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Marcus new bonus rate

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  • colsten
    colsten Posts: 17,597 Forumite
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    1Foz wrote: »
    Weird. Had a phone call from Marcus asking if I was related to a Lord of the house by the name of Donald Michael Ellison. I've no idea who he is and when I asked about the nature of the enquiry they said it was protocol to ask about relations to peers. Pretty sure they would have worked out that I wasn't from my postcode in all honesty. And if I was a relation of his, I'd probably have a hedge fund, rather than a 1.5% account with them!
    Sounds like a prankster, or even a fraudster. I'd change my passwords and run a malware scan if I were you.
  • soulsaver
    soulsaver Posts: 6,040 Forumite
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    Donald Michael Ellison Foster... same surname I'd guess, 1Foz.. :)
    Top Easy Access acs Ranked by rate: Top of The Pots - **No Chat** — MoneySavingExpert Forum
  • bail-in
    bail-in Posts: 169 Forumite
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    A specific time period of notice is required to be given to account holders if banks reduce an account interest rate. Why is the bonus element an exception to this rule?
  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
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    bail-in wrote: »
    A specific time period of notice is required to be given to account holders if banks reduce an account interest rate. Why is the bonus element an exception to this rule?
    The lower bonus rate only applies to new applicants, not existing customers.
  • IanManc
    IanManc Posts: 2,121 Forumite
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    edited 6 September 2019 at 9:24AM
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    bail-in wrote: »
    A specific time period of notice is required to be given to account holders if banks reduce an account interest rate. Why is the bonus element an exception to this rule?

    The bonus element isn't an exception to the rule. The bonus rate on your account applies for a year, and you know that at the beginning of the year. The bonus rate on your account doesn't get reduced during the year so the bank doesn't need to give notice.

    The bonus rate is different for new applicants or people who renew, but the bank isn't obliged to give you notice of that at because your bonus rate for the year is unaffected.
  • tappet_rattle
    tappet_rattle Posts: 98 Forumite
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    YorkshireBoy wrote: »
    The lower bonus rate only applies to new applicants, not existing customers.

    I’m an existing customer, I’ve just had a look on my Marcus account and the bonus rate renewal for me has dropped to .10% from .15%. I have never renewed it. If I were to renew it my new interest rate would be 1.45% down from my current 1.50%.
  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
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    tappet_rattle wrote: »
    I’m an existing customer, I’ve just had a look on my Marcus account and the bonus rate renewal for me has dropped to .10% from .15%.
    As it has for everyone.
    I have never renewed it.
    That's a shame.
    If I were to renew it my new interest rate would be 1.45% down from my current 1.50%.
    Correct.
  • RG2015
    RG2015 Posts: 5,921 Forumite
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    tappet_rattle wrote: »
    If I were to renew it my new interest rate would be 1.45% down from my current 1.50%.
    Yes, and all existing customers are in this position and none would benefit from renewing now.

    Those who opened their account on the day it was launched but did not renew will have the 0.15% bonus rate until 27/09/2019. Those who renewed will continue to enjoy the 0.15% until varying dates from 27/07/2020 to 03/09/2020.

    In my opinion, this account remains one of the best savings accounts around both for rate, efficiency and ease of operation.
  • 1Foz
    1Foz Posts: 74 Forumite
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    Yessss.....I applied just over a week ago and logged in tonight and I have the 1.50% rate until Sept 5th 2020. Will have to remember to renew the month before, assuming they will still honour it! A great account this for drip feeding :)
  • chockydavid1983
    chockydavid1983 Posts: 714 Forumite
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    Glad I started renewing weekly now, it's not much but every little helps :-)
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