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Marcus Bank new higher bonus rate

mr_accountant
mr_accountant Posts: 804 Forumite
Part of the Furniture 500 Posts Photogenic Name Dropper
edited 26 October 2023 at 2:02PM in Savings & investments
Received an email today from Marcus of a new bonus rate which has increased by 0.15% to 0.49% and the new AER is 4.75%, to receive the new bonus rate log into your account and add it to your account to overwrite the old rate. Not the highest but marcus is fast and reliable
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  • Malchester
    Malchester Posts: 942 Forumite
    Seventh Anniversary 500 Posts Photogenic Name Dropper
    edited 26 October 2023 at 2:11PM
    Received an email today from Marcus of a new bonus rate which has increased by 0.15% to 0.49% and the new AER is 4.75%, to receive the new bonus rate log into your account and add it to your account to overwrite the old rate. Not the highest but marcus is fast and reliable
    Yes not the best rate but agree they are fast and reliable. I like them (similar to Investec)
  • When Marcus launched, their interest rate was amongst the best you could get for an instant access account.  Now they seem to be resting on their laurels. 
    Reed
  • I liked Marcus ever since they started, not just because they were so competitive for so long but because they were quietly efficient and helpful and without absurdly complex security obstacles. I kept a full £85k with them for quite a while.

    BUT, I withdrew all savings some time ago, for the reasons mentioned by other posts, and recently I actually cancelled my account entirely-------I don't believe in shifting savings around every time a new saver goes to the top of the interest rate : instead I keep full accounts with what I regard as the consistently top 6 saving banks over a year/18 months. So it was not a normal step for me to cancel all contact with Marcus.

    Marcus are owned by Goldman Sachs who have given up on their subsidiary and plan to dismantle it. We will never see Marcus as it was ever again IMO. They are no longer a haunt of savers who want the best % rates. 
      
  • I'm not impressed. I have a Marcus account with £1 in it.......that's about where it's going to stay.
  • penners324
    penners324 Posts: 3,426 Forumite
    Sixth Anniversary 1,000 Posts Name Dropper
    I liked Marcus ever since they started, not just because they were so competitive for so long but because they were quietly efficient and helpful and without absurdly complex security obstacles. I kept a full £85k with them for quite a while.

    BUT, I withdrew all savings some time ago, for the reasons mentioned by other posts, and recently I actually cancelled my account entirely-------I don't believe in shifting savings around every time a new saver goes to the top of the interest rate : instead I keep full accounts with what I regard as the consistently top 6 saving banks over a year/18 months. So it was not a normal step for me to cancel all contact with Marcus.

    Marcus are owned by Goldman Sachs who have given up on their subsidiary and plan to dismantle it. We will never see Marcus as it was ever again IMO. They are no longer a haunt of savers who want the best % rates. 
      
    That is Richard's opinion and not actual fact
  • george4064
    george4064 Posts: 2,906 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    Too little, too late for me.

    However, when I did have savings with them I found them to be efficient and provide a good service.
    "If you aren’t willing to own a stock for ten years, don’t even think about owning it for ten minutes” Warren Buffett

    Save £12k in 2025 - #024 £1,450 / £15,000 (9%)
  • Johnjdc
    Johnjdc Posts: 379 Forumite
    Ninth Anniversary 100 Posts Name Dropper
    I liked Marcus ever since they started, not just because they were so competitive for so long but because they were quietly efficient and helpful and without absurdly complex security obstacles. I kept a full £85k with them for quite a while.

    BUT, I withdrew all savings some time ago, for the reasons mentioned by other posts, and recently I actually cancelled my account entirely-------I don't believe in shifting savings around every time a new saver goes to the top of the interest rate : instead I keep full accounts with what I regard as the consistently top 6 saving banks over a year/18 months. So it was not a normal step for me to cancel all contact with Marcus.

    Marcus are owned by Goldman Sachs who have given up on their subsidiary and plan to dismantle it. We will never see Marcus as it was ever again IMO. They are no longer a haunt of savers who want the best % rates. 
      
    That is Richard's opinion and not actual fact

    Which bit? I think that GS see their move into retail banking as basically a mistake is quite a widespread understanding of the position.


  • I still have cash in Marcus, I also use Tandem, CovBS, RCI and Ford. All rates at the top end of the scale but one can't continually open accounts which happen to be at the very top of the list every week. Especially the smaller BS's who require you to send forms and ID in the post. 
  • I still have cash in Marcus, I also use Tandem, CovBS, RCI and Ford. All rates at the top end of the scale but one can't continually open accounts which happen to be at the very top of the list every week. Especially the smaller BS's who require you to send forms and ID in the post. 
    This is exactly what many on here do. 

    How many accounts do you have? - Page 4 — MoneySavingExpert Forum

    Of all the accounts I've opened, none have required posting documents.


  • Hi everyone! We've just published a story on this: Marcus Saver? You can now boost your rate to 4.75% in seconds – here's how. Thanks!
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