Marcus rate drop to 0.70 % from 12 October 2020

crumpet_man

Knew it wouldn't last...

Current underlying interest rate	Underlying interest rate from 12 October 2020
1.05% AER* / 1.04% gross (variable)	0.70% AER* / 0.70% gross (variable)

wiseonesomeofthetime

And my 0.10% bonus runs out on 8 October 2020 too 😔

No email for me yet though. Sure it will come later, as did the NS&I one.

Good job I have Skipton BS at 1.20% (for now)


Noticed that it is on the Marcus website now too

milton1970

Got the same email - states 12th October 

Inevitable but shouldn’t there be 31 days notice ?

RG2015

milton1970 said:

Got the same email - states 12th October 

Inevitable but shouldn’t there be 31 days notice ?

I believe their terms state that they will give 14 days notice of a rate reduction.

bowlhead99

milton1970 said:

Got the same email - states 12th October 

Inevitable but shouldn’t there be 31 days notice ?

14 days for a reduction, per T&Cs https://www.marcus.co.uk/content/dam/mosaic/savings/pdf/Marcus_Terms_and_Conditions.pdf

4justice2

Thanks for the warning. Haven't had the email yet. Was in the process of moving some funds into the Coventry at 1.2% leaving a reserve in Marcus because of the no penalty withdrawals. Looks like leaving a smaller stash there than I planned!

wiseonesomeofthetime

Same here.

I will still leave a small amount in Marcus, despite the lower rate, as I have found the transfer out (and in) process a lot quicker and smoother than other providers at the moment.

chamelion

another one bites the dust... now what

Stevepd

I got the email too this morning. As above where to now?

schiff

Everything I've got is currently earning at least 1% but it looks as if the time has come to accept that interest rates under 1% are going to have to be acceptable. £5000 at Lloyds is now marginally better than Marcus. And the Santander123 is at 0.60% currently. My Santander Lite is still my main account, it's the hub of everything I'm involved in. It would make life simpler if I went back to the 123 (my cash-back has always been greater than the fee). At least it would avoid the constant shuffling of funds to and from Marcus to keep the Santander balance as low as possible. Time for reflection.

Speculator

All variable rate accounts are going down sooner rather than  later so you may as well stay with Marcus. 
Will be moving money to short term fixed rated bonds to double my interest.