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Marcus Bank

26
Posted 28th Nov
Has anyone got experience of this bank?

They are top of the list for instant access savings rate at the moment but there is a couple of dodgy reviews on them on trustpilot amongst many good reviews so I would be interested to hear of your experience if you have ever had an account with these guys.
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My bonus rate with them expired recently, now getting 1.35%. Good place to park whatever little savings you have until they find a better home. It isn't a great rate but far better than what anyone else is paying for an instant access account. No app though, everything is through the website. Never had a need to contact customer service since everything has worked smoothly. By the way, Marcus is the retail bank of Goldman Sachs.
Yes, ive had it for a year and the website was simple and easy to use. No problems yet!
No app , website only is a plus point for me .. the absolute kicker would be 3 or 4% interest with a £100+ sign up bonus
:dream on:
GwanGy28/11/2019 12:59

No app , website only is a plus point for me .. the absolute kicker would …No app , website only is a plus point for me .. the absolute kicker would be 3 or 4% interest with a £100+ sign up bonus:dream on:


i would be happy with 3% interest on instant access alone, don't need the £100 bonus! but even that is a fantasy in this low interest rate environment.

some of the reviews on trustpilot mentioned interactive digital ID verification on opening the account, what does that translate to in plain english??
Edited by: "mutley1" 28th Nov
mutley128/11/2019 15:25

Comment deleted


They may ask for you to upload photos of ID to their websites. They will have an online Id verification service. Saves you posting ID to them.

been with them for 18 months. Easy to use, does what it’s supposed to do quickly and without fuss.
paul100528/11/2019 15:31

They may ask for you to upload photos of ID to their websites. They will …They may ask for you to upload photos of ID to their websites. They will have an online Id verification service. Saves you posting ID to them.been with them for 18 months. Easy to use, does what it’s supposed to do quickly and without fuss.


did they ask you to upload any ID when you opened your account do you remember?
I've got one seems fine to me, never asked for any ID money comes in/out from your linked bank account, so can't be transferred to or from any other account which makes it a bit more secure
Dunno why the person above is getting a lower rate, but its 1.45% at the minute fixed for a year
iang00728/11/2019 15:42

Dunno why the person above is getting a lower rate, but its 1.45% at the …Dunno why the person above is getting a lower rate, but its 1.45% at the minute fixed for a year


he has gone past his 12 months bonus period so it has dropped to 1.35% as the bonus is a whopping 0.1%! lol
mutley128/11/2019 15:44

he has gone past his 12 months bonus period so it has dropped to 1.35% as …he has gone past his 12 months bonus period so it has dropped to 1.35% as the bonus is a whopping 0.1%! lol


You can renew anytime to the current rate though in my account section
iang00728/11/2019 15:46

You can renew anytime to the current rate though in my account section


good to know. that poster may not have realised you had this option or he couldn't be bothered with the measly 0.1% bonus.
They rate match for you.
New rate is 1.45%.

I read about it on MSE I think.
Call and ask.

marcus.co.uk/uk/….ds



This comes from and old paper Now 1.45%

The Marcus account came with its own catch, albeit a simple one, in the form of a bonus included in the 1.5 per cent headline rate, which meant that a year after opening an account it would drop to 1.35 per cent.

But, as we reminded readers last week, there is a simple way to get your rate back up to 1.5 per cent for longer – all you need to do is log in and ask to roll the bonus rate over.
Edited by: "bigwheels" 28th Nov
bigwheels28/11/2019 15:53

They rate match for you.New rate is 1.45%.I read about it on MSE I …They rate match for you.New rate is 1.45%.I read about it on MSE I think.Call and ask.https://www.marcus.co.uk/uk/en?prd=os&chl=ps&schl=psb&cid=Brand_Core-Brand_Marcus_X_Exact&agp=Brand_Core-Brand_Marcus_X_X_Exact&kid=marcus&mtype=e&gclid=EAIaIQobChMIweT8taGN5gIVzLHtCh0xew-vEAAYASAAEgKVKPD_BwE&gclsrc=aw.dsThis comes from and old paper Now 1.45%The Marcus account came with its own catch, albeit a simple one, in the form of a bonus included in the 1.5 per cent headline rate, which meant that a year after opening an account it would drop to 1.35 per cent.But, as we reminded readers last week, there is a simple way to get your rate back up to 1.5 per cent for longer – all you need to do is log in and ask to roll the bonus rate over.


this is their existing rate for new customers and someone had said that you can renew the account and get the bonus again when the 12 months bonus period had passed. i saw them on moneysavingsexpert list of instant access savings account.
Thanks folks, got the massive bonus added back to the account.
bozo00728/11/2019 16:31

Thanks folks, got the massive bonus added back to the account.


don't spend it all at once
so i have now opened the account. the application process was very easy to do and it did not ask me for any ID.

do you get a welcome letter in the post? i have received a welcome email and my account details are in my online account, but i normally don't like putting money into an account until i have received paper work through the post in case i have ended up applying to a dodgy bank or a fake website.
mutley128/11/2019 16:52

so i have now opened the account. the application process was very easy …so i have now opened the account. the application process was very easy to do and it did not ask me for any ID.do you get a welcome letter in the post? i have received a welcome email and my account details are in my online account, but i normally don't like putting money into an account until i have received paper work through the post in case i have ended up applying to a dodgy bank or a fake website.


If I remover rightly you get nothing at all in the post
iang00728/11/2019 17:42

If I remover rightly you get nothing at all in the post



I agree with this. Sorry OP, I have no experience with this particular bank, but of the 2 other banks that I have recently taken out e-accounts with you get nothing in the post, it is all electronic.

Did you by chance get anything in the post from your other e-account that you set up? -
hotukdeals.com/dis…573
mutley128/11/2019 16:52

so i have now opened the account. the application process was very easy …so i have now opened the account. the application process was very easy to do and it did not ask me for any ID.do you get a welcome letter in the post? i have received a welcome email and my account details are in my online account, but i normally don't like putting money into an account until i have received paper work through the post in case i have ended up applying to a dodgy bank or a fake website.



Haven't we been here before with Habib Zurich? Next...

Just keep on opening accounts. I'm sure someone will send you something eventually, then you will know you can safely deposit your money.
Edited by: "deeky" 28th Nov
tregs28/11/2019 18:32

I agree with this. Sorry OP, I have no experience with this particular …I agree with this. Sorry OP, I have no experience with this particular bank, but of the 2 other banks that I have recently taken out e-accounts with you get nothing in the post, it is all electronic. Did you by chance get anything in the post from your other e-account that you set up? - https://www.hotukdeals.com/discussions/habib-bank-zurich-3305573


He answered in the other thread. I'm not not sure why he couldn't answer here, but hey...


39163369-PUaC3.jpg
deeky28/11/2019 19:23

He answered in the other thread. I'm not not sure why he couldn't answer …He answered in the other thread. I'm not not sure why he couldn't answer here, but hey... [Image]



I noticed that. Shame really

My guess is that I am on pretend 'mute'.
Edited by: "tregs" 28th Nov
mutley128/11/2019 16:52

.do you get a welcome letter in the post? i have received a welcome email ….do you get a welcome letter in the post? i have received a welcome email and my account details are in my online account, but i normally don't like putting money into an account until i have received paper work through the post in case i have ended up applying to a dodgy bank or a fake website.


I dont think they post anything out.
If your concerned best bet would be to do a small transfer say £5 to start. Make sure that goes in by checking the account, then if all good transfer more.

Marcus are well know and owned by Goldman Sachs bank - so reputable. As long as you have the right account number and sort code to transfer the money in you will be good.
paul100528/11/2019 20:32

I dont think they post anything out.If your concerned best bet would be to …I dont think they post anything out.If your concerned best bet would be to do a small transfer say £5 to start. Make sure that goes in by checking the account, then if all good transfer more.Marcus are well know and owned by Goldman Sachs bank - so reputable. As long as you have the right account number and sort code to transfer the money in you will be good.


i will wait for 2 weeks to see if anything turns up and let them have time to set up my account properly then i was thinking along the same line as you, put in £10 and see if it appears, then transfer £9 back out to make sure it gets back to my account, then i am good to go.

i did worry when it said that there is a limit on how much you can withdraw in one day, but when i clicked on the QA, it says £100,000 a day so i am covered, lol. i did worry however that they had a question and answer in the QA list of what to do if you get locked out of your account, implying this is quite normal, and a few comments on trustpilot did say that their account were locked for no reason and they could not get CS to unlock it. this concerns me a bit but that may be specific to those individuals, i hope so anyway.
I assume it’s case by case. I’ve added funds and done several withdrawals with no issues.

I like the fact that part of the basic security is you can only withdraw to 1 nominated account. The one used to pay in originally if I remember correctly.
paul100529/11/2019 06:55

I assume it’s case by case. I’ve added funds and done several withdrawals w …I assume it’s case by case. I’ve added funds and done several withdrawals with no issues.I like the fact that part of the basic security is you can only withdraw to 1 nominated account. The one used to pay in originally if I remember correctly.


i have several savings account so i am quite familiar with how these accounts work in practice. my savings accounts are all e-savings as they tend to give the best rate and you can get money out very quickly and conveniently through online banking. the application process also tend to be very easy and quick. they only allow money withdrawal to your linked account and it says on their QA that they can only take credit payment from your linked account as well. those having trouble may have tried to add money from a different account or tried to change the linked account after opening the account so the security measures kicked in.

i chop and change my savings account when the interest rate is no longer competitive and these e-savers are very easy to close and they pay you the closing balance immediately when you close your account, or the next day so it is very easy to move around.

i have always received a welcome letter and paperwork through the post even though they are e-savers, so in my experience it is very unusual for an e-saver not to send anything through the post.
update - i did receive a welcome letter through the post from marcus.

i have since transferred money into and out of the marcus account without any issue. money moves between my linked account and marcus pretty much immediately so all seems good
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