Emptying Marcus - daily limit

veryintrigued

So for a number of us the time is approaching where we'll be performing this.

Just a heads-up that the maximum daily withdrawal limit online is £20k - without having to get involved in.phone calls.

Hence you may want to stagger your withdrawals over a number of days pre any rate drop.

Ballard

I had the same issue when withdrawing from Al Rayan earlier this year. 

wiseonesomeofthetime

I am aware of this limit as Marcus remind me every time I log in, however, for those that do not, have you also posted this in the Savings & Investments thread as Marcus is a Savings account?

Shakin_Steve

That won't be a worry for me. I don't bank with Marcus and I don't have £20K. 

kaMelo

veryintrigued said:

So for a number of us the time is approaching where we'll be performing this.

Just a heads-up that the maximum daily withdrawal limit online is £20k - without having to get involved in.phone calls.

Hence you may want to stagger your withdrawals over a number of days pre any rate drop.

For the sake of £1 extra interest per £1000 saved per annum (assuming you will move it to NS&I income bonds of course) I genuinely don't think it's worth the effort.
Make no mistake, I'm a rate chaser, however the Marcus account is a breath of fresh air in how they operate a savings account. Should a need arise, knowing the transfer times of Marcus compared to NS&I I think keeping some money in there for an emergency is worth the small hit in lost interest.

gt94sss2

I have found it very quick and easy to make a phone call to Marcus if the need to withdraw more than £20k/day arises.

veryintrigued

wiseonesomeofthetime have you also posted this in the Savings & Investments thread as Marcus is a Savings account?

Absolutely right.

It should have been in Savings section.

Clearly posted when half asleep.

I'll not duplicate though I suspect us savers flit between here and there anyway.

soulsaver

Ah, but where's it going to?

veryintrigued

kaMelo said:

veryintrigued said:

So for a number of us the time is approaching where we'll be performing this.

Just a heads-up that the maximum daily withdrawal limit online is £20k - without having to get involved in.phone calls.

Hence you may want to stagger your withdrawals over a number of days pre any rate drop.

For the sake of £1 extra interest per £1000 saved per annum (assuming you will move it to NS&I income bonds of course) I genuinely don't think it's worth the effort.
Make no mistake, I'm a rate chaser, however the Marcus account is a breath of fresh air in how they operate a savings account. Should a need arise, knowing the transfer times of Marcus compared to NS&I I think keeping some money in there for an emergency is worth the small hit in lost interest.

The thread was highlighting the fact that over £20k telephone approval is needed i.e. there are many out there, lucky enough to have, multiples of £1k in these accounts hence multiples of £1. Times by two per couple.

Lots will have their emergency cash  remaining in other accounts e.g
BOS, Lloyds. Halifax CAs until 1st October and TSB CAs for, rate withstanding, longer.

Malkytheheed

Why are people pulling everything out of Marcus, what have I missed? I have quite a bit in a Marcus account. 

colsten

Because they get a little more interest elsewhere, and they consider it worthwhile to move their money.