Transfer money to Marcus

Apcar1970

Hello, I have opened a Marcus saving account and am struggling to transfer money to the new account. My current account provider that I am sending the money from keeps telling me it Isn’t able to check the account details and it’s a risk. I don’t want to risk losing any money. Does anyone have any advice? I want to benefit from the good interest rate on the new account. 

talexuser

If your sort and a/c nos are correct, is the name exactly the same as your bank name? First send 1£ and see if it's in the account, then send the rest. I've always found Marcus to be virtually instant tranfers back and forth, by the time you've logged out the bank and logged into Marcus it's there.

Eco_Miser

Triple check that the details you entered are as given by Marcus, then send a pound, ignoring the bank's standard, automated, scary warnings.

Check the pound arrives in Marcus - might take to the end of the next working day, but probably much quicker, then send the rest of the money, using the saved payee details from the first time.

penners324

It's fine as long you send the money from the linked account.

Marcus isn't part of Confirmation of Payee, hence the warnings

soulsaver

Apcar1970 said:

Hello, I have opened a Marcus saving account and am struggling to transfer money to the new account. My current account provider that I am sending the money from keeps telling me it Isn’t able to check the account details and it’s a risk. I don’t want to risk losing any money. Does anyone have any advice? I want to benefit from the good interest rate on the new account. 

Send £1 test payment. When that arrives send the rest.

soulsaver

PS Marcus only offers 2.25% as at today? 

molerat

soulsaver said:

PS Marcus only offers 2.25% as at today? 

Glad I renewed my 0.25% bonus last week.

RG2015

The £1 test payment is sound advice when the Marcus account number and sort code is not confirmed by the paying bank. As Marcus does not as yet participate in the Confirmation of Payment system it will not be confirmed.

Different banks give different warnings when a payee account cannot be confirmed. Some do make it sound as though you are attempting to make a payment to a fraudulent account.

However some banks do not automatically save new payees so it is essential that the OP saves Marcus in their bank's payee list. This way they can be assured that subsequent, larger payments will definitely be going to the correct account.

I assume also that the OP has confirmed the paying bank with Marcus as they only allow payments in and out from a single confirmed bank account.

Noneforit999

We have Marcus.
As above, send a quid and check it arrives, ours did in about 2-3 minutes when viewing via the app
Then send the rest.

The larger amount we transferred after the pound took about 15 mins to show.