Where to put my money

kev2009

I'm considering opening a Marcus account come end of April due to the lower interest on Santander 123. I'm considering moving the money I have in there, apart from enough to cover a month of bills but just a little weary and as never deal with a online bank only, always had accounts with Banks I can walk into a store and open/discuss etc. I presume Marcus if fully protected by the 85k savings limit etc?

The interest rate is effectively a half way house between what Santander was paying & what they are going to pay from May so looks appealing form that angle, plus its instant access to so no limits on withdrawals or penalties etc.

Kev

oli356

kev2009 wrote: »

I'm considering opening a Marcus account come end of April due to the lower interest on Santander 123. I'm considering moving the money I have in there, apart from enough to cover a month of bills but just a little weary and as never deal with a online bank only, always had accounts with Banks I can walk into a store and open/discuss etc. I presume Marcus if fully protected by the 85k savings limit etc?
Kev

https://www.marcus.co.uk/uk/en/public-site/legal-information
Protected yes.



Personally, I couldn't care if it was online only, my main current account is Monzo and obviously they are online only. But even when I was with Natwest, I would never want to go in and talk to someone compared to picking up a phone ... albeit, I'd prefer majority of the time to email assuming they respond quick. Each to their own of course

Jrose1927

I'm leaning towards the Marcus more and more now the big appeal is withdrawal at anytime 1.35% until something better comes out then I can jump ship to a better account

Am I missing something or is it that easy

Zero_Sum

Stargunner wrote: »

The op may have direct debits coming out of the account earning cash back so you may. E wrong with that comment.

£10k,s worth? I doubt that. I suspect it'll be a few hundred at most which my comment still stands. You're quite a bit better off getting 0% on a few hundred & actually getting just under 1.5% on the rest in a savings account.

Zero_Sum

kev2009 wrote: »

I'm considering opening a Marcus account come end of April due to the lower interest on Santander 123. I'm considering moving the money I have in there, apart from enough to cover a month of bills but just a little weary and as never deal with a online bank only, always had accounts with Banks I can walk into a store and open/discuss etc. I presume Marcus if fully protected by the 85k savings limit etc?

The interest rate is effectively a half way house between what Santander was paying & what they are going to pay from May so looks appealing form that angle, plus its instant access to so no limits on withdrawals or penalties etc.

Kev

It's not a half way house. It's actually better as you're not paying fees.

Wonga were forced to include fees as part of their represtentative APR yet for savers this doesn't apply. If it did Santander would be forced to advertise their rate as 1.2%

Stargunner

[£10k,s worth? I doubt that. I suspect it'll be a few hundred at most which my comment still stands. You're quite a bit better off getting 0% on a few hundred & actually getting just under 1.5% on the rest in a savings account./QUOTE]

You don’t seem to understand how the cash back works on the Santander 123 account. You get cash back of up to 3% on various bills which can easily more than cover the £5 monthly charge. So your previous comment asking why the op had there money in there when they would have only been getting 0.9% interest is probably incorrect and the op could have easily been getting 1.5% or more like I have been getting

Zero_Sum

Stargunner wrote: »

[£10k,s worth? I doubt that. I suspect it'll be a few hundred at most which my comment still stands. You're quite a bit better off getting 0% on a few hundred & actually getting just under 1.5% on the rest in a savings account./QUOTE]

You don’t seem to understand how the cash back works on the Santander 123 account. You get cash back of up to 3% on various bills which can easily more than cover the £5 monthly charge. So your previous comment asking why the op had there money in there when they would have only been getting 0.9% interest is probably incorrect and the op could have easily been getting 1.5% or more like I have been getting

I fully understand how it works. The point is you get exactly the same cashback on the lite version which is £4 a month less. So no, in effect they weren't getting anywhere close to 1.5%. Regardless of which way you spin it, you're financially better off having the bare minimum to cover bills in 123 lite & the rest in Marcus.

Stargunner

[I fully understand how it works. The point is you get exactly the same cashback on the lite version which is £4 a month less. So no, in effect they weren't getting anywhere close to 1.5%. Regardless of which way you spin it, you're financially better off having the bare minimum to cover bills in 123 lite & the rest in Marcus./QUOTE]
Going forward from May i agree with you, but I can assure you that I have been getting more than 1.5% because I have been getting cash back on bills of over £10 per month which more than covers the £5.00 monthly fee.

eskbanker

kev2009 wrote: »

I'm considering moving the money I have in there, apart from enough to cover a month of bills but just a little weary....

Have a kip and do it in the morning when you're fully rested

Zero_Sum

Stargunner wrote: »

[I fully understand how it works. The point is you get exactly the same cashback on the lite version which is £4 a month less. So no, in effect they weren't getting anywhere close to 1.5%. Regardless of which way you spin it, you're financially better off having the bare minimum to cover bills in 123 lite & the rest in Marcus./QUOTE]
Going forward from May i agree with you, but I can assure you that I have been getting more than 1.5% because I have been getting cash back on bills of over £10 per month which more than covers the £5.00 monthly fee.

You can keep on telling yourself that but you're actually getting 1.5%less fees.
It's like the £350m to EU claim on the bus. You don't receive the gross rate.