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Marcus or Gatehouse?

Should I use Marcus 1.5% Saving Account or Gatehouse 120 Notice Account at 1.82%?

I have roughly £58000 and unsure when I'll need it. Could be 3, 6, 12 months etc etc, but what I will need it for is a deposit on a new house so 120 days notice isn't a problem.

The majority seem to rate Marcus in a positive way and their Saving Account seems easy to understand.
1.5% instant access, monthly interest and very good customer service.

I phoned Gatehouse and asked them to explain more about the 120 Notice Saving Account. I didn't understand a lot as they seemed to stick to a script. Can anyone tell me in simple terms a little abit about them. When is interest payed into the account?

Thank you.
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Comments

  • masonic
    masonic Posts: 26,926 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    Is the information you need not detailed here?
    https://gatehousebank.com/personal/savings/notice-accounts/120-day-notice-account

    Interest is paid annually or monthly depending on your choice
    You manage the account online
    Withdrawal requests are paid into your nominated account after 120 days

    Anything else you need to know?
  • Aminatidi
    Aminatidi Posts: 579 Forumite
    Sixth Anniversary 500 Posts Name Dropper
    So I make the difference between 1.5% and 1.82% over 12 months to be around £100.

    £100 difference with £58000 savings.

    Christ interest rates are grim.

    Anyway, personally for less than a tenner a month I'd go with the safe option with instant access.
  • Thank you both. Very informative :)
  • Aretnap
    Aretnap Posts: 5,720 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    I have roughly £58000 and unsure when I'll need it. Could be 3, 6, 12 months etc etc, but what I will need it for is a deposit on a new house so 120 days notice isn't a problem.
    120 days is longer than 3 months!

    120 days is also quite a long time to wait between your offer being accepted and completion, or even exchange of contracts. (In the past I've had a an offer accepted on condition that I was ready to complete within 1 month). Many sellers won't be happy to wait that long. So unless you're planning to give notice before you start looking, rather than when you find a house you want, you would risk having a purchase fall through because you couldn't get at your money fast enough.

    Even if the money was in the account for a year the extra interest vs the Marcus account would only add up to about £200 - loose change in the context of a house purchase. Personally I wouldn't want to take any risk of a purchase falling through for that sort of money.
  • Richmc
    Richmc Posts: 146 Forumite
    Part of the Furniture 100 Posts Combo Breaker
    edited 1 September 2019 at 7:46AM
    If it's of use I've just opened a Marcus account for regular saving, it was really easy and the online portal seems secure and is very straight forward and easy to use, I also seem to have above average luck so have maxed out on premium bonds and am currently getting a return of just over 2.0%, but there's always the small chance of a bigger win. So a mix if the two makes sense to me and it's like doing the lottery without paying for it. If it were a choice between the Gatehouse and Marcus I would check to see how easy the gatehouse is to set up and use compared to the Marcus, especially if you might need to make an instant withdrawal.
    I'm currently topping up my PB's as I had some home repairs to do and all wins (every month or two) are reinvested, any other windfall amounts (fit payments etc.) I pay into what one takes my fancy, plus standing orders £50 each/month to help along.

    just noticed Gatehouse has 120 day notice for withdrawals, sod that!
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Marcus will default back to 1.35% after a year. As currently includes a 0.15% bonus. Bound to catach a few people out.
  • £58000 * 1.5% = £870 interest over 12 months
    £58000 * 1.83% = £1061 interest over 12 months

    £191 difference in interest assuming you don't withdraw early over 12 months.
    I'd go with Marcus just based on simplicity.
    But £191 is quite a few free lunches (imo).
  • masonic
    masonic Posts: 26,926 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    Thrugelmir wrote: »
    Marcus will default back to 1.35% after a year. As currently includes a 0.15% bonus. Bound to catach a few people out.
    It probably will, but anyone can renew the bonus for another year at any time. Some are doing so frequently. I suppose there is no harm in doing it every time you log in.
  • TCA
    TCA Posts: 1,597 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    Shawbrook 1.48% easy access pays only marginally less interest than Marcus with no bonuses to lose or renew.
  • OceanSound
    OceanSound Posts: 1,482 Forumite
    Seventh Anniversary 1,000 Posts Name Dropper
    TCA wrote: »
    Shawbrook 1.48% easy access pays only marginally less interest than Marcus with no bonuses to lose or renew.
    What's Shawbrook like?..I've opened Easy access issue 15. Read some reviews. heard withdrawing money can take a few days. Any word on this?
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