Marcus by Goldman Sachs account

Tradeyman

Hi, if you log into your Marcus Account and select "Review my Savings" you can extend your bonus rate for a year from the day you extend it. I considered waiting as my introductory bonus does not end until October, but these rates do disappear sometimes. My family and friends all like Marcus. The account is simple to manage and apart from at weekends the transactions are fast. I do wish they had an app for convenience but that is my only criticism.

typistretired

RG2015 wrote: »

What would really stand out is if they gave customers advance notice of any rate reductions and allowed them to renew for 12 months.

On their website under review my savings

"Take advantage of a new bonus rate for your Online Savings Account.

You can renew the bonus rate on your account whenever there’s one available, without charge and regardless of how long you’ve been on that rate.

Key facts
The bonus rate will be applied to your account immediately.
You’ll start earning interest at this new rate from today.
The bonus rate is fixed and will last for 12 months.2

RG2015

RG2015 wrote: »

What would really stand out is if they gave customers advance notice of any rate reductions and allowed them to renew for 12 months.

typistretired wrote: »

On their website under review my savings

"Take advantage of a new bonus rate for your Online Savings Account.

You can renew the bonus rate on your account whenever there’s one available, without charge and regardless of how long you’ve been on that rate.

Key facts
The bonus rate will be applied to your account immediately.
You’ll start earning interest at this new rate from today.
The bonus rate is fixed and will last for 12 months.2

Some people are renewing their bonus rate every few days. My point is that if we knew that Marcus would advise us of a pending rate reduction then this would not be necessary.

typistretired

Well when lots of savers move their savings from bank of Scotland and Lloyds Bank to them at the beginning of October we will see how Marcus react.

Ps I am still keeping my accounts open with minimal amounts to get the regular savers, free cinema tickets and magazines

badger09

RG2015 wrote: »

Some people are renewing their bonus rate every few days. My point is that if we knew that Marcus would advise us of a pending rate reduction then this would not be necessary.

Having only very recently opened a Marcus account, I haven't used this feature, and don't intend to use it for several months.

I may be being overly pessimistic, but can't help feeling that Marcus will with draw this option if people really are renewing their bonus rate every few days:cool:

scoot65

badger09 wrote: »

Having only very recently opened a Marcus account, I haven't used this feature, and don't intend to use it for several months.

I may be being overly pessimistic, but can't help feeling that Marcus will with draw this option if people really are renewing their bonus rate every few days:cool:

Which are thoughts too, hence my post in another thread...

"......I can't help wondering if renewing the bonus at this level of frequency will trigger an alert which cause the 'loophole' to be closed.

A bit like when lots of people were using Tesco accounts and setting up Direct Debits for £1.

Eventually organisations will wise up to what's happening.

Maybe use it, but don't abuse it......."

RG2015

RG2015 wrote: »

Some people are renewing their bonus rate every few days. My point is that if we knew that Marcus would advise us of a pending rate reduction then this would not be necessary.

badger09 wrote: »

Having only very recently opened a Marcus account, I haven't used this feature, and don't intend to use it for several months.

I may be being overly pessimistic, but can't help feeling that Marcus will with draw this option if people really are renewing their bonus rate every few days:cool:

scoot65 wrote: »

Which are thoughts too, hence my post in another thread...

"......I can't help wondering if renewing the bonus at this level of frequency will trigger an alert which cause the 'loophole' to be closed.

A bit like when lots of people were using Tesco accounts and setting up Direct Debits for £1.

Eventually organisations will wise up to what's happening.

Maybe use it, but don't abuse it......."

Here is an example of what may be regarded as over use of the update facility.

However, as it is hidden away it may only be a few MSE users using the facility so it will probably not register on the Marcus radar.

roddydogs wrote: »

Done it 6 times already, every few days.

https://forums.moneysavingexpert.com/showthread.php?p=76199328#post76199328

jamei305

RG2015 wrote: »

However, as it is hidden away it may only be a few MSE users using the facility so it will probably not register on the Marcus radar.

Not any more: https://www.dailymail.co.uk/money/saving/article-7376095/How-ensure-Marcus-account-keeps-paying-1-5.html

badger09

RG2015 wrote: »

Here is an example of what may be regarded as over use of the update facility.

However, as it is hidden away it may only be a few MSE users using the facility so it will probably not register on the Marcus radar.



https://forums.moneysavingexpert.com/showthread.php?p=76199328#post76199328

Yes I've just read that and was going to respond, but decided against it. I get a headache when I :wall: too often.

Why people are doing this every few days escapes me. The additional interest achieved must be miniscule.

webjaved

I've not had any problems with the account, the customer service is top-notch, the only thing they are lacking is they don't have an app, it's all web-based.

Always remember to use the linked account to transfer money from or into, otherwise it won't go through.