Reaching Marcus' £100k Maximum Deposit Limit

20SmthngSver

If you'd have quoted the first half of my sentence, you see I said 'maybe'. Thanks.

Kernel_Sanders

scoot65 wrote: »

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 ....

They haven't clarified it at all. They have only repeated what happens when your account reaches £100,000, not when it is exceeded.

davidwatts

Kernel_Sanders wrote: »

They haven't clarified it at all. They have only repeated what happens when your account reaches £100,000, not when it is exceeded.

Sorry, they have and it's pretty clear. The most you can deposit is £100,000. If you do that it will start to earn interest (which will take your total balance above £100,000). You will earn interest on the total balance even though it is above £100,000.

You can only "reach" the maximum deposit limit, you can't exceed it as they would return any attempt to deposit more than £100,000.

You reach the maximum deposit limit but continue to get interest on the total balance.

EssexExile

20SmthngSver wrote: »

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.

Some accounts have a limit higher than £100,000.00 so I wouldn't read anything into that.