Marcus Rate Falling to 1.2%

SFindlay

Stubod said:

..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 42 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.

Have you and OH have Nationwide accounts? If not could open a sole each and a joint and stash £7500 away at 5% for the next year? 
I've recently opened a Investec 95 day account which means not committed to locking all the money away for the year, have to put minimum £10,000 in to open but currently paying 1.6% and as long as don't give notice to withdraw get 1.65% after 3 months. They've just recently reopened to new investors well after interest rate cuts so should have already taken them into consideration when setting the rate and fingers crossed they will leave rates at what they are!! 

Thrugelmir

d63 said:

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.

Companies will pitch their offerings until such time as they have raised as much money as they actually require. Nationwide's new mortgage business will have collapsed. While (the majority) borrowers continue to make capital repayments on their mortgages. Providing the Nationwide with liquidity. Little need for retail deposits. 

badger09

Stubod said:

..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 42 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.

42 other Santander accounts. Yikes

Stubod

..LOL...oops, fat finger syndrome...should be "2"...

SpanishBlue

One of those rare times I am quite happy to see the new lower rate.

I was expecting a much bigger drop than that after Nationwide and others had slashed their rates.

Well done Marcus.

coachman12

I'm sticking with Marcus in spite of my similar email today informing of cut from 1.3 to 1.2-----I had been expecting a bit worse given the Base Rate cut. 
I think Marcus will stay near the top of the pile for the foreseeable future. And I don't mind too much when it's only an easy-access account. For saving amount up to around the £85,000 mark , I go  mainly for RCI ------and I still have a 2.2% NS&I Bond which does not end until 2021.  

Chloe_G

Possibly off topic but I will never use Nationwide again after they failed in their attempt to spell my name correctly after a year of me going in to the branch and writing to them several times which then resulted in me being unable to get my money out as my bank would obviously not accept their cheque in my incorrect name (this was a while ago obviously when cheques were the norm!).

TBC15

I think I’ll stick with Marcus, very fast, very efficient.

t1redmonkey

Not as bad as it could've been so not going to quit my account with them for the sake of 0.1%.