Marcus Rate Falling to 1.2%

SFindlay

I see today new customers can only get 1.2% upon opening an account, will be interesting to see if existing customer rates are reduced again? Currently still getting 1.45% till August as thankfully renewed bonus just before rates started tumbling and took the bonus away!!
Take it no existing customers have recieved anything regarding rate cuts since the March cut?? 

Nuggy96

not received anything yet, but let the rates begin to crumble. Have my al rayan at 1.6% until June and marcus 1.45% to July, holding on for every penny

Nuggy96

SFindlay said:

I see today new customers can only get 1.2% upon opening an account, will be interesting to see if existing customer rates are reduced again? Currently still getting 1.45% till August as thankfully renewed bonus just before rates started tumbling and took the bonus away!!
Take it no existing customers have recieved anything regarding rate cuts since the March cut?? 

Yep, just jynxed it, just got an email from marcus to say rate dropping to 1.2% but obvs still have my bonus on top of that

milton1970

Email this morning for existing 
Variable element reduced to 1.2% (was 1.3%) from 7th May
Bonus is on top of 1.2% so 1.35% total now I think .. could have been deeper 👍

dont_use_vistaprint

Had an email dropping my rate to 1.2, 1.45 still offered for 12 month fix

YellowStarling

For new customers, Aldermore Easy Access 11 overtakes to jump into 1st***!  For how long will it keep its lead...

***1.25% up to £1m easy access (£1,000 min deposit), £85,000 protected.

SFindlay

Thought that would be happening soon, no doubt my email will arrive in near future!! At least have the comfort of the 0.15% bonus till end of August so from what's been said I should still have it at 1.35% until then!! 

webjaved

Following the Bank of England's decision to make two emergency base rate cuts in March, we're making a reduction to the interest rate on your Marcus account ending 2315, effective from 07 May 2020.

What's changing
This change will only affect the underlying interest rate on your account. Any bonus rate you have on your account will continue to apply until it expires. Please log into your account for a full breakdown of your interest rate, including details of any bonus.

Current underlying rate     
1.30% AER* / 1.29% gross (variable)

New underlying rate as of 07 May 2020
1.20% AER* / 1.19% gross (variable)

*AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once a year. Gross is the interest rate before tax is deducted.

veryintrigued

Thanks for the heads-up

d63

and just had a email from ford money about their flexible saver down by 0.1% to 1.24% on 16th june. how is it that marcus and ford are dropping by 0.1% but that wretched, wretched nationwide has cut the loyalty isa more than 10 times as much from 1.4% to 0.25%? still, makes me hopping mad a week on! need to get a grip, clearly.
has virgin money announced its cuts yet? still anxiously waiting to hear from them.

Stubod

..yep we got the e-mail last night. We have only just joined Marcus after Santander announced their cuts. I have just "opened" their 1.45% 1 year saver which gives you up to 14 days to transfer any money in, just wondering how much to leave in my Santander main current account, how much to transfer into Marcus savings account, and how much to put in the 1 yr saver. We took out 2 Santander cash ISAS's last year and both of these will now be going into one or other of the Marcus accounts, but we also have 2 other Santander accounts, (OH and a joint). May well transfer these as well just that it's a bit of a faff as we will need to move all the DD's if we close them.