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4justice2 said:

Marcus website now showing 3.3% for easy access account.

The underlying bonus rate has increased from 0.25 to 0.34% so requires holders of Marcus/SAGA easy access accounts to manually renew their bonus.

GalacticaActual

Thanks for the information, @4justice2.

Just checked the app but it’s still showing the old rate of 3.20% although it did mention overnight maintenance had taken place. I will check the app later to see if the interest rate has updated.

Thanks again.

**EDIT**
Just noticed the above comments about the increase to the underlying bonus rate 👍

wiseonesomeofthetime

ColdIron said:

Yes, it's an increase of the bonus rate so you need to renew it

Interesting. Just renewed, as suggested.

Increased bonus from 0.25% gross to 0.34% gross, a rise of 0.09 percentage points, yet gross account interest rate rose from 3.20 to 3.30, a difference of 0.10

Obviously something in the maths, but still won't make slightest difference to my quid in there 🤷‍♂️

4justice2

GalacticaActual said:

Thanks for the information, @4justice2.

Just checked the app but it’s still showing the old rate of 3.20% although it did mention overnight maintenance had taken place. I will check the app later to see if the interest rate has updated.

Thanks again.

**EDIT**
Just noticed the above comments about the increase to the underlying bonus rate 👍

Yes just noticed you need to manually renew the bonus to get the new amount! The website does say Bonus rises to 0.34%....I assumed that they'd increase that automatically. Thanks to those who advised, just been in and changed it myself!

intalex

I suppose Atom might move now too, if their appetites haven't been filled from their decent fixed rate uplifts...

Eirambler

Hopefully that's Marcus working their way back to being more competitive now. They often do a rate increase just before an interest rate meeting, so if they do that again next month that would get them back up near the top of the table.

2010

Eirambler said:

Hopefully that's Marcus working their way back to being more competitive now. They often do a rate increase just before an interest rate meeting, so if they do that again next month that would get them back up near the top of the table.

Not much chance, the rise today is the rise before BoE 11th May meeting.

EssexHebridean

2010 said:

Eirambler said:

Hopefully that's Marcus working their way back to being more competitive now. They often do a rate increase just before an interest rate meeting, so if they do that again next month that would get them back up near the top of the table.

Not much chance, the rise today is the rise before BoE 11th May meeting.

In fairness people have been saying for months that there is no chance of Marcus increasing their rates, since before the last time in fact, and the time before that too...

Their usual pattern has seemingly been to make an increase on the morning of a BoE meeting, so this one if it is the "one before BoE 11th May meeting" is very early compared to previous. 

2010

EssexHebridean said:

2010 said:

Eirambler said:

Hopefully that's Marcus working their way back to being more competitive now. They often do a rate increase just before an interest rate meeting, so if they do that again next month that would get them back up near the top of the table.

Not much chance, the rise today is the rise before BoE 11th May meeting.

In fairness people have been saying for months that there is no chance of Marcus increasing their rates, since before the last time in fact, and the time before that too...

Their usual pattern has seemingly been to make an increase on the morning of a BoE meeting, so this one if it is the "one before BoE 11th May meeting" is very early compared to previous. 

Marcus have always been slow to respond to BoE increases.
Once it was done the day before the meetings and once on the morning but they were actually catching up from the previous BoE rise a month before.
Even today they are not at the top of the tree.

Another downside is their ISA transfer from them.
They are still using paperwork and cheques.

One good thing about them is, they are as "instant" as you can get for accessing your money.

RedImp_2

Just logged into my Marcus, wasn’t any option to increase bonus rate (not via app at least)