Marcus Rate Reduction

ColdIron

surreysaver said:

crumpet_man said:

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.

How long?  I was going to post NS&I, as it also (hopefully) assists with Halifax's new T&Cs as well

It depends how much and when you give your instruction. Up to £50,000 is next working day

There is a useful tool here

https://www.nsandi.com/how-long-does-it-take-receive-withdrawal-payment

random321

It's at this time I'm thankful and think myself very lucky that I decided to open a fixed 5% Flex Direct account for myself, wife (plus the £400 switch bonuses) and a joint Flex account, plus opened the 1.45% fixed Marcus rate with the remaining cash we could tie up only a matter of weeks ago!

MinuteNoodles

Santander 123 thread...." Santander are dropping their interest rate. EVERYONE PUT YOUR MONEY IN MARCUS!!!!!".

Marcus gets thousands of new customers from Santander and barely a fortnight later...."We're dropping our rates to 0.02% above Santander". Don't be surprised if they drop again in September, a month after Santander drops theirs. So glad I didn't bother moving.

bigolsausage

MinuteNoodles said:

Santander 123 thread...." Santander are dropping their interest rate. EVERYONE PUT YOUR MONEY IN MARCUS!!!!!".

Marcus gets thousands of new customers from Santander and barely a fortnight later...."We're dropping our rates to 0.02% above Santander". Don't be surprised if they drop again in September, a month after Santander drops theirs. So glad I didn't bother moving.

This is exactly what happened to me. No idea where to keep my emergency fund now. Granted it's only £3.5k but every little helps.

typistretired

Thank goodness for my Cynergy Online Easy Access which is dropping on 18th May from 1.50% to 1.40% including bonus. But the bonus ends 17th July so will need to keep an eye on. The good thing about Marcus is if a better paying account  comes out it is open to new and existing customers so worth keeping a few pounds in the account. My bonus on Marcus ends towards the end of August.

dcs34

This right here is the culprit ladies and gentlemen! The one who jinxed it!   
https://forums.moneysavingexpert.com/discussion/596724/the-top-easy-access-savings-discussion-area/p395

Thrugelmir

Appears as if savers are going to take the brunt of the diminishing buying power of the £. 

surreysaver

bigolsausage said:

MinuteNoodles said:

Santander 123 thread...." Santander are dropping their interest rate. EVERYONE PUT YOUR MONEY IN MARCUS!!!!!".

Marcus gets thousands of new customers from Santander and barely a fortnight later...."We're dropping our rates to 0.02% above Santander". Don't be surprised if they drop again in September, a month after Santander drops theirs. So glad I didn't bother moving.

This is exactly what happened to me. No idea where to keep my emergency fund now. Granted it's only £3.5k but every little helps.

Yes. Tesco at 1% for up to £3k!

gaz77

!!!!!! I only just opened this the other day after downgrading my Santander 123 account!
I'm really starting to wonder if it's worth chasing rates now for easy access cash? Unless you've many thousands, it's barely worth the hassle for the amount of interest you get

crumpet_man

ColdIron said:

surreysaver said:

crumpet_man said:

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.

How long?  I was going to post NS&I, as it also (hopefully) assists with Halifax's new T&Cs as well

It depends how much and when you give your instruction. Up to £50,000 is next working day

There is a useful tool here

https://www.nsandi.com/how-long-does-it-take-receive-withdrawal-payment

Yep next working/banking day and for me always seems to arrive after 2pm.
So if you withdraw on Friday you should receive it on Monday.  Watch out for Bank Holidays too, withdraw on Thursday before Good Friday and receive it on Tuesday after Easter Monday.
With Marcus I have always received the withdrawal on the same day including weekends.