Marcus cutting rates

VXman

Bloomin' Eck! I haven't had this account open long. It's not really worth the effort anymore is it!

Maybe I need to bite the bullet and put all my savings into my ETF funds. They've been doing well got the last year or 2. You  know what will happen then though  don't you! 

notrouble

Savings interest rates have declined over the past few months. To reflect this, we'll be lowering the interest rate on your Marcus account by 0.05%, effective from 10 March 2020."

Shouldn't that statement be the other way round?

"We'll be lowering the interest rate on your Marcus account contibuting to a general decline in savings interest rates."

RG2015

notrouble said:

Savings interest rates have declined over the past few months. To reflect this, we'll be lowering the interest rate on your Marcus account by 0.05%, effective from 10 March 2020."

Shouldn't that statement be the other way round?

"We'll be lowering the interest rate on your Marcus account contibuting to a general decline in savings interest rates."

Perhaps they are suggesting that the savings income they receive is declining so can not afford to pay us as much. Poor, poor Goldman Sachs.

youngretired

ianthy said:

They are all at it this week. In the last few days I got emails from Marcus and Ford Money about rate cut in savings rates.

When did you receive your notification from Ford Money? I've received my Marcus email today, but I have had nothing from Ford Money. Is this rate cut to the now not available Flexible Saver 1.35%?

Stubod

To be fair 0.05% I can live with. I have only just opened an account as a home for Santander money post May...or whenever it is their rates are reduced.

TUVOK

My name is towards the end of the alphabet and I have received the email from marcus this morning.