Marcus Rate Reduction

Frogletina

colsten said:

Which account are you talking about? Marcus bonus is 0.15%, part of your interest payment, and it does not renew but expires at the end of 12 months.

My Marcus bonus is 0.1% and ends in December.

I renewed mine last December. See following copy of email.

Your new bonus rate has been applied

Just to let you know that your new bonus rate has been applied to your Marcus account ending xxxx. You started earning interest at this new rate immediately, and the rate will last for 12 months. After that, you'll go back to the underlying rate.

colsten

Your image doesn’t show the %age of the bonus rate but I brlieve you. 

The Marcus bonus rate that expires on 30/08/2020 is 0.15%. May be the rates expiring after that date dropped to 0.1% before they did away with it entirely

Frogletina

colsten said:

Your image doesn’t show the %age of the bonus rate but I brlieve you. 

The Marcus bonus rate that expires on 30/08/2020 is 0.15%. May be the rates expiring after that date dropped to 0.1% before they did away with it entirely

It didn't show on the email, but I've found details on the account itself

rate (AER/gross)

1.30% / 1.29%

Interest rate details (gross)

1.19% underlying interest rate

0.10% bonus rate

Bonus rate expires on 05/12/20

Interest rate (AER/gross)

I might just keep it after the rate drops unless it drops further. Unfortunately I didn't have need for the account at its best rate, but in a month's time I will have a lump sum looking for a home.

chelseablue

I got the email too, wondering where to move my money to now or is better to just keep it?
I currently have £12,500 in there and add £1,000 a month 

YellowStarling

Frogletina said:

colsten said:

Your image doesn’t show the %age of the bonus rate but I brlieve you. 

The Marcus bonus rate that expires on 30/08/2020 is 0.15%. May be the rates expiring after that date dropped to 0.1% before they did away with it entirely

It didn't show on the email, but I've found details on the account itself

rate (AER/gross)

1.30% / 1.29%

Interest rate details (gross)

1.19% underlying interest rate

0.10% bonus rate

Bonus rate expires on 05/12/20

Interest rate (AER/gross)

I might just keep it after the rate drops unless it drops further. Unfortunately I didn't have need for the account at its best rate, but in a month's time I will have a lump sum looking for a home.

colsten deduces correctly - the bonus rate dropped to 0.1% until 17 December last year.  For anybody interested, scroll down to the Interest Rates section of the Help page on Marcus's website and you'll be able to download a copy of all of the historical interest rates.

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

2010

chelseablue said:

I got the email too, wondering where to move my money to now or is better to just keep it?
I currently have £12,500 in there and add £1,000 a month 

Even with the cut to 1.05%,it`s as good as anywhere if you want "instant access".

typistretired

I remember a lot of posters on here last year renewing their accounts nearly every week to extend the bonus

typistretired

Suddenly that post office online saver 38 at 1.20% looks appealing despite only being used in the past for direct debits and moving incoming direct debits from other  lower rate Post Office accounts into. But even that rate reduces in a couple of months

Speculator

JustAnotherSaver said:

Are many of you leaning more towards fixed rate savings after all of this?

Saw this rate cut coming and opened another 5 yr RCI 1.9% fix last week. (now 1.80%)
Now paying in money 5 minutes after midnight regularly.
Like clockwork, the money is credited to my Bond 1 to 1.30pm same day. Received a text today at 1.17pm to confirm deposit.

typistretired

The last 5 year account I had was with NS&I which was linked to inflation. Always gone for 1 year only since and luckily have quite a few maturing gradually over the next 12 months