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Marcus savings account
jrs101
Posts: 262 Forumite
Hi
When applying for a savings account, in this case Marcus %1.45, typically whats the downside in terms of having ones information out there?
Do they carry out a credit check?
What other concerns if any would one have of having to give a lot of personal information from a data/privacy standpoint?
thanks
When applying for a savings account, in this case Marcus %1.45, typically whats the downside in terms of having ones information out there?
Do they carry out a credit check?
What other concerns if any would one have of having to give a lot of personal information from a data/privacy standpoint?
thanks
0
Comments
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Credit checks aren't carried out for savings accounts, but they'll use the data you supply to verify your ID via one of the credit rating agencies.
As with any other organisation handling personal data, they publish a privacy policy explaining exactly what they do with your data: https://www.marcus.co.uk/uk/en/public-site/privacy-policy
If there's anything in there that specifically concerns you then you can obviously go elsewhere, but, without having spent any time going through it, it would surprise me if it was materially different from those of their competitors.
Bottom line is that all financial institutions are geared up to handling vast amounts of personal (and other confidential) data and, while nobody can say that breaches never happen, it's clearly not in their interests to have any high profile failures....0 -
The downside of not giving your personal information to a bank is that they won't be willing to provide you a financial account, if you don't.
The downside of complying with the request to provide your personal details on an account application is that the bank will know who you are and where you live. Is that a 'concern' from a 'privacy standpoint'?
You could instead put the money under your mattress, and your mattress is not sentient so it doesn't know who you are or where you live, although if it was sentient it would probably have a pretty good idea. But the mattress won't give you 1.45% or insure your funds against loss.
They don't need to check your credit when you are not applying for a credit product. However, they may be likely to electronically scan electronic information held about you by credit agencies for the purposes of helping to prove who you are and where you live and that you don't have fraud markers against your name etc, because that is cheaper and more efficient than making you visit them with lots of proof of ID.0 -
There are no downsides.
Marcus are as reliable as any other savings provider with full FSCS protection.
They aren't however the best paying account, Al Rayan Bank are offering an Everyday Saver with an expected profit rate of 1.6%, also FSCS protected.0 -
Is it possible to program future date Faster payment with Marcus, I have been trying, but I could not find this feature.0
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