Marcus vs RCI bank withdrawal completion times

itm2

I want to open an easy access savings account, and am trying to decide between RCI and Marcus. RCI currently has a higher rate (not sure for how long, of course), but their info states that withdrawals to the linked bank account may not happen until the end of the next business day. Does anyone know how this compares with the Marcus savings account (i.e. how quickly do funds usually arrive in each case?)

magritte

Marcus is fast, max 2 hours in my experience. Sometimes a matter of minutes. 

masonic

Marcus is pretty much instant, except at the weekends when generally it takes up to a few hours in my experience. I have no experience of RCI.

Speculator

Did a transfer out of my Marcus this morning at 3am.
Transfer completed  less than a minute. Transfers in is about 3 minutes.
Only experience of RCI is transferring money into my RCI 5 yr fixed rate bond. No matter what time I transfer in, it will reach my RCI bond from 1pm to 2pm.

Chordeiles

RCI also pretty damn fast - certainly same day.  Except when I came to close the account when the account disappeared immediately from the RCI platform, yet the balance took quite a few days to reach my bank.  Leaving me unable to check progress, or closing interest.  Which seemed a bit weird.  In contrast, an account my wife opened and closed many years ago with Virgin was still accessible online, allowing her to easily check her zero balance !  Not that Virgin were going to let her open a new savings account without re-verifying her identity (but probably the rules had changed in the intervening years).

Chordeiles

But RCI are downright tardy at opening accounts.  Thus both Virgin and Marcus had needed extra ID stuff from my wife (normal, as most bills etc. are in my name), yet that didn't delay an opening deposit being made and starting to earn interest.
Yet RCI also want extra ID from my wife, and are determined to use snail mail to do this job.  In the meantime we are prevented from making a deposit.  Could well mean the deposit that was going to go to RCI will go elsewhere !  Especially as the rate dropped already since we tried to open it.

Chordeiles

So well over 2 weeks since we started the application the ID checks seem to be complete and we are able to make a deposit into the account.  Actually they are now bullying us to deposit the minimum amount within 2 weeks or the account will close again.  This seems especially cheeky as it's clear there's still another hurdle to clear "Authenticating your linked account" before we could actually withdraw any money !  And that step, yet again, depends on Royal Mail.
I wonder if they actually understand that I'd feel way more comfortable about paying money into this account when a mechanism for withdrawing money exists !

I get a much more confident feel about Marcus.

itm2

My online account at RCI is still quoting an interest rate of 1.2%, but I thought it was cut a couple of weeks ago.
???

masonic

itm2 said:

My online account at RCI is still quoting an interest rate of 1.2%, but I thought it was cut a couple of weeks ago.
???

You are probably still benefiting from the 0.15% bonus rate, which would be indicated underneath the quoted rate, along with the bonus rate's expiry date.

itm2

masonic said:

itm2 said:

My online account at RCI is still quoting an interest rate of 1.2%, but I thought it was cut a couple of weeks ago.
???

You are probably still benefiting from the 0.15% bonus rate, which would be indicated underneath the quoted rate, along with the bonus rate's expiry date.

Presumably that's for a limited time only? (although I can't see that on the website anywhere)

masonic

itm2 said:

masonic said:

itm2 said:

My online account at RCI is still quoting an interest rate of 1.2%, but I thought it was cut a couple of weeks ago.
???

You are probably still benefiting from the 0.15% bonus rate, which would be indicated underneath the quoted rate, along with the bonus rate's expiry date.

Presumably that's for a limited time only? (although I can't see that on the website anywhere)

Yes, the bonus rate lasts a year from the date it was applied/renewed. It's no longer available for renewal. If you go into your account and scroll past your recent transactions you'll see a summary of your rate and and bonus that makes up part of that rate, along with the bonus rate's expiry date.