Marcus Savings - Is it worth it?

Head_Burried

Hi,

I run a fantasy football competition and collect approximately £2000 from entries in August which then gets paid out in May when the season ends.

Currently I leave it in my online Cash ISA (Co-op) and earn 0.75%

In your opinion is it worth opening a Marcus account for 1.45% (dropping to 1.35%) for the small amount of interest I'd earn?

So basically I have £2000 from August to May and £0 from June to July.

What's peoples views/experience on having a Marcus account?

Would I easily be able to withdraw the £2000 in May and is it instant?

Head_Burried

JustAnotherSaver

Do you want to earn roughly twice the interest...or not?

Yes it’s sort of ‘instant’ access although you may need to wait until the day after withdrawal request for your money.

Albermarle

First point is that it does not have to be in an ISA , as nowadays you can earn up to £1000 in interest tax free.
There are quite a few easy access savings accounts paying similar rates to Marcus , and any of them should be OK .
However the increase in interest you would earn would only be about £10.....

sal_III

If you are under the tax free interest allowance and think that £6ish is worth the hassle - go for it.

george4064

Head_Burried wrote: »

Hi,

I run a fantasy football competition and collect approximately £2000 from entries in August which then gets paid out in May when the season ends.

Currently I leave it in my online Cash ISA (Co-op) and earn 0.75%

In your opinion is it worth opening a Marcus account for 1.45% (dropping to 1.35%) for the small amount of interest I'd earn? Yes, it doesn't take long at all to open a Marcus account.

So basically I have £2000 from August to May and £0 from June to July.

What's peoples views/experience on having a Marcus account? I have had no issues with the account since I have had in last year, deposits and withdrawals are virtually instant on working days and during weekends it should go through on the Monday.

Would I easily be able to withdraw the £2000 in May and is it instant? As per the above.

Head_Burried

Answers above.

soulsaver

£2k at 0.75% is P£s/100xR(%) xT(yrs)

For 10 mths(from start to end?) is 10x 12ths of a year

0.75% = 2000/100 x 0.75 x 10/12 =£12.50 (approx; int calculated daily)

1.45% = 2000/100x1.45x10/12 =£24.17 (ditto above)

TSB 3% is 2000/100x3.00x10/12 =£50.00 (ditto above)

Head_Burried

I know it's a small amount of interest but I guess £6-£10 is better than nothing.

I can't find anything about 3% from TSB. The best I can find is 2% as a monthly saver which doesn't suit me in this case.

ashteadgirl

soulsaver wrote: »

£2k at 0.75% is P£s/100xR(%) xT(yrs)

For 10 mths(from start to end?) is 10x 12ths of a year

0.75% = 2000/100 x 0.75 x 10/12 =£12.50 (approx; int calculated daily)

1.45% = 2000x1.45/100x10/12 =£24.17 (ditto above)

TSB 3% is 2000/100x3.00x10/12 =£50.00 (ditto above)

TSB 3% is only on balances upto £1500 0% on balances above that

george4064

Head_Burried wrote: »

I know it's a small amount of interest but I guess £6-£10 is better than nothing.

I can't find anything about 3% from TSB. The best I can find is 2% as a monthly saver which doesn't suit me in this case.

The TSB account soulsaver is referring to is a current account, which will have more stringent checks/more paperwork than a standard savings account such as Marcus.

webjaved

I would stick it into a Marcus account - whatever interest you make it on it is a plus, whether it's a small or large amount.

soulsaver

ashteadgirl wrote: »

TSB 3% is only on balances upto £1500 0% on balances above that

True but you can get 2, solo & joint.