Marcus new bonus rate

colsten

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

Donald Michael Ellison Foster... same surname I'd guess, 1Foz..

bail-in

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

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

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

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

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

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

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

Glad I started renewing weekly now, it's not much but every little helps :-)