Marcus savings rate up

t1redmonkey

The_Green_Hornet said:

My balance is £0.

Marcus only classifies an account as dormant if it hasn't been accessed for 15 years.

I've been generous and kept 1p with them

lohr500

The improved interest rate was too little, too late for me.

I withdrew all my Marcus savings over the past two days into a newly opened Santander eSaver a/c.
I emailed Marcus this afternoon, asking them to close the a/c. I had a reply within 10 minutes advising me that the a/c was closed and that the remaining interest due would be transferred to my linked account within one day.
In fact, the transfer has just come through. So I can't fault their response time on account closure!

topgearfan08

beaten by chase now too...  they need to go again, lol

Reaper

lohr500 said:

I withdrew all my Marcus savings over the past two days into a newly opened Santander eSaver a/c.
I emailed Marcus this afternoon, asking them to close the a/c.

Remember the Santander eSaver only lasts a year and then your money will be kicked out into some lower paying account. I've kept my Marcus account open in case I need to move it back again.

lohr500

Reaper said:

lohr500 said:

I withdrew all my Marcus savings over the past two days into a newly opened Santander eSaver a/c.
I emailed Marcus this afternoon, asking them to close the a/c.

Remember the Santander eSaver only lasts a year and then your money will be kicked out into some lower paying account. I've kept my Marcus account open in case I need to move it back again.

Fair point, but I'm not too worried about that. Chances are the market will still be volatile in 12 months time so there should be plenty of alternatives out there.
I don't like having a lot of dormant accounts floating around as I want to keep my affairs as simple as possible for my family should I depart this world at short notice!!  

Qyburn

Marcus interest rate was market leading when they first opened. On the plus side you seem to be able renew the bonus just with a click, and their interest rate changes are applied directly to existing accounts.  Unlike say Paragon where you need to open a new account, with therefore a new account number, and transfer your balance.

However 2% looks like a bit of a "me too" matching but not exceeding a whole bunch of other banks, and blown out of the water by the latest Santander offering.

2010

Don`t be surprised if Marcus increases again about the begining of Nov. just before the BoE meeting.

Daliah

Reaper said:

lohr500 said:

I withdrew all my Marcus savings over the past two days into a newly opened Santander eSaver a/c.
I emailed Marcus this afternoon, asking them to close the a/c.

Remember the Santander eSaver only lasts a year and then your money will be kicked out into some lower paying account. I've kept my Marcus account open in case I need to move it back again.

Are you confusing their esaver Limited Edition with their Regular Saver? There is no end date on the former, and its interest rate can go up or down or stay the same.

Keeping a Marcus account, even with a zero balance, is a good idea because apparently it's difficult yo open another account with them once you have closed one. Mind you, there is the SAGA account, which is a clone of Marcus (and they share the same FSCS protection)

adindas

Only 2% ?? Meeh ...

Umiamz

Daliah said:

Reaper said:

lohr500 said:

I withdrew all my Marcus savings over the past two days into a newly opened Santander eSaver a/c.
I emailed Marcus this afternoon, asking them to close the a/c.

Remember the Santander eSaver only lasts a year and then your money will be kicked out into some lower paying account. I've kept my Marcus account open in case I need to move it back again.

Are you confusing their esaver Limited Edition with their Regular Saver? There is no end date on the former, and its interest rate can go up or down or stay the same.

Keeping a Marcus account, even with a zero balance, is a good idea because apparently it's difficult yo open another account with them once you have closed one. Mind you, there is the SAGA account, which is a clone of Marcus (and they share the same FSCS protection)

The eSaver is for 12 months only:

"The term of the account is 12 months. On maturity, we'll transfer your account to an Everyday Saver."