Nationwide to axe 5% regular savings account on Friday

katsu

mummyof5 if you have time I would put the money in a Marcus account to earn 1.5% and then transfer just the amount to go into your RS.

[Deleted User]

katsu wrote: »

mummyof5 if you have time I would put the money in a Marcus account to earn 1.5% and then transfer just the amount to go into your RS.

I had wondered about that but feel the current account offers the advantage of being able to transfer money within two hours.
Anyone know what the procedure is like with Marcus ?
I’m also with the post office online saver and that is beyond ridiculous.

YorkshireBoy

mummyof5 wrote: »

I had wondered about that but feel the current account offers the advantage of being able to transfer money within two hours.
Anyone know what the procedure is like with Marcus ?
I’m also with the post office online saver and that is beyond ridiculous.

Marcus is more or less instantaneous.

Tesco Internet Saver is another option. It also has the advantage of future dated transfers to multiple accounts, not just one as Marcus has.

[Deleted User]

YorkshireBoy wrote: »

Marcus is more or less instantaneous.

Tesco Internet Saver is another option. It also has the advantage of future dated transfers to multiple accounts, not just one as Marcus has.

I do have the Tesco internet saver but don’t use it as all my money is currently in TSB and nationwide until the rate drops in early June on the nationwide.

IanManc

mummyof5 wrote: »

I had wondered about that but feel the current account offers the advantage of being able to transfer money within two hours.
Anyone know what the procedure is like with Marcus ?
I’m also with the post office online saver and that is beyond ridiculous.

YorkshireBoy wrote: »

Marcus is more or less instantaneous.

Tesco Internet Saver is another option. It also has the advantage of future dated transfers to multiple accounts, not just one as Marcus has.

I've found that Marcus is more or less instantaneous during the working week, but at weekends withdrawals can sometimes take much longer.

For example, a couple of Sundays ago I made a withdrawal on a Sunday morning at around 11am and the money didn't appear in my nominated account until Monday at around 1pm. Later on that Monday afternoon I made another small withdrawal request and that money was in my nominated account when I logged into it straight after.

[Deleted User]

IanManc wrote: »

I've found that Marcus is more or less instantaneous during the working week, but at weekends withdrawals can sometimes take much longer.

For example, a couple of Sundays ago I made a withdrawal on a Sunday morning at around 11am and the money didn't appear in my nominated account until Monday at around 1pm. Later on that Monday afternoon I made another small withdrawal request and that money was in my nominated account when I logged into it straight after.

That's good to know. I never know if 0.5% will make that much difference.
I still haven't mastered how to calculate what will be paid in interest:eek:

xylophone

I never know if 0.5% will make that much difference.
I still haven't mastered how to calculate what will be paid in interest

You deposit £1000 for a year at 1%.

At the end of the year you have earned £10 in interest.

You deposit £1000 for a year at 1.5%.

At the end of the year you have earned £15 in interest.

Worth it?

[Deleted User]

xylophone wrote: »

You deposit £1000 for a year at 1%.

At the end of the year you have earned £10 in interest.

You deposit £1000 for a year at 1.5%.

At the end of the year you have earned £15 in interest.

Worth it?

Now I’m sat here pondering that 🤣

schiff

mummyof5 wrote: »

I’m also with the post office online saver and that is beyond ridiculous.

I had the PO account, hardly used it, useful to park some money in that I couldn't get 1.5% on, but I've recently closed it. The interest rate falls to not worth it in July so rather than forgetting about it, I've closed it.

schiff

mummyof5 wrote: »

Now I’m sat here pondering that 🤣

You could sit pondering with a calculator, makes it a bit easier