Marcus Bank

Every Marcus withdrawal I’ve done has been in Monzo within ten minutes, usually pretty instantly.

Although given the current interest rates, I’m not sure that it’s really worth it any more. :pensive:

(Edit: what Mike said!)

Trying to find out where it could be - do they still send an email when the money has been sent to the linked account like they used to?

Yes

I’ve made transfers on a Sunday that haven’t shown up until Monday…

This was a Saturday morning (before 9) withdrawal and it only showed up now.

Wouldn’t be annoyed if it wasn’t instantly deducted from my account and therefore stopped earning interest

I have just read this article from Reuters, Marcus seems to be closing to new applicants from tomorrow:

Anyone that was considering signing up will need to do so tonight before it’s too late!

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Thanks for the tip

A post was merged into an existing topic: Removed Posts - June 2020

I wonder if we’ll see another rate cut, as doesn’t matter if market leading or not, if not marketing it

The website also states that it is temporary as it handles the increased amount of customer activity during the lockdown.

And offers a 1-year fixed rate saver at 1% . Wooooo!!

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Its a bit annoying that you can only pay in from one account. I set it as a current account as once I pay across from my other savings account, I will likely shut it. This way I will have to deposit it all into a current account and then transfer it again

It seems that,

Goldman Sachs has taken the move to “temporarily” halt new deposits for fear that it could hit the £25bn level, the point at which the Bank of England demands that the money is held in a ringfenced separate financial institution.

And

Ringfencing would require Marcus to become a separate legal entity with its own board and keep the money separate from Goldman Sachs’ investment banking arm. It would add to costs and make it less likely that the bank could offer attractive rates.

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When updating the linked account to Monzo, does the statement off the app suffice to change it?

I don’t recall sending evidence with mine just provided the sort code and account number, but if I did provide anything then yes it was only out of what I could access on the app

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When I changed mine, they sent a letter through the post asking me to confirm my identity and intention by phone. After the call they changed my linked account.

I just looked at their accounts out of interest. Is it just me or are they offering a lower interest rate on the 1-year fixed saver than on the easy access account?

They arent offering the easy access account. Applications are closed.

NS&I is a better option, offering 1.15% easy access, next day withdrawal - £500 minimum.

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The headline photo of that article shows that they have an app but they don’t.

image

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