Marcus rate drop to 0.70 % from 12 October 2020

talexuser

colsten said:

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. 

Please could you explain this, I can't find it with a search. I was under the impression you needed a balance of 5K at the end of every day of the month to qualify?

[Deleted User]

This is where the 1% fixed rate regular savers will come in handy. I've got two RS's with Virgin Money paying 1% and one each with Lloyds and Bank of Scotland, holding minimum balances at the moment but I can fill them up at £1000 each month and withdraw as if an instant saver. A bit fiddly, but better than not having.

StephenM_2

I've opened both Coventry and Principality restricted withdrawal accounts and plan to split my instant access savings 45:45:10, with the 10 in Marcus. That way I can have 5 withdrawals a year instead of 2 or 3. 

ischris85

talexuser said:

colsten said:

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. 

Please could you explain this, I can't find it with a search. I was under the impression you needed a balance of 5K at the end of every day of the month to qualify?

No, not if you select the £5 for a £500 spend each month i.e to a NS&I account, which could be withdrawn

talexuser

ischris85 said:

No, not if you select the £5 for a £500 spend each month i.e to a NS&I account, which could be withdrawn

Thanks. I'd forgottem about the £500 debit since I don't really use my debit cards. So a direct debit to a regular saver counts? As it was keeping 5k plus float was the same as having it in Marcus, soon quite a lot better.

chamelion

I'm going to bump up my crypto.com TGBP holding a bit. 12% - clearly high risk but rewards for past 2 years I've used them are unquestionable. Better than wasting time on massive efforts for crap rate regular savers or savings interest which yields a few quid extra a year 

Speculator

talexuser said:

ischris85 said:

No, not if you select the £5 for a £500 spend each month i.e to a NS&I account, which could be withdrawn

Thanks. I'd forgottem about the £500 debit since I don't really use my debit cards. So a direct debit to a regular saver counts? As it was keeping 5k plus float was the same as having it in Marcus, soon quite a lot better.

I will be doing £500 debit card withdrawal to my Skipton 1.20%.
Don't think Direct Debit counts as a Debit card transaction.

Benzine

Well this is a shame. The rates will be reducing on my Marcus savings and Nationwide at around the same time. I need to have instant access and have found a 0.95% rate at YBS. I'm not sure if it's worth moving the money as I'm sure that rate will shortly drop as well. 

talexuser

Speculator said:. 

Don't think Direct Debit counts as a Debit card transaction.

I see, so you just do a manual transfer every month.

Speculator

talexuser said:

Speculator said:. 

Don't think Direct Debit counts as a Debit card transaction.

I see, so you just do a manual transfer every month.

yes.
Was paying £500 pm via debit card to my daughters NS&I Junior ISA but they reduced rate to 1.5%.