Marcus rate drop to 0.70 % from 12 October 2020

Wildsound

Time is money. With interest rates so low, I stopped caring about which bank to pick a while ago as for the sake of a few quid, it wasn't worth my time or energy. As long as the bank account is protected, I put my time towards things that actually matter (career progression, family). If you have large amounts in cash where it actually makes a difference, I would argue you have too much in cash. 3-6 months in a bank account as an emergency fund. The rest should really be going towards longer term goals which ultimately leads you to pensions and investments. Of course everyone's situation is different. DYOR.

Stubod

..given up moving money now, seem to have been doing it for most of this year starting with Santander,but I don't really see the point anymore as it looks like the "normal" rate will be around 0.6% for all, (if we are lucky!)...and if / when it goes lower it will either be left where it is or swap to investments?  

Audaxer

Wildsound said:

Time is money. With interest rates so low, I stopped caring about which bank to pick a while ago as for the sake of a few quid, it wasn't worth my time or energy. As long as the bank account is protected, I put my time towards things that actually matter (career progression, family). If you have large amounts in cash where it actually makes a difference, I would argue you have too much in cash. 3-6 months in a bank account as an emergency fund. The rest should really be going towards longer term goals which ultimately leads you to pensions and investments. Of course everyone's situation is different. DYOR.

For those of us already in retirement and taking income from investments, I think at least 2 years cash savings as a buffer is probably still advisable to hold, despite falling interest rates.

Wildsound

Audaxer said:

For those of us already in retirement and taking income from investments, I think at least 2 years cash savings as a buffer is probably still advisable to hold, despite falling interest rates.

Absolutely, drawdown is a whole different kettle of fish that needs assessing differently.

webjaved

Another one? Meh!

schiff

You develop a built in attitude once you've spent time on MSE to chase anything that moves in the hunt for best rates. But it's beginning to dawn on me how pointless it is choosing between rates such as 0.60% 0.70% 0.78%. It can't make that much difference. So I've decided to go for ease and convenience. And that means keeping the Marcus and continuing to have it, along with Skipton, as the feeder accounts for my Santander Lite where the bulk of my 'activity' is carried on. Until the next event anyway.

typistretired

Received my email this afternoon, really disappointed.  Wish I had opened that 1 year fixed rate with Aldermore now on the 18th September when they emailed me.  Now 1 and 2 years no longer available.
Further to above, just logged in and was able to open the 1 year fixed rate.

molerat

That now means the BOS vantage accounts will be earning higher interest with the full £5K

fenwick458

molerat said:

That now means the BOS vantage accounts will be earning higher interest with the full £5K

for now yeah, but how long till they drop again too!

TBC15

Marcus is slick and professional for money in and out. For the pennies saving I think I’ll stick with Marcus