The Top Easy Access Savings Discussion Area

jak22

Their last few changes have been shortly before BoE meetings but this time it's not enough to top the tables even briefly - it's unclear why people would be hoping for better to maybe move or keep money with them as they haven't been that competitive in the last 6 months. 

EssexHebridean

southone said:

EssexHebridean said:

Minty33 said:

The Marcus 0.25% bonus is back today!!!

Won't affect those that already had it, as rate with bonus remians at 2.5%
Existing customers can renew for a further year bonus.

I noticed this today as well - I've been checking on an occasional basis. Makes you wonder if they are about to make any more changes - like a long overdue interest rate increase maybe? (I'm not holding my breath!) 

The only thing that's changed is it was 2.25 plus bonus now 2.50 with bonus and they've opened the bonus up again so we can extend it, they need to get their finger out and put their rates up

Yes - that was why I said I wondered if they were planning any more changes...? 

jak22 said:

Their last few changes have been shortly before BoE meetings but this time it's not enough to top the tables even briefly - it's unclear why people would be hoping for better to maybe move or keep money with them as they haven't been that competitive in the last 6 months. 

Again - their timing on doing things right before rate changes stood out to me - I guess they could theoretically go for a .5% increase on the underlying tomorrow morning, which with the bonus would put them back in a reasonably favourable position for existing customers. As for reasons for staying - we have an amount of our easy access funds in there as for those, limited access doesn't suit (our cash deposit funds for an upcoming house purchase are staying/going into a higher paying limited access) and right now we don't want to be opening lots of new accounts and moving chunks of money about. For the amount we have in Marcus at the moment, it suits nicely, once we move then it will be time for a complete overhaul again. Frankly, even if I only had £1 in there as holding funds, I'd still be hoping for a better rate though - surely that's what we all hope for, regardless of where that comes from?  

NameWithheld

I have had precisely £0 in Marcus for several months. The account is still open. No need to keep £1 there.

patpalloon

I'll hang on til the BoE interest review on Thurs - think we might see some new rates after that.

southone

patpalloon said:

I'll hang on til the BoE interest review on Thurs - think we might see some new rates after that.

What makes you think that? the last marcus rate rise was the 1st of November they didn't raise it after the last BOE rate rise but we can only hope

Zerforax

My hopes are low. I don't expect many banks to increase their rates much. Any increases will mostly be from low rates to middle rates.

cloud_dog

NameWithheld said:

I have had precisely £0 in Marcus for several months. The account is still open. No need to keep £1 there.

The reason people keep £1 in there is because some organisations will close a zero balance account after a period of time (e.g. 1 year).  

jaypers

cloud_dog said:

NameWithheld said:

I have had precisely £0 in Marcus for several months. The account is still open. No need to keep £1 there.

The reason people keep £1 in there is because some organisations will close a zero balance account after a period of time (e.g. 1 year).  

The reason I leave £1 in is just to annoy them so they don’t close it. Also making a statement. Not that anyone will be bothered or notice but it makes me feel better lol

fourmarks

jaypers said:

The reason I leave £1 in is just to annoy them so they don’t close it. Also making a statement. Not that anyone will be bothered or notice but it makes me feel better lol

If you leave a £1 in there and withdraw the rest, does that not mean that the interest accrued thus far also remains there (excluding monthly payments) until the end of the tax year? I've tended to close the account (not always) retrieve the interest and re-invest rather than leave the interest in there at an unfavourable rate. Or have I got that all wrong? Which is of course highly likely.

BestSeagull

fourmarks said:

jaypers said:

The reason I leave £1 in is just to annoy them so they don’t close it. Also making a statement. Not that anyone will be bothered or notice but it makes me feel better lol

If you leave a £1 in there and withdraw the rest, does that not mean that the interest accrued thus far also remains there (excluding monthly payments) until the end of the tax year? I've tended to close the account (not always) retrieve the interest and re-invest rather than leave the interest in there at an unfavourable rate. Or have I got that all wrong? Which is of course highly likely.

If you're talking about Marcus, no, you'll still get your interest the month after you withdraw the bulk of your funds although there won't be any to speak of from the first full month of only having a balance of £1.