Marcus - the bank of no return

Dandie89

I opened a savings account a year ago with a bonus now expiring so I phoned them today to close the account. The operator informed me that if I closed my account I would not be able to open another one. At first I thought she meant using my current log in but, no, it appears as they are "currently set up" nobody who had had an account but had closed it can open another account later. The system would recognise my details and turn the application down. She apologised for this and I told her there was no need to apologise as I see it at more Marcus' loss than mine but what a bizarre policy not one I had ever come across before. Is it a clumsy way of preventing people moving their money or what?

MK62

Seems a bit bizarre, but it might be their way of controlling the extra cost involved with people constantly opening and closing accounts......

Just leave a few quid in and problem solved..........


PS.....BTW, you can renew the bonus rate at whatever the prevailing rate is.....

Dandie89

I'm really not bothered about keeping it open. Yes, she did offer me the transfer to their current, now slightly lower, bonus account but I have another short notice account with ICICI at a better rate than theirs.
Of course I might have wanted an account with them in the future but it seems unlikely that someone won't be offered a similar rate so as I see it their problem is not mine I just found it odd.

smithers1981

why not just leave a token quid in there

Eco_Miser

Maybe it really is "their problem" - a computer bug, rather than a policy.

george4064

smithers1981 wrote: »

why not just leave a token quid in there

It sounds like you don't even need to leave a few quid in there based on what I've read here.

Crashy_Time

Dandie89 wrote: »

I'm really not bothered about keeping it open. Yes, she did offer me the transfer to their current, now slightly lower, bonus account but I have another short notice account with ICICI at a better rate than theirs.
Of course I might have wanted an account with them in the future but it seems unlikely that someone won't be offered a similar rate so as I see it their problem is not mine I just found it odd.

From just skimming their website the higher rates don`t seem to be for instant access?

18cc

Some providers have similar rules eg Starling bank - if you close your account you can't apply for a new one for 12 months. A bit harsh for Marcus to say 'never' though...

talexuser

It's possible it was a loss leader, and they don't want millions of customers, just a database of worthwhile clients? I managed to renew at 1.5 till next year, but will keep it open then with a few quid just in case they top the tables again.

polymaff

Nothing new. There are several "once only" accounts about.

Nationwide Flex Direct at 5% comes to mind. Once you could renew - now you can't..

At least the extendable bonus sweetens the Marcus situation. In fact the two circumstances together make a lot of sense in terms of admin cost.

Just another reason for MSEers never to close accounts!

crumpetman

you can still have a nationwide flex direct even if you closed one in the past, you just won't get the introductory 5% interest.