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

KittenChops

Slinky said:

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?

Nope - I've just checked the marketing preferences on their website, and I check my junk folder every few days...

eskbanker

dosh37 said:

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?

Money within an ISA has 'ISA status' and money outside doesn't, but @refluxer doesn't contradict that?

refluxer

dosh37 said:

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?

Yes, money loses it's ISA status when withdrawn from an ISA. With a flexible ISA though, you can redeposit any withdrawals back into the ISA account (within the same tax year) and those same redeposits won't count towards your ISA allowance.

If an easy access ISA isn't flexible (such as the Marcus easy access ISA), then every time you pay into it, it counts towards the £20k ISA allowance.

KittenChops

wiseonesomeofthetime said:

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

Weirdly, I've just received my first ever email advising me of a bonus rate being available, 54 minutes after receiving an email to confirm the new bonus rate has been applied!

Band7

dosh37 said:

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?

read up about flexible ISAs

subjecttocontract

I lost interest & gave up on Marcus a while back. I put my excess cash in Coventry at 3.35%, Cynergy 3.25, Santander 3.25, Yorkshire 3.60, Barclays 5.0% and some short fixed paying 3.5 -4.0%. I've left a small amount in Marcus just in case they do offer something really outstanding.

mebu60

subjecttocontract said:

I lost interest & gave up on Marcus a while back. I put my excess cash in Coventry at 3.35%, Cynergy 3.25, Santander 3.25, Yorkshire 3.60, Barclays 5.0% and some short fixed paying 3.5 -4.0%. I've left a small amount in Marcus just in case they do offer something really outstanding.

If you wanted, for a modest effort you could boost your Cynergy to 3.36% by logging in, opening an Issue 59 then transferring and closing your existing issue (is a dropdown menu option). 

Ash_Pole

How long do these bonus rates stay on offer usually? My current bonus expires in June I'm wondering whether to take this one now or leave it until then.

refluxer

Ash_Pole said:

How long do these bonus rates stay on offer usually? My current bonus expires in June I'm wondering whether to take this one now or leave it until then.

Renewing it now to guarantee the higher bonus rate for another 12 months really is a no-brainer. There have been periods where the bonus has been withdrawn so if you leave it until June, then you risk losing the option. You can do it as often as you like, so there is no downside to doing so.

mebu60

Ash_Pole said:

How long do these bonus rates stay on offer usually? My current bonus expires in June I'm wondering whether to take this one now or leave it until then.

The Marcus one is usually for a year. Take it now. In this instance it's an additional 0.1%. But even when it's the same it's worth doing as it extends the period of the bonus.