Marcus Easy Access - No longer accepting applications

george4064

https://www.marcus.co.uk/uk/en/news-and-insight/about-our-online-savings-account

https://www.marcus.co.uk/uk/en/savings/online-savings-account

Was just reading an article that the pandemic has resulted in 500,000 new accounts and £21bn of new deposits, they are close to breaching bank rules. Don’t think this will come as a surprise but that is A LOT of new deposits.

I imagine the guides/pages need to be updated with this new information.

Zanderman

Marcus are still offering a 1% fixed rate 12 month account.

And Saga are still offering their easy access (the same easy access account, in effect, as Marcus).  At the time of writing anyway!
This is 1% variable and includes a 0.2% bonus for 12 months, so base rate of 0.8% variable.
https://www.saga.co.uk/money/savings/saga-easy-access-savings-account

They're also offering the same (as Marcus) 1% fixed 12 month account.

So, neither as good as they were, and the Marcus move to close new easy access is startling!

soulsaver

'Startling' ? They are not the first: Ford Money 'Sorry but our Flexible Saver is not currently on sale..'
Cynergy bank easy access in a slight variation 'Currently available to existing customers only'.
Those just ottomh - maybe more.

Archi_Bald

Zanderman said:

Marcus are still offering a 1% fixed rate 12 month account.

It seems there is little demand for that one if they haven't withdrawn it. Or have they just overlooked it? 

Thrugelmir

Not £21bn of new deposits. The issue for GS is that they'll need to ring fence the operation if total deposits exceed £25bn. The fixed rate account offering attracts fewer customers but attracts a higher level of average deposit. 

george4064

Thrugelmir said:

Not £21bn of new deposits. The issue for GS is that they'll need to ring fence the operation if total deposits exceed £25bn. The fixed rate account offering attracts fewer customers but attracts a higher level of average deposit. 

Perhaps I misread the article from The Times, to quote the relevant section of the article:
"Despite four cuts bringing the rate down to 1.05 per cent by May 30, the bank has acquired 500,000 customers and £21 billion of deposits."

Zanderman

soulsaver said:

'Startling' ? They are not the first: Ford Money 'Sorry but our Flexible Saver is not currently on sale..'
Cynergy bank easy access in a slight variation 'Currently available to existing customers only'.
Those just ottomh - maybe more.

Yes, startling. I'd say the same about Ford.
Because they've removed the concept entirely.  And it was their main claim to fame.
Whereas they could have just reduced the interest rate.
(and Saga - the same bank - did just that, reduced the rate to 0.8 variable plus 0.2 bonus)

wiseonesomeofthetime

We’ll accept new Online Savings Account customers in the future

This is just a temporary change and we hope to make our Online Savings Account available again soon. While we can’t say exactly when, we hope the account will be available in the coming months. Keep an eye on our website and social media channels for updates.

 

New accounts and services

We’re turning our attention to launching an app, to give our customers more ways to manage their money. At the same time, we’re looking to the future and working on exciting plans for the UK in the long term.

A temporary change, according to their website, and an app to follow in due course.

lhsecons

Zanderman said:

soulsaver said:

'Startling' ? They are not the first: Ford Money 'Sorry but our Flexible Saver is not currently on sale..'
Cynergy bank easy access in a slight variation 'Currently available to existing customers only'.
Those just ottomh - maybe more.

Yes, startling. I'd say the same about Ford.
Because they've removed the concept entirely.  And it was their main claim to fame.
Whereas they could have just reduced the interest rate.
(and Saga - the same bank - did just that, reduced the rate to 0.8 variable plus 0.2 bonus)

Selfishly, I’m rather pleased that they took this route rather than just reducing the interest rate. In a way it’s not surprising as they combined good rates with a very easy and straightforward site, and many of us still have a bonus rate as well.

dcs34

george4064 said:

Thrugelmir said:

Not £21bn of new deposits. The issue for GS is that they'll need to ring fence the operation if total deposits exceed £25bn. The fixed rate account offering attracts fewer customers but attracts a higher level of average deposit. 

Perhaps I misread the article from The Times, to quote the relevant section of the article:
"Despite four cuts bringing the rate down to 1.05 per cent by May 30, the bank has acquired 500,000 customers and £21 billion of deposits."

It's a little unclear whether the 'acquired' bit relates to the state since bringing in the four cuts, or if that's the total number of Marcus customers and deposits as of May 30th.

kaMelo

From Marcus' website:
When we launched in September 2018, our goal was to get the UK interested in saving again. Since then we’ve welcomed more than half a million customers.

It would appear the 500,000 is total number of savers, it also goes on to mention the ring fencing requirement for larger banks with a link to the FCA website explanation of ring fencing and when it's a requirement for the bank.