Marcus new bonus rate

unwina

Wife just spotted this myself when on my account - I've not seen any announcements of this and as far as I can tell Marcus has not been advertising this.

What I am thinking now though is that they may be going to change the actual rate as I'm, not sure but I bet its a variable though. Thats said it seems that when one checks the current rate it is fixed until the new date once clicked.

Crashy_Time

Malchester wrote: »

Thanks for this spot. Just renewed for a further 12 months. Have found this Marcus account excellent - fast movement of money in and out (true instant access and not easy access). Glad to have been able to renew. Pity others (like Tesco Bank) don't work like this with their accounts

Tesco bank were a nightmare, tons of security questions just to do basic things I seem to remember? Marcus account is great, but prudent people have been robbed to bail out the debt bubble and that is a disgrace really IMO.

soulsaver

unwina wrote: »

Wife just spotted this myself when on my account - I've not seen any announcements of this and as far as I can tell Marcus has not been advertising this.

What I am thinking now though is that they may be going to change the actual rate as I'm, not sure but I bet its a variable though. Thats said it seems that when one checks the current rate it is fixed until the new date once clicked.

Good; that's clear now.

Rollinghome

unwina wrote: »

What I am thinking now though is that they may be going to change the actual rate as I'm, not sure but I bet its a variable though. Thats said it seems that when one checks the current rate it is fixed until the new date once clicked.

From p13 of t&cs:

When we might change your interest rate
We may change your interest rate from time to time. If we do, we’ll let you know

When we'll tell you:
If you have a bonus rate on your Online Savings Account: At least 14 days before the bonus rate ends
If we reduce the interest rate: At least two months before we start paying interest at the new rate

Growingold

The Marcus rate of 1.5% includes a bonus of 0.15% which is fixed. However the account has a variable rate of 1.5% which implies that the 1.35% could change as and when .

Taken from their website:-
Online Savings Account
Start saving with £1
No fees or charges
1.50% AER* (variable)
Includes a bonus rate of 0.15% gross† fixed for the first 12 months

roddydogs

Does it matter? Its instant access if it becomes uncompetative, just move it!

jabbahut40

Hi All,

Worth noting that you can renew your bonus rate more than once. I renewed my bonus rate a couple of months ago and did it again yesterday. This reset my 12 months expiry period to August 2020. Useful to know if people want to extend the bonus rate a few more weeks.

Hope this helps,

Jabba

roddydogs

Done it 6 times already, every few days.

xxdeebeexx

It's worth noting that the bonus rate on Marcus has been reduced to 0.10% making the renewed interest 1.45%.

Still reasonable but definitely not worth renewing until you really have to.


dx

roddydogs

Yup just noticed, no more renewing for me!