Can you not open a second sole 1-Year Fixed Saver with Marcus?

info_maniac

Does Marcus UK block customers from opening a second 1 Year Fixed Rate Saver in their own name?

The official PDF terms and conditions state that the £250,000 limit is "per account," which makes it sound like you can open multiple single-name accounts to ladder your savings. However, when going through the actual application screen to open a second one, this message pops up:

"You cannot hold more than one sole and one joint account for each account type."

It seems Marcus strictly limits users to just one single-name account at a time. According to that text, the only way to get a second fixed pot running simultaneously is to open it as a joint account. Otherwise, you have to wait for the first one to mature.

Has anyone else run into this? Is there a workaround to get a second sole account under one profile?

Ayr_Rage

No way around it, has always been one account in a sole name.

wmb194

https://forums.moneysavingexpert.com/discussion/6669417/can-you-not-open-a-second-sole-1-year-fixed-saver-with-marcus

You can have a sole instant access account and a sole fixed rate saver simultaneously.

subjecttocontract

NS&I offer 1 year fixed rate savers at 4.5%......and you can have as many as you like.

mills112

yeah, i found this out recently. not sure why they are doing that to be honest as other banks seem to be fine with you having multiple bonds with them.

friolento

I think Marcus might be maxed out on their 1 year bond, anyway - they certainly are under their Saga brand.

There are numerous other options with similar / better rates https://moneyfactscompare.co.uk/savings-accounts/1-year-fixed-rate-bonds/

topyam

The new one is an option when the current one matures.

katejo

https://forums.moneysavingexpert.com/discussion/comment/82008705#Comment_82008705

Not yet! I opened an account today.

topyam

Just selected it as my maturity option when my current 4.55% aer fixed rate ends at the end of the month. Was quick and easy to do.

Not the absolute highest, but I like Marcus.

Hard to know what interest rates will do in the next year, but took the chance at 4.6% aer being a good option for my funds.

I was worried too in case this account would be pulled soon.

This one seems to have been available for longer than the 4.55% aer one..

katejo

https://forums.moneysavingexpert.com/discussion/comment/82016310#Comment_82016310

I just missed out on the offer earlier in the year so made sure I got it this time. Just need to make sure I transfer the main lump sum in on Monday. Can't do it before then without losing some interest.