Marcus by Goldman Sachs Bank

[bad company]

NickCQ said:

I 8 a 4RE said:

I doubt people will move; juice is not worth the squeeze.
For every £25k in the account, a 0.5% change impacts you £125 per annum. That’s a tenner a month.

Marcus' customer base is predominantly rate tarts though (as the account had no other features) - they joined for 50 basis points and will leave for the same.

The newly competitive 'Saga Savings' product is just a white label of Marcus, presumably this is counted w/ Marcus deposits for ringfencing purposes, so they only get one £25 bn pool without ringfencing.

‘Rate Tart’ here. I’m off.

[bad company]

Spidersleg said:

Is that really the mentality of savers?
"Interest rates are rubbish, I may as well spend it"
I would have thought most savers would be the rate chasers.

I reckon you’re right.

[bad company]

Vibrativepuma said:

Dam... still better than elsewhere but can see this dropping more. Putting some money within an ISA and buy into a REIT.

Be careful which REIT., several have portfolios of shops & offices.

[bad company]

Joey Deacon said:

Thin White Duke said:

Had an email this morning informing me that the interest rate is dropping again.

0.5% from 11th December.

And houses, Crypto and the stock market going up massively. Just proves there is very little point holding cash anymore other than as a safety net.

I’m still getting 1% at Virgin and the Coventry Building Society but that probably won’t last much longer. I also still have Index Linked National Savings Certificates so keeping those. Other that you’re right, no reason for keeping cash.

[bad company]

The obvious question is if we take money from Marcus where do we put it?

I have most of my money in stocks & shares but like to keep some cash.

[bad company]

Thin White Duke said:

Marcus will launch an ISA on April 6th paying a whopping 0.4% interest.

https://www.thisismoney.co.uk/money/saving/article...

Don’t think I’ll be bothering with that.

[bad company]

Works well enough. I also thought I’d download the Virgin Money app as I have some money there. Doesn’t work at all.

[bad company]

funinhounslow said:

Marcus are currently offering a bonus rate of 0.1% over their usual rate.

0.1%…

So that takes the rate to 0.5% for the year.

Edited by funinhounslow on Wednesday 30th June 18:14

Do I have to open a new account to get that? I’m still on 0.4%.

[bad company]

funinhounslow said:

bad company said:

Do I have to open a new account to get that? I’m still on 0.4%.

No just go to your account (on the web not via app) go to review savings then bonus rates

That worked, thank you. I was using the app and couldn’t see it.

[bad company]

I just got an email from Virgin Money where the rates reducing to 0.35%. Time to move some £’s.

[bad company]

whatleytom said:

bad company said:

I just got an email from Virgin Money where the rates reducing to 0.35%. Time to move some £’s.

What product is that?

Savings accounts:-

We’re getting in touch to let you know that we’ll be reducing the interest we pay on your Virgin Money savings account(s) from 15 July 2021. The new interest rate on your account will be 0.35% gross†/AER†† variable, which is better than the average rate currently on offer from other banks.

By ‘other banks’ they’re clearly referring to High Street banks paying next to nothing. I moved some money to Marcus and some to Kent Reliance via Hargreaves Lansdown paying 1.01% for a 1 year term.

[bad company]

Rob_125 said:

steveo3002 said:

so no conditions on the chase current acc ? open with a couple of quid and never use it?

Open with £0. No conditions/transfer of dd ect. Took my 5 mins to register, and 30mins for account verification. Just done it. App looks good and easy to use.

Yep, I’ve done similar.

Opened a current account with no funds then savings accounts for my 2 Granddaughters (can’t put money into their names as they live in the USA) and another for me. The Granddaughters money was in Virgin accounts so that money transferred easily enough. My savings money is stuck at Marcus this weekend while they ‘upgrade’ their systems.

The Chase app looks very easy which makes me worry about security. I did think their ought to be at least OTP’s in place, perhaps there is when I want to withdraw funds?

[bad company]

Mrs BC wanted to open a cash ISA but Chase don’t do them yet.

[bad company]

LosingGrip said:

Has anyone got their Chase card yet? I know the bank holiday hasn't help but was hoping to have had it by now.

Nope, I’ve been waiting well over a week now. I have the card set up in my Apple wallet and on my IWatch so I’m using but no physical card.

[bad company]

I wonder why Chase are offering a much better deal than other banks? When I opened my Marcus account I expected them to try to cross sell other products but they didn’t, I’ve just left that account with zero balance.

So guys, what to Chase want, why are they offering so much more than other banks?

[bad company]

RammyMP said:

I’ve got 50p so far in the week I’ve had my account!

I’ve got £1.42 but at the dizzying rate of 5% that could really grow.

[bad company]

My card arrived today. Has anyone tried the currency converter?

My Revolut card has balances in various currencies.

[bad company]

Maybe a bit early to ask but has anyone used the Chase card abroad? I’m wondering whether to use Chase or Revolut when I visit the USA.

[bad company]

Carbon Sasquatch said:

Seems mainly that 'ordinary' retail type spending is cash back, but gambling, financial services & big ticket items are out.

Edited by Carbon Sasquatch on Tuesday 3rd May 18:13

Electrical goods and furniture are included, they can be fairly big ticket. Not sure whether to use Chase or Amex on travel, sometimes the protection from paying with a credit card can be useful.

[bad company]

funinhounslow said:

I don’t know why they persist with these “bonus rates” can’t they just give the same rate to all account holders?

I don’t understand why anyone’s still using Marcus rather than Chase?