Marcus: If you don’t use it you could lose it.

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I have too many savings accounts so perhaps it's time to close this one.

inkydolphin

ericlered7 said:

Do interest payments count as "activity" ?

I doubt it as that would mean no account with money in it could ever be classed as inactive.

cwep2

There's an administrative (and probably KYC) cost per customer on their books.
They probably figured this isn't worth it for accounts languishing with almost no balance.
Fair enough IMHO, I mean it's a business and if it's losing money we lose another savings provider = less competition.

I set this up (well Saga, which is a brand name of Marcus) for my parents savings - they don't do apps, but online banking is just about OK. Brand name they recognised was important (Saga, but they had also heard to Goldman Sachs). A lot better than the high street bank rates of interest and although it's not top of the pile, they do keep raising rates.

Getting them to trust their savings to Atom, Kroo, Chip or Al Rayan would simply not happen - sad but true. Some of the former Building Societies are other options, but at the time Saga was best of this 'pack' and the more recent front runners like Newcastle BS, would have been lower than Marcus (/Saga) a couple of years ago when this was set up.

UncleK

Marcus always seemed slow to catch up with the others, and that's all they did - catch up - they were never in the lead. So dumped them a few months ago.

Macsidia

Marcus are now basically this generation of savings accounts like ING Direct. Was popular with savers and used to pay the top rate for a while then just started lagging behind the competition slowly but surely.