Marcus Rate Reduction

MDMD

blue_max_3 said:

schiff said:

You organise something one day and think Right that's that sorted out for a while; three days later things change. It's hard to keep up.

I went for fixed rates as it was clear they were all dropping. You pays your money...

The Marcus 1.45% one was flexible too as even the maximum interest penalty of 90 days would equate to a rate of 1.09% which is fixed, gives you access on closure and now still beats their variable rate.

soulsaver

So at o1/06/20 I'll get 1.2%, which (relatively speaking) isn't too bad. 
But then my bonus runs out end of July... so 1.05% and Marcus slips well down my list...
unless the relentless rate tumble floats it back to relatively good by then...  

blue_max_3

MDMD said:

The Marcus 1.45% one was flexible too as even the maximum interest penalty of 90 days would equate to a rate of 1.09% which is fixed, gives you access on closure and now still beats their variable rate.

Yes, that is what attracted me to it. I may be buying a house, so this hedges my bets. By brother snagged it at 1.5% literally a couple of weeks before. Hope it doesn't lose too much due to inflation...

soulsaver

MDMD said:

blue_max_3 said:

schiff said:

You organise something one day and think Right that's that sorted out for a while; three days later things change. It's hard to keep up.

I went for fixed rates as it was clear they were all dropping. You pays your money...

The Marcus 1.45% one was flexible too as even the maximum interest penalty of 90 days would equate to a rate of 1.09% which is fixed, gives you access on closure and now still beats their variable rate.

The flexibility is welcome, I agree; if you close it before the 90th day you get less money back than you put in. How's that 1.09%?
1.087% is only achievable if you close it at the end of the 364th day... which would be barmy.

MDMD

soulsaver said:

MDMD said:

blue_max_3 said:

schiff said:

You organise something one day and think Right that's that sorted out for a while; three days later things change. It's hard to keep up.

I went for fixed rates as it was clear they were all dropping. You pays your money...

The Marcus 1.45% one was flexible too as even the maximum interest penalty of 90 days would equate to a rate of 1.09% which is fixed, gives you access on closure and now still beats their variable rate.

The flexibility is welcome, I agree; if you close it before the 90th day you get less money back than you put in. How's that 1.09%?
1.087% is only achievable if you close it at the end of the 364th day... which would be barmy.

No, up to 90 days they only charge a penalty up to the accrued interest.

https://www.marcus.co.uk/uk/en/public-site/help

It’s true though that the interest up to day 90 is 0% and only increases up to 1.09% by day 364 as you said.

KxMx

I was trying to decide between using the money in my treat current account now for a new laptop (very much needed) or wait and see if a beach UK holiday is possible/advisable in August. 

Since that treat account pays 1% I may as well get the laptop now, and if a holiday is possible in a few months time move the money from Marcus to use, repaying it over time. Approx 10% of the balance only  would be used. 

I basically have no incentive to use the Marcus account as a "do not touch unless dire dire emergency" any more. 

Speculator

Looks like I will be transferring more money from my Marcus to my RCI 1.90% 5 yr fix early tomorrow morning.

crumpet_man

digalumps said:

That makes ns&i higher at 1.15% !

There are some restrictions though, i.e. minimum deposit, their version of easy access is slightly longer than most.

talexuser

Question is do they want our money, and have they gauged the rate to be still relatively competitive at the end of June when everyone else has had a chance to reduce? 

surreysaver

schiff said:

You organise something one day and think Right that's that sorted out for a while; three days later things change. It's hard to keep up.

And that's how its going to be until the dust settles.