Marcus rate drop to 0.70 % from 12 October 2020

skybluearmyontour

Have decided on the stay put approach also. Bored of chasing .x% (apart from the JISA for my wee one). Marcus has been an easy account to manage & I have 4 fixed terms already. 

JustAnotherSaver

colsten said:

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. 

I remember the thread. It's quite long. Any indication as to which section of it details the workaround?

Or is it one of those *hush hush don't tell anyone* situations that we seem to get on here? I ask as i have £20k across 4 accounts but if it's still a big secrecy act then i'll have to carry on leaving it there as it is.

I remember there being some debate before it had its first month and i remember some 'don't tell anyone' talk to which i said sod that for a carry on if people don't want to help others. Just wondered if the details had come out since.

SpanishBlue

JustAnotherSaver said:

colsten said:

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. 

I remember the thread. It's quite long. Any indication as to which section of it details the workaround?

Or is it one of those *hush hush don't tell anyone* situations that we seem to get on here? I ask as i have £20k across 4 accounts but if it's still a big secrecy act then i'll have to carry on leaving it there as it is.

I remember there being some debate before it had its first month and i remember some 'don't tell anyone' talk to which i said sod that for a carry on if people don't want to help others. Just wondered if the details had come out since.

To get the £5 reward with Halifax you had 2 options. One was to leave £5000 in your account which you say you chose, the other was spend £500 a month on their debit card which I and many others take.

It's been discussed in various threads how to "spend" £500 a month on your debit card but many of us simply just make a £500 debit card transfer to an eligible savings account every month.

soulsaver

JustAnotherSaver said:

colsten said:

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. 

I remember the thread. It's quite long. Any indication as to which section of it details the workaround?

Or is it one of those *hush hush don't tell anyone* situations that we seem to get on here? I ask as i have £20k across 4 accounts but if it's still a big secrecy act then i'll have to carry on leaving it there as it is.

I remember there being some debate before it had its first month and i remember some 'don't tell anyone' talk to which i said sod that for a carry on if people don't want to help others. Just wondered if the details had come out since.

You'll likely get more people willing to help you if you ask the question 'on topic' in the Halifax thread, rather than 'off topic' in the Marcus.

surreysaver

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.

No.  Debit Card.  A 'transfer' (whatever you mean by that) does not count as a debit card transaction.  

LobsterMemory

Benzine said:

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. 

If it's easy access, what's to lose?
You can keep the other accounts open for a while / forever in case you want to switch it back when your prediction comes to pass.

ZeroSum

JustAnotherSaver said:

colsten said:

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. 

I remember the thread. It's quite long. Any indication as to which section of it details the workaround?

Or is it one of those *hush hush don't tell anyone* situations that we seem to get on here? I ask as i have £20k across 4 accounts but if it's still a big secrecy act then i'll have to carry on leaving it there as it is.

I remember there being some debate before it had its first month and i remember some 'don't tell anyone' talk to which i said sod that for a carry on if people don't want to help others. Just wondered if the details had come out since.

It's been done to death & since you're a regular in here, it's a surprise it's passed you by.

Just make a £500 payment by debit card. That payment can include depositing money into a savings account, paying off credit card, depositing money into an investment vehicle cash holding account, then withdrawing it, online bookies account then withdrawing it, etc etc

Benzine

LobsterMemory said:

Benzine said:

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. 

If it's easy access, what's to lose?
You can keep the other accounts open for a while / forever in case you want to switch it back when your prediction comes to pass.

You're right of course. Just pure laziness on my part! It's quick and easy to open a savings account though so I may as well. 

talexuser

surreysaver said:

 A 'transfer' (whatever you mean by that) does not count as a debit card transaction.  

It does when it is manual, by definition not automatic, since we were already talking about debit cards, you transfer money from your bank account to a payee manually via debit card.

Malkytheheed

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.

Couldn't agree more! Been saying this for some time. 
I only have a safety net amount in any "cash" account such as marcus and moving to chase £1 or £1 there would be ridiculous. Your money doesn't work for you sitting in a bank account. 

I await people coming in and picking some extremely niche and bizzare compound case where I am "wrong" or where it makes sense to constantly change saving account. Yeah... don't care. As I have learned over my years of wealth managment. Go after the big wins and don't sweat the small stuff.