Closing Marcus account and opening NS&I Income Bond - anything to watch out?

james_williamson_6544

I am planning to close Marcus account on Monday and open NS&I Income Bond on the same date.
Although I have had Marcus account for just one month.
Is there anything I should be aware of, or watch out - for example, if I permanently close Marcus, will I be able to open it again?

colsten

Can't see any reason for why Marcus wouldn't want to let you open another account in future. You could, of course, just leave £1 in there, so you keep your online access.


You might find the NS&I Income Bond thread of interest.

xylophone

Couldn't you keep the Marcus and pay the monthly income from the bonds into it?

Flim

I am keeping both for the moment, for the sake of a minimal difference, and you don’t know when / if NSI will drop the rate, so I would keep your options open...

talexuser

That is good advice, NS&I have never been top of the tables for any length of time, so if they do not drop it must be a political decision to keep the voting OAPs happy.

colsten

xylophone said:

Couldn't you keep the Marcus and pay the monthly income from the bonds into it?

There are much better accounts for that purpose, such as the Virgin current account, or even a TSB Plus. At least until you have made £1,000, or even £1,500+ in interest.

colsten

talexuser said:

That is good advice, NS&I have never been top of the tables for any length of time, so if they do not drop it must be a political decision to keep the voting OAPs happy.

As an OAP, I can assure you that 1.16% AER doesn't keep, or make, me happy, and it certainly doesn't alter my voting intentions 😂

xylophone

There are much better accounts for that purpose, such as the Virgin current account, or even a TSB Plus.

Until you've "filled" them......

colsten

xylophone said:

There are much better accounts for that purpose, such as the Virgin current account, or even a TSB Plus.

Until you've "filled" them......

Sure. They would take £2,500 between them. You'd need a heck of a lot in a 1.16% AER account, and many months, before you hit this amount. Nothing would stop you from putting any surplus into a Marcus or RCI etc - - - or even back into the NS&I Income Bond. 

Whichever way you approach this, basic arithmetic laws will prevail - -  1.05 is less than 1.5, and less than 2.........

polymaff

There was the most witty thread title on MSE ever, recently - "The Bank of No Return" which IIRC, suggested that if you ever closed your Marcus account, you'd never be able to open such an account again - so keep it open.

As for "Couldn't you keep the Marcus and pay the monthly income from the bonds into it?".  

harsh_but_fair

I can confirm the above post in that if you close your Marcus account you will never ever in your whole life ever be able to open another one ....

unless of course they change their regulations..