It was credited by the end of yesterday which was the next working day after the account anniversary. The words look fine to me. (It didn’t say ‘close of business on the next working day’ so I’d say they provided what they promised.)
Possible! That might make sense. Well, as an explanation.
Or something to do with the clocks going back? Trying anything here
Nope. I checked mine just after midnight and it wasn’t there. It was there this morning so it was today (2 working days later)
Mine is now showing and the credit date was three days ago (the date it should have been there) I guess this is good because the interest has now earned interest for three days even though I couldn’t access it
Doesn’t feel very modern though, I mean this is a computer doing this, not a floor of bank clarks smoking cigars.
My credited date is fine and I expected that on the statement. It’s just when it shows up. They have also said on Twitter you would be paid on the monthly date or the next working day so while not in the slightest bit life changing, it’s still slower and I’m here because I want banking to be dragged into the 21st century.
Althoooough cigar smoking bankers in a basement is a very amusing thought.
Have you provided your feedback directly to Marcus’ customer service yet? I’m sure they’d be receptive to it, especially given they’re only in their first month of operation in the U.K.
Marcus and Monzo
Yep have done
Forgive me, but the level of pedantry on when interest actually shows up is making me chuckle. Interest is calculated and credited when they say it will be. Let’s all try to get some perspective…
Opening an account in approximately 60 seconds, using only your bank account details and mobile phone webbrowers is pretty 21st century to me. And then there’s the product; a market leading rate with instant access, no minimum deposits and a respectable upper limit on deposits. The oft pushed notion in this thread that Marcus is somehow legacy belies a lack of understanding of who and what they are. yes, legacy no.
I’ve been (un)reliably informed it’s monkeys on typewriters @tobyadams
That’s your opinion. I just happen to disagree
Having the “best” interest rate doesn’t mean they can do whatever. That’s how legacy banks work.
And of course I know this isn’t life changing. Neither is a lot of the little things Monzo do, but I believe that the little things can make a product better and this is one of them.
Take away the interest rate and there are other savings accounts that offer the same. They aren’t outlandishly different to a bank.
But it is a legacy bank. It’s Goldman Sachs. You can’t get much more legacy than that
Oh I know. I don’t have an issue with legacy banks, just legacy ways
I do get what your saying, as someone who’s marketing this account as anything but legacy they do something like this. However this is their first month of operation so hopefully it improves.
I’m sure it’s actually got an explanation
Goldman Sachs is old, but it’s not exactly a legacy retail bank as for most of its life it was a pure investment bank.
I mean this is a computer doing this
Someone has to load punched cards into it though.
In all seriousness it could just be that the code is so old and inefficient that the task of calculating & paying out interest takes days to run, explaining why some got their interest immediately as expected and some had to wait longer.
Average savings of £23,500 if my maths is correct.
Proud to be skewing that average downwards…
You missed £29.41!