Marcus Bank

If you actually use this account, don’t forget to renew your bonus rate of 0.10%. Otherwise it might unexpectedly date expire. Forewarned is forearmed.

Mine was due to expire 22/9/22. Now extended to 18/5/23.

My £1 has earned no interest for ages now :pensive:

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Occasionally it becomes competitive and I move some money in. Otherwise, I move it out. Current balance £5.

Seems difficult for them to compete with the Chase 1.5%. Chase also has a better product, app and better customer service. But apart from that…

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Direct debits from an interest earning account is a plus for me.

I have one titled ENERGY and I put what I think is my anticipated spend budget in there and Octopus take the DD level I have assigned for them.

That way, the surplus earns interest for me, not them.

Transferred the £150 government money in there too.

Not going to be talking big money in interest, but it all helps atm.

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If you want to make more from your direct debits, setup a Santander 123 lite account, you’ll earn more for energy bills than Chase pay in interest

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I’m very happy with Marcus, the rate isn’t leading but it’s competitive and they don’t constantly change it depending on their deposit needs as some do. And transfers are pretty much instant.

I wonder if Chase is planning to continue to offer a competitive savings rate or if it’s only a marketing ploy. Obviously a bank like Chase don’t need to pay 1.5% for their deposits.

I used to have one, however, switched it out last year for a CASS incentive elsewhere.

Cba opening another and paying the £500 in each month and surplus back out and moving DDs, for just over a £1pm.

Screenshot 2022-05-19 at 23.06.02

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New bonus rate available - 0.25% this time

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is Marcus good or are there any better alternatives?

I prefer Atom’s instant saver myself. Instant transfers in and out and a slightly better interest rate. Marcus have a solid offering, though.

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Then why would people use Marcus? idk im just trying to see what would make me use Marcus over X or Y other than interest rate

Marcus used to have a market leading interest rate, I actually didnt mind their approach where withdrawals etc could only go to a specific account you setup as well.
I am sure Marcus will be boosting further again.

When I opened accounts with Skipton, and then Tesco Bank, I found the freedom of more than one extraction route liberating.

Chase, currently, adds to that list.

Marcus and Atom (and many others) still only allow one. Is it more secure? Subjective I guess.

Atom is a bit less restrictive than Marcus because you can switch between linked bank accounts that you’ve already verified with them.

I also just like Marcus’s design.

:+1: Only ever had Monzo as my linked account, so didn’t know that. Thanks.

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