Reaching Marcus' £100k Maximum Deposit Limit

scoot65

I emailed customer services of Goldman Sachs / Marcus asking if once the £100k deposit limit is reached, is interest still paid on monies above this £100k limit i.e. the monthly interest being added to the account.

I received a response and I think they are saying that interest is paid on balances above the £100k deposit limit. Am I correct?

"Interest is calculated daily and paid monthly, your money will be earning interest at the stated rate – including the bonus – every day that it remains in your Marcus account. Once paid, the interest is compounded and future interest will be paid on the total balance in your account. You will continue to earn interest even if your balance has reached the maximum deposit limit. However, you will not be able to deposit anything further."

The response mentions reaching the maximum deposit limit, but not specifically going over the limit...

Thanks

EssexExile

I tend to always stop about the £85,000 FSCS protection mark & put the rest somewhere else. According to my T&Cs the limit is £250,000 but I won't be getting anywhere near that.

oldagetraveller

If the question refers to the savings account -

"The most you can pay into this Marcus account is £100,000. This limit doesn’t apply to other Marcus accounts you might hold with us which will have their own pay in limits."
This is in their Savings Ts & Cs. Presumably there is no interest payable on sums above this maximum. I can only guess that there could be some form of means of not allowing the balance to exceed the limit.

20SmthngSver

They would still pay interest on £100,000.00, so the balance would tip over, but you would only get the interest on the balance up to the £100,000.00, and not the interest on the interest most likely.

They probably have flags for when you're near £100k as well.

eskbanker

scoot65 wrote: »

I received a response and I think they are saying that interest is paid on balances above the £100k deposit limit. Am I correct?

They don't seem to have directly answered the question clearly enough, so if you're wanting something other than guesswork (as above) then it looks like you'll need to reply to their email and ask them to clarify....

davidwatts

scoot65 wrote: »

I received a response and I think they are saying that interest is paid on balances above the £100k deposit limit. Am I correct?

"Interest is calculated daily and paid monthly, your money will be earning interest at the stated rate – including the bonus – every day that it remains in your Marcus account. Once paid, the interest is compounded and future interest will be paid on the total balance in your account. You will continue to earn interest even if your balance has reached the maximum deposit limit. However, you will not be able to deposit anything further."

I think the answer to your question is "yes" and, personally, I don't think there's any real ambiguity. The most you can deposit is £100k but, once interest takes you over that amount, you will still receive interest on the total balance. The notion that some of your money won't be earning any interest is unlikely in the absence of a specific statement to that effect.

Obviously check with them rather than take a chance on my opinion but I'm surprised anyone would take the opposite interpretation.

eskbanker

ToryJay wrote: »

The most you can deposit is £50k in my opinion.

Which makes your opinion wrong.

Post-building prior to spam campaign by any chance, or just ignorant?

scoot65

Thanks for the many replies.

I must say that I've read GS / Marcus reply several times and find that it can be read both ways :-

"Once paid, the interest is compounded and future interest will be paid on the total balance in your account...... You will continue to earn interest even if your balance has reached the maximum deposit limit. However, you will not be able to deposit anything further."

I'll reply to their email ask for clarification.

scoot65

Just to wrap up and in case it's of interest to others.

I asked for clarification and got the following reply :-

"To clarify, once you have reached the maximum deposit limit, interest will continue to accrue on the total balance in your account."

So looks like interest is applied to the full balance, which includes accrued interest taking the balance above the £100k deposit limit ....

20SmthngSver

I made a withdrawal today and it said if you wish you make a withdrawal for more than £100,000.00 then you have to request it by phone. So maybe you can hold more than that, but interest is only payable on up to £100,000.00.

Chino

scoot65 wrote: »

So looks like interest is applied to the full balance, which includes accrued interest taking the balance above the £100k deposit limit ....

Which is what you were told originally:

Once paid, the interest is compounded and future interest will be paid on the total balance in your account. You will continue to earn interest even if your balance has reached the maximum deposit limit.

20SmthngSver wrote: »

but interest is only payable on up to £100,000.00.

This clearly isn't the case.