Marcus Bank - Easy Access Savings Account

where_are_we

bargainhunter888 said:

how does the nominated account thing work?
so if i open a marcus account, i will have an account number / sort code, but i need to link it with another bank account? so it means i can only pay in and transfer between 2 accounts?
i have a Halifax regular saver only paying 0.2% so if i open a marcus account can i link it to a savings account, or does it have to be linked to a current account?

Your Halifax Regular Saver should be paying 2%. Marcus must be linked to a UK current account in your name and yes you can only move money between these two accounts. To feed another savings account you need to manually transfer money to your current account and then on to your savings account.

kev2009

Do Marcus send out online login details by post of do they email the login info to you or do you set your login details during account application?
Thanks
Kev

bargainhunter888

where_are_we said:

bargainhunter888 said:

how does the nominated account thing work?
so if i open a marcus account, i will have an account number / sort code, but i need to link it with another bank account? so it means i can only pay in and transfer between 2 accounts?
i have a Halifax regular saver only paying 0.2% so if i open a marcus account can i link it to a savings account, or does it have to be linked to a current account?

Your Halifax Regular Saver should be paying 2%. Marcus must be linked to a UK current account in your name and yes you can only move money between these two accounts. To feed another savings account you need to manually transfer money to your current account and then on to your savings account.

Sorry, it's not a regular saver, it's like an easy access savings account at 0.2%

soulsaver

kev2009 said:

Do Marcus send out online login details by post of do they email the login info to you or do you set your login details during account application?
Thanks
Kev

User id is your email, IIRC you choose security questions & password in the app, they email you a pin for initial log in, unless you don't pass muster.

ColdIron

kev2009 said:

Do Marcus send out online login details by post of do they email the login info to you or do you set your login details during account application?
Thanks
Kev

I don't recall that GS ever sent me anything by post, not even an acknowledgement. You set your login details on application. The account was ready to use immediately and I transferred money with minutes of opening

I did receive this email

Dear ColdIron,

We're delighted you've decided to save with us. Your new account is now open and you're ready to get started. There are just a few more things you need to know.

Add money to your Marcus account

If you haven't done so already, you can start saving straight away by making a bank transfer from your linked account. This is the current account you registered with us when you applied, and it's the only account you can use to send money to your Marcus account. You'll need your Marcus account number and sort code – log into your Marcus account using your email address and password, and all your account information will be displayed. Then just make a transfer from your linked bank account, or choose to set up regular payments. You can save up to £250,000.

kev2009

Thanks all, very useful to know, sounds perfect, thanks!

Kev

someone

Overall impression has been very positive. Phoned the other day to make an transfer out over the web limit and answered in seconds, was expecting a long hold due to the current situation.

bargainhunter888

i just opened an account and transferred £1 to check it worked and it did.
the only issue is everything has to be transferred via the nominated account so i have to start transferring my savings into that first.

kev2009

thanks, so you didn't have to wait for any info, just signed up, logged in immediately and transferred money - sounds great!  I was expecting to get some stuff through post so would have to wait etc!
Kev

bargainhunter888

kev2009 said:

thanks, so you didn't have to wait for any info, just signed up, logged in immediately and transferred money - sounds great!  I was expecting to get some stuff through post so would have to wait etc!
Kev

nope - i didnt wait for anything, unless it was checking my background as part of the process.