Marcus Account

patch9495

I am looking at setting up a Marcus account after the new of a Tesco interest rate cut.


In peoples experience is this truly unlimited withdrawals with no penalties for withdrawal and how long does it take to transfer the funds?

ColdIron

Yes, yes and usually a few minutes
It's a savings account not a current account so no standings orders etc

patch9495

Thanks.


I am looking at switching my current account soon which will change the bank details of my linked account. Will this be an issue when it comes round to withdrawing??

colsten

patch9495 wrote: »

Thanks.


I am looking at switching my current account soon which will change the bank details of my linked account. Will this be an issue when it comes round to withdrawing??

If you use CASS, payments coming into your old account will automatically be redirected to the new account for at least 36 months. However, if I were you, I would update my linked account to the new one.

You are aware, aren't you, that you can switch donor accounts, and retain "important" accounts that you use for given purposes, such as a linked account, or holding an account for a long period of time?

patch9495

I will be using CASS to switch my accounts, and would update the linked account to the new one when the time came.


I know however that there are sometimes issues for money laundering when you make a deposit from one account and withdrawals to another account.


With this being said I wanted to ensure that I would be able to change my donor linked account when needed and wouldn't experience issues withdrawing to the new account as withdrawals will exceed deposits

colsten

Here is how you change your linked account on Marcus: https://www.marcus.co.uk/content/dam/mosaic/savings/pdf/Marcus_ChangeofDetailsForm.pdf

gunge

You can change your linked account details using the paperwork route but I recently tested the CASS service by transferring £1 out to my old linked account after the switch. It arrived in my new current account immediately and a few days later a letter arrived thanking me for updating the linked account.

You should keep an eye on the process to make sure it is working, but it seems a bit more convenient than using the paper route.

G.

BeachNut

Only issue I've experienced is that their website blocks you from logging in to your account if it detects you are outside the UK...

Ballard

BeachNut wrote: »

Only issue I've experienced is that their website blocks you from logging in to your account if it detects you are outside the UK...

That’s interesting. I’m going away tomorrow and had expected to be able to access it as normal so it’s worth knowing that it might not work. Thanks.

sausage_time

BeachNut wrote: »

Only issue I've experienced is that their website blocks you from logging in to your account if it detects you are outside the UK...

I have not seen that (travel in EU).

Ballard

I’m off to Durban tomorrow and will report back. I’m only there for 10 days so it won’t matter too much if I can’t access this account. I’d just prefer to be able to top my accounts up when direct debits are taken.

One thing that the Marcus account does fall down on is the ability to enter payments for future dates.