Marcus Bank

Justified indeed, i think we’re all of the mood that our money will go where ever the best rate is.

Lets hope other banks see this and think wow lets do this ourselves to make a little competition.

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Just seen this new account @ 1.55%

Never heard of the company, website looks trash and 0.3% of the interest is only paid annually. I think Marcus is still in the lead compared to this, even with the slightly higher interest rate.

That is incorrect. That interest is paid monthly, but after 12 months the rate drops to 1.25% variable

As opposed to Marcus, which will drop to 1.34% after 12 months

ICICI is massive in India. I have banked with them for 15 years now, and their tech has been ahead of their indian competitors (HDFC, SBI, AXIS bank etc). However, being an Indian bank, I would always be wary about the hidden T & C’s. I have just posted another thread about investing in Zopa. Did not want to hijack this thread :slight_smile:

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Interest paid: Monthly (bonus interest paid yearly)”

This is the statement on the account.

I apologise, I see you are correct. That was hidden right at the bottom of their terms and conditions

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I feel that with this and compound interest, Marcus may give a higher return if you deposit enough regularly.

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That looks awful. I think Marcus still wins for me. But good to see more banks entering with competitive rates.

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First Marcus Annoyances appearing…

No online support
No account support in anyway except telephone
No export of statement - still trying to work out how to get statements

My one and only gripe is no joint account access.

Interested to know what support you’d need?

The only thing I can think of is if your money hasn’t arrived? But other than that, there aren’t any moving parts are there?

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You’re right it’s not a killer … but I need a bank statement to buy a house… so would like to ask where I’d get one from as there’s no reference to it except in the American site which talks about the ability to sign up for it at initial registration

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I hadn’t thought of that. Did they tell you how to get a statement?

Lol - only week day support and by phone … I’m a 21st century person, hate speaking to people haha - jokes just annoying

Well, I’d assume they will add this functionality online eventually…

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An uncomplicated relationship so far :blue_heart:

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But what an opportune day to release joint accounts - the only real issue with this product.

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The bank behind Marcus. Glad they’ve got their priorities right…

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Update: 200,000 customers now :bank:

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I’ve not asked them, but as it’s a savings account statements for accounts likely won’t appear for another 6 months (once a year).