard,

RG2015

Molehusband said:

2010 said:

I can`t believe the average easy access account has a really big amount in it to justify jumping through hoops to get the top rate.
Marcus may only be 1% but it`s easy to open and manage.
You can transfer money both ways quite easily and it`s usually in your nominated account within 15 minutes.
Sometimes hassle or even the expense of a new phone does not justify the amount that`s actually being saved.

Indeed. This thread is full of posts suggesting problems with the Chase App. In any event I'm not interested in an account which can only be operated with a mobile App. Therefore I will only open accounts which have the ability to be operated through a website.although I don't mind if an App is available as an additional account access. I just don't want to be forced to struggle keying in data with devices that don't have a proper keyboard,

I can see your point in relation to a mobile phone. However, a tablet device is quite different, with a much larger keyboard. It can even be used with a physical keyboard, which would almost turn it into a laptop.

wmb194

Molehusband said:

2010 said:

I can`t believe the average easy access account has a really big amount in it to justify jumping through hoops to get the top rate.
Marcus may only be 1% but it`s easy to open and manage.
You can transfer money both ways quite easily and it`s usually in your nominated account within 15 minutes.
Sometimes hassle or even the expense of a new phone does not justify the amount that`s actually being saved.

Indeed. This thread is full of posts suggesting problems with the Chase App. In any event I'm not interested in an account which can only be operated with a mobile App. Therefore I will only open accounts which have the ability to be operated through a website.although I don't mind if an App is available as an additional account access. I just don't want to be forced to struggle keying in data with devices that don't have a proper keyboard,

If I want to use my phone with a keyboard and a monitor and effectively make its screen larger I remote control it with my PC.

ColdIron

mlc2009 said:

Is the next meeting on interest rates early may? edit : May 5th I thought it was every quarter

8 times a year

Daliah

2010 said:

Marcus may only be 1% but it`s easy to open and manage.
You can transfer money both ways quite easily and it`s usually in your nominated account within 15 minutes.
Sometimes hassle or even the expense of a new phone does not justify the amount that`s actually being saved.

I found my Chase account as easy to open and manage as my Marcus account. Withdrawals are instant, and your aren't limited to a nominated account (although some may argue that's a security loophole). What I can do with Chase but not with Marcus is to set up SOs, which comes in very handy for feeding my regular saver accounts, and it pays me 50% more interest than Marcus. I had zero expense for a new phone since I - in common with millions of people in the UK - already had a phone which runs the Chase app. I also had the Chase current account already, for the cashback they are paying. So it was a no-brainer for me to move my instant access funds to Chase. I appreciate that those who don't have the requisite hardware, or no valid photo-ID, might choose a different option. Marcus has been an also-run for quite some time (e.g. Al Rayan and Virgin Money have paid lots more than Marcus), so those wedded to Marcus have been losing out for quite some time, irrespective of the amount of their savings.

ranciduk

Does Marcus automatically increase the interest rate on your account , if they raise the rate?

ColdIron

They will automatically increase the standard rate. You have to increase (or extend) the bonus rate yourself

Zerforax

Tried to open an account with Cynergy but they have asked for a certified copy of passport to be physically posted to them.

Considering the delay to open an account and that they pay interest annually, I think it's time to cut my losses and look elsewhere.