The Top Easy Access Savings Discussion Area

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.

southone

One pound should give you about 3P interest a year LOL

fourmarks

BestSeagull said:

fourmarks said:

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.

No, not specifically Marcus, any savings account where the interest is due at the end of the year.