Marcus or Gatehouse?

sal_III

OceanSound wrote: »

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?

A bit outdated, currently Al Ryan is offering 1.6% flex savings account with mostly positive feedback, unless you have aversion to sharia banks.

metrobus

Or Charter @ 1.81% but only 95 days notice needed for withdrawals.

So £11 less but locked up 25 days fewer.

falcieri

SuperSecondhand wrote: »

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.

If you're unsure if you might need some of it, pick a high interest locked account for however much you think you can do without and put the rest in the next best interest easy access. I have a locked away atom account and I use Marcus for savings that will get me out of a fix if I run into any sudden bills.

OceanSound

sal_III wrote: »

A bit outdated, currently Al Ryan is offering 1.6% flex savings account with mostly positive feedback, unless you have aversion to sharia banks.

Not particularly bothered if they are sharia or maria, as long as they don't lie to their customers.

eskbanker

sal_III wrote: »

....Al Ryan....

Don't tell me Michael O'Leary is following Stelios into the world of financial services....

OceanSound

eskbanker wrote: »

Don't tell me Michael O'Leary is following Stelios into the world of financial services....

heaven forbid.

He'll probably stick some toilets in the bank just so he can charge the customers.

Xenon

Pretty much in the same boat...savings held in two easy access accounts for house deposit - Marcus/Kent Reliance.

I might need that money at any time - makes no sense to have it tied up in a notice account to gain a few pounds.

OceanSound

User3890 wrote: »

£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).

Offer through Clearscore:

Raisin/ICICI Bank 1.40% - 45 day notice period. FSCS protected.
58,000 x 0.0140 = £812 + £80 bonus for deposit between £40,000 and £74,999 = £892 over 12 months.

£22 quid better off than the 1.5% rate, but have notice period.

Same provider offer 95 day notice period account with 1.60%.
58,000 x 0.0160 = £928 + £80 bonus for deposit between £40,000 and £74,999 = £1008 over 12 months. Seems the Charter @ 1.81% with same notice period brings in a higher yield with £1049.80