Marcus rate drop to 0.70 % from 12 October 2020

Lumiona

TBC15 said:

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

Same here. I like Marcus, I've moved cash around for the last few years. We're at the end of interest rates for cash accounts for some time so I give up moving around anymore for now until interest rates rise again.

pfpf

i guess the £5.00 reward for keeping a 5k balance is about as good as any now for 5k?

colsten

pfpf said:

i guess the £5.00 reward for keeping a 5k balance is about as good as any now for 5k?

Nope, that's still not the optimal approach, as you don't need to keep a £5K balance to get £5/mth, as discussed in the Halifax Reward thread. 

VXman

I've had enough - I've moved so many sums recently due to reductions in rates that I've got 80K in my Marcus. Where now? I'm inclined to chuck it in some risky investment fund and hope for the best (or take it down the bookmakers!)

2010

1yr fixed 1.21% Charter bank

Bravepants

VXman said:

I've had enough - I've moved so many sums recently due to reductions in rates that I've got 80K in my Marcus. Where now? I'm inclined to chuck it in some risky investment fund and hope for the best (or take it down the bookmakers!)

Sign up for Hargreaves Lansdown Active Savings and form a fixed rate savings ladder. £20k in a 3 year fix, £20k in a 2 year fix, £20k in a 1 year fix, £20k in instant access for an emergency fund. Next year put the £20k that matures into a 3 year fix and repeat each year. At least the interface of Active Savings means you don't need to fanny about with individual account applications!

kaMelo

Bravepants said:

VXman said:

I've had enough - I've moved so many sums recently due to reductions in rates that I've got 80K in my Marcus. Where now? I'm inclined to chuck it in some risky investment fund and hope for the best (or take it down the bookmakers!)

Sign up for Hargreaves Lansdown Active Savings and form a fixed rate savings ladder. £20k in a 3 year fix, £20k in a 2 year fix, £20k in a 1 year fix, £20k in instant access for an emergency fund. Next year put the £20k that matures into a 3 year fix and repeat each year. At least the interface of Active Savings means you don't need to fanny about with individual account applications!

I must admit the simplicity of using active savings for such a plan does have it's advantages.
The one thing that irks me though is the delay between funding it and being invested, oh and the fact it may disappear from being offered before the date shown. (so I guess that's two things)

greatcrested

Of course each time you close an account and switch you also get the closure interest added, so assuming you had an annual interest paying account, you gain (a bit!) extra by compounding early.

ZeroSum

greatcrested said:

Of course each time you close an account and switch you also get the closure interest added, so assuming you had an annual interest paying account, you gain (a bit!) extra by compounding early.

Scraping the barrel that mind

gionnetto

4justice2 said:

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!

Virgin Money has a CC with 2.02% on balances up to 1000.