Marcus coming to the end of my bonus

NoviceAngel

Marcus are offering to renew my savings bonus with a reduction of 0.05% making the total 1.45% AER

I didn’t think that was bad ?

Anybody got options?

Thanks

TBC15

Just extend for another year full details here https://forums.moneysavingexpert.com/discussion/6029822/marcus-new-bonus-rate

roddydogs

You can't do that anymore unless you accept the lower 1.45% rate.

TBC15

Your right, they seem to have changed things quite recently.

NoviceAngel

Thanks all, Mines not due to finish until late November and I know they’ll only let you have a single account, I might stay at 1.5%AER with Marcus - thinking the 1.45% might disappear before Nov.

Thinking of opening a Cynergy and banking the 1.45% then if rates drop further then at least I’ve got one on standby! Doesn’t stop them altering the underlying rate though - they always win :T

soulsaver

NoviceAngel wrote: »

Thanks all, Mines not due to finish until late November and I know they’ll only let you have a single account, I might stay at 1.5%AER with Marcus - thinking the 1.45% might disappear before Nov.

Thinking of opening a Cynergy and banking the 1.45% then if rates drop further then at least I’ve got one on standby! Doesn’t stop them altering the underlying rate though - they always win :T

You could grab the Cynergy and put the £min in hopefully hold the rate; they are still honouring the 1.5%for takers they had available a few weeks ago .

Assuming you've got TSB 3% & had Nationwides 5%, to do better than that in banks atm you'd need to go for reg savers or notice/fixed accounts - the rate trend is deffo DOWN atm.

NoviceAngel

Not a good start Cynergy website down for “maintenance’ last hour lol

EDIT - ohh we’re back on line Cynergy- not for me I’m afraid!

I decided to renew Marcus at the very slightly lower rate.

falcieri

TBC15 wrote: »

Your right, they seem to have changed things quite recently.

Very recently. I remember reading on the forums about this about a month ago and going into my account and clicking to extend the 1.5% for another year. Glad I did. The news this week has not been great for Marcus savers.

EdSwippet

falcieri wrote: »

The news this week has not been great for Marcus savers.

The news this past decade has not been great for any savers. :-(

eskbanker

falcieri wrote: »

Very recently. I remember reading on the forums about this about a month ago and going into my account and clicking to extend the 1.5% for another year. Glad I did. The news this week has not been great for Marcus savers.

Just in case anyone is misunderstanding this, there has never been an option to guarantee 1.5% for a year with Marcus!

The 0.15% bonus component (now 0.1%) is fixed for 12 months but the vast majority of the Marcus rate is variable and can be changed at any time....

Terry98

EdSwippet wrote: »

The news this past decade has not been great for any savers. :-(

From this weeks newsletter 'And in the last week, first easy-access best-buy Marcus, which held firm at 1.5% for 11mths, shaved down its rate, then its fellow top payer Cynergy followed suit.

The worry (though no one knows) is this signals the start of a race to the bottom. Similar happened in 2016. Seemingly no bank wanted to top the best buys, scared of the huge wads desperate savers pumped in when they did. Rate cut followed rate cut'.