Marcus saver? You can boost your rate to 3.3% with a few clicks – here's how

dealyboy

I got the e-mail at 18:48 followed by two e-mails, one at 19:05 and one at 19:08 saying they were returning the £1 and £2 to my Santander account and Nationwide account respectively as neither were my linked account, which I switched some time ago. Doh! 

I forgot to update the linked account and now have to wait for up to 7 days for Marcus to process a change (upload current account statement < 3 months old).

gesdt50

Martin goes on to say ""It's also worth noting the Marcus ISA does not allow transfers-in from existing ISAs. In addition, it's not a flexible ISA, meaning that if you withdraw money, it will still count towards your £20,000 ISA allowance if you later decide to redeposit it."

Am not 100% sure however think what it means is that if one was to take out 2000 back down to £0 and then decide a few days later or so to redeposit that it would be classed as you having deposited £4000. Would this be correct, can someone smarter than myself give some clarity ?

Thanks for any help

wiseonesomeofthetime

I got the email about the bonus rate increase after I got the email confirming my renewal of the bonus 🤷‍♂️

refluxer

gesdt50 said:

Martin goes on to say ""It's also worth noting the Marcus ISA does not allow transfers-in from existing ISAs. In addition, it's not a flexible ISA, meaning that if you withdraw money, it will still count towards your £20,000 ISA allowance if you later decide to redeposit it."

Am not 100% sure however think what it means is that if one was to take out 2000 back down to £0 and then decide a few days later or so to redeposit that it would be classed as you having deposited £4000. Would this be correct, can someone smarter than myself give some clarity ?

Thanks for any help

Yes, that's right.

poppystar

techno12 said:

Didn't get the email either, so good job I read this today.

A little odd as I've always received emails about bonus rates or underlying interest rate changes. Maybe they'd have told me when my bonus was due to expire in June.

I didn’t get an email either for my Saga but suspect that might be because as soon as I saw the post on here I logged on and updated the bonus and may have beaten them to it! I then got a confirmation email so that might have overridden a notification of bonus available email. 

EssexHebridean

dosh37 said:

Just goes to show how some savings organisations value existing customers.

Instead of automatically increasing interest rates in line with BoE increases, they increase the bonus rate but fail to notify existing savers.

Marcus have always lagged behind other savings organisations when it comes to interest rates.

I am switching to Aldermore where you can get 3.55% easy access.

I got an email from them - maybe they just don't like you?!  

techno12 said:

Didn't get the email either, so good job I read this today.

A little odd as I've always received emails about bonus rates or underlying interest rate changes. Maybe they'd have told me when my bonus was due to expire in June.

Why on earth would you not have renewed it each time you've gone in to the account, just to keep it current?! Whenever I go in - to check interest has landed or whatever - I just automatically check and renew the bonus option. That way if they stop offering it again as they did previously you keep the higher rate for the longest possible period. 

Slinky

EssexHebridean said:

dosh37 said:

Just goes to show how some savings organisations value existing customers.

Instead of automatically increasing interest rates in line with BoE increases, they increase the bonus rate but fail to notify existing savers.

Marcus have always lagged behind other savings organisations when it comes to interest rates.

I am switching to Aldermore where you can get 3.55% easy access.

I got an email from them - maybe they just don't like you?!  

techno12 said:

Didn't get the email either, so good job I read this today.

A little odd as I've always received emails about bonus rates or underlying interest rate changes. Maybe they'd have told me when my bonus was due to expire in June.

Why on earth would you not have renewed it each time you've gone in to the account, just to keep it current?! Whenever I go in - to check interest has landed or whatever - I just automatically check and renew the bonus option. That way if they stop offering it again as they did previously you keep the higher rate for the longest possible period. 

That's a bit harsh. Maybe the poster doesn't log into the account very often.  At least Marcus/Saga do attempt to contact their customers, unlike Cynergy who I only discovered on here yesterday are now offering 3.36% whereas I was still on 2.9% from January.

KittenChops

I have never received any emails from Marcus to tell me there's a new bonus rate available...

dosh37

refluxer said:

gesdt50 said:

Martin goes on to say ""It's also worth noting the Marcus ISA does not allow transfers-in from existing ISAs. In addition, it's not a flexible ISA, meaning that if you withdraw money, it will still count towards your £20,000 ISA allowance if you later decide to redeposit it."

Am not 100% sure however think what it means is that if one was to take out 2000 back down to £0 and then decide a few days later or so to redeposit that it would be classed as you having deposited £4000. Would this be correct, can someone smarter than myself give some clarity ?

Thanks for any help

Yes, that's right.

I always thought that if you make withdrawal from an ISA account you lose the ISA umbrella status for that amount.

Have I got that wrong?

Is the ISA status maintained as long as you re-deposit within the same tax year?

Slinky

KittenChops said:

I have never received any emails from Marcus to tell me there's a new bonus rate available...

Perhaps you opted out of marketing emails when you set your account up? Or are they going to spam?