The Top Easy Access Savings Discussion Area

jaypers

wiseonesomeofthetime said:

My Marcus account still has just a £1 in it because, despite the latest increase, my money is in accounts of the same or higher rate already 🤷‍♂️

Wish everyone would do this and they might stop taking everyone for a ride. Mine also emptied out. Just waiting until August for a fixed to mature with them now and if they still haven’t upped their game that’s going elsewhere too.

mebu60

wiseonesomeofthetime said:

My Marcus account still has just a £1 in it because, despite the latest increase, my money is in accounts of the same or higher rate already 🤷‍♂️

Ashamed to admit mine has a heady £34.50 in it as I didn't go back to clear the residual interest. Funds were cleared down months ago. 3.5% won't be bringing them back either. 

allegro120

wiseonesomeofthetime said:

My Marcus account still has just a £1 in it because, despite the latest increase, my money is in accounts of the same or higher rate already 🤷‍♂️

My Marcus account stays at £0 balance for a number of years now. It was good in 2018/19 when it offered a leading rate.  I'm still keeping it opened just in case they will catch up with competition one day.

wiseonesomeofthetime

How can Marcus claim 3.50% anyway, when 3.14 + 0.34 equals 3.48% 🤷‍♂️

Semantics, I know, and one is AER , t'other is Gross, but still 🤔

poppystar

wiseonesomeofthetime said:

How can Marcus claim 3.50% anyway, when 3.14 + 0.34 equals 3.48% 🤷‍♂️

Semantics, I know, and one is AER , t'other is Gross, but still 🤔

That befuddled me at first!

RG2015

wiseonesomeofthetime said:

How can Marcus claim 3.50% anyway, when 3.14 + 0.34 equals 3.48% 🤷‍♂️

Semantics, I know, and one is AER , t'other is Gross, but still 🤔

I believe the Marcus figures in my online account are incorrect.

Based on the formula for converting between AER and gross monthly, the underlying rate should be 3.11% gross not 3.09% gross,

This makes the AER 3.16% plus 0.34% equals 3.50%

Edit: Alternatively, the 3.50% is incorrect and should be 3.48%, but that would be misselling.

dcs34

Posted on the non-chat thread that Kent Reliance Easy Access will be 3.75% from tomorrow (which I believe is market leading?).

Any ideas if this is for existing customers only, or will it apply to the current Issue 57: https://www.kentreliance.co.uk/savings/easy-access-savings-account

AmityNeon

RG2015 said:

wiseonesomeofthetime said:

How can Marcus claim 3.50% anyway, when 3.14 + 0.34 equals 3.48% 🤷‍♂️

Semantics, I know, and one is AER , t'other is Gross, but still 🤔

I believe the Marcus figures in my online account are incorrect.

Based on the formula for converting between AER and gross monthly, the underlying rate should be 3.11% gross not 3.09% gross.

This makes the AER 3.16% plus 0.34% equals 3.50%

Edit: Alternatively, the 3.50% is incorrect and should be 3.48%, but that would be misselling.

Their rates are a mess.

3.14% AER / 3.09% gross

But 3.09% = 3.1341% AER, so it should be 3.10% gross. But wait...

If you hold an Online Savings Account or Cash ISA and you have already added the 0.34% gross/tax-free* bonus, your total rate will be 3.50% AER / 3.44% gross

3.09% (as published) + 0.34% (as published) = 3.43% (not published)

So the published total gross rate of 3.44% implicitly includes the correct(?) underlying gross rate of 3.10%, but is 3.44% gross correct?

3.44% results in a more precise AER of 3.4948%, which doesn't quite round to 3.50%, so either the total gross rate needs to be 3.45% or the total AER needs to be 3.49%.

They've chosen awful rates considering they skirt the very boundaries of 2 decimal point precision so it's difficult to determine which figures are supposed to correct, and the rates aren't even competitive to begin with.

SJMALBA

dcs34 said:

Posted on the non-chat thread that Kent Reliance Easy Access will be 3.75% from tomorrow (which I believe is market leading?).

Any ideas if this is for existing customers only, or will it apply to the current Issue 57: https://www.kentreliance.co.uk/savings/easy-access-savings-account

https://www.kentreliance.co.uk/interest-rates

It seems you have to go all the way back to Issue 51 (withdrawn 16th November 2022) to get the highest rate of 3.75%.

allegro120

dcs34 said:

Posted on the non-chat thread that Kent Reliance Easy Access will be 3.75% from tomorrow (which I believe is market leading?).

Any ideas if this is for existing customers only, or will it apply to the current Issue 57: https://www.kentreliance.co.uk/savings/easy-access-savings-account

It will be market leading. We'll see if Chip respond on this tomorrow afternoon, if not I might open Kent Reliance on Monday if the product is not withdrawn by then. It's not for existing customers only.