Move all money into Marcus account or not?

bp5678

I've made the most of the bank switches and now trying to maximise interest.

I'm maximising my interest in my Tesco & TSB accounts. Ie:
£3k in a Tesco account and paying £1 for each of my direct debits
£1.5k in my TSB account.
£800 in my Nationwide account at 1% interest (it's been over a year but it's my easy to use day-to-day account)
£6k in my Marcus out

My question is, do I move all my money into my Marcus account? Will I get more interest doing this?

eskbanker

bp5678 wrote: »

My question is, do I move all my money into my Marcus account? Will I get more interest doing this?

It shouldn't really be particularly challenging to compare two interest rates to see which is higher!

Marcus's 1.5% is better than Tesco's 1% so shift the £3K from the latter to the former, but TSB's 3% (if in a Classic Plus) is better than Marcus so leave the money there alone.

The money in Nationwide would earn more interest in Marcus but if you need it for day-to-day spend then you can't really use it for optimising interest, or at least not all of it....

bp5678

eskbanker wrote: »

It shouldn't really be particularly challenging to compare two interest rates to see which is higher!

Marcus's 1.5% is better than Tesco's 1% so shift the £3K from the latter to the former, but TSB's 3% (if in a Classic Plus) is better than Marcus so leave the money there alone.

The money in Nationwide would earn more interest in Marcus but if you need it for day-to-day spend then you can't really use it for optimising interest, or at least not all of it....

Wait how come Nationwide's interest will be higher than Marcus? I've had my Nationwide FlexDirect for over a year

eskbanker

bp5678 wrote: »

Wait how come Nationwide's interest will be higher than Marcus? I've had my Nationwide FlexDirect for over a year

???

It won't:

eskbanker wrote: »

The money in Nationwide would earn more interest in Marcus

bp5678

eskbanker wrote: »

It shouldn't really be particularly challenging to compare two interest rates to see which is higher!

Marcus's 1.5% is better than Tesco's 1% so shift the £3K from the latter to the former, but TSB's 3% (if in a Classic Plus) is better than Marcus so leave the money there alone.

The money in Nationwide would earn more interest in Marcus but if you need it for day-to-day spend then you can't really use it for optimising interest, or at least not all of it....

eskbanker wrote: »

???

It won't:

Oops sorry I read your first post wrong!

PRAISETHESUN

Assuming you are still getting the bonus rate with Marcus then your interest rate should be 1.5%. Anything higher than this should stay where it is (eg. TSB) and anything below this should be moved to Marcus (eg. Tesco). Leave some in your day to day account if you need access to the funds for regular spending since I don't think Marcus can access funds in a hurry (correct me if I'm wrong).

bp5678

PRAISETHESUN wrote: »

Assuming you are still getting the bonus rate with Marcus then your interest rate should be 1.5%. Anything higher than this should stay where it is (eg. TSB) and anything below this should be moved to Marcus (eg. Tesco). Leave some in your day to day account if you need access to the funds for regular spending since I don't think Marcus can access funds in a hurry (correct me if I'm wrong).

Thanks I'll close my Tesco account. Is it worth me switching to anywhere? Doesn't seem like there's any banks with a better interest rate than the Marcus account

JustAnotherSaver

Well as you say you’ve made the most of the switches I assume you mean all of them so on that note then no probably not.

No mention of regular savers though?

george4064

bp5678 wrote: »

Thanks I'll close my Tesco account. Is it worth me switching to anywhere? Doesn't seem like there's any banks with a better interest rate than the Marcus account

Go see for yourself: https://www.moneysavingexpert.com/banking/compare-best-bank-accounts/?_ga=2.118710411.348531418.1561030580-1566178553.1561030580#bonus

YorkshireBoy

bp5678 wrote: »

Thanks I'll close my Tesco account. Is it worth me switching to anywhere?

Most of the folks on here, having "made the most of the bank switches", welcomed the recent Santander incentive offer. Didn't it appeal to you?

Brewer20

Metro bank pay 2% if you want somewhere to stick your £3k from Tesco, it's fixed for 12 months. Atom do one too for slightly less 1.93%


I'm trying to decide where I'll deposit some money as like the OP I'm all maxed on regular savers and banks I can switch to now.