Marcus rate drop to 0.70 % from 12 October 2020

LobsterMemory

Fair enough but anyone who started out with that attitude in the last 6 months could well have chosen NS&I rather than Marcus and a drop down to .01% is surely worth a little bit of effort to change.

CEON44

I know the MSE mantra is ditch and switch to all things money related and I have tried to keep doing that with savings. But its getting so difficult now. No sooner have you switched and the rate you started on is chopped. The rates are so low now I dont think it really matters anymore. Instead of making 50p per year you now make 30p. Big deal. I tend to stick to easy access because if I went fixed rate Sod's Law would kick in and I would need the money quickly. 

coachman12

CEON44 said:

I know the MSE mantra is ditch and switch to all things money related and I have tried to keep doing that with savings. But its getting so difficult now. No sooner have you switched and the rate you started on is chopped. The rates are so low now I dont think it really matters anymore. Instead of making 50p per year you now make 30p. Big deal. I tend to stick to easy access because if I went fixed rate Sod's Law would kick in and I would need the money quickly. 

Thank you CEON. At last someone has said what I have been thinking every time I view all the posts about savers dashing around like whirling dervishes in an attempt to make an extra few pence per year. All my savings remain exactly where they were before the great NS&I earthquake that rocked the savers' world. The vast majority of my easily (or fairly easily) available cash has always been in and is still in NS&I, some of it being in shortish-term fixed accounts of 2.2% and similar that are still in force ; but I also have money up to the FCSC limit in RCI ( including a fixed account at 1.5 %), Marcus ( a bank I have liked since they first appeared), Virgin, and several BSs. Yes, of course, I'll look around occasionally if something really appealing arises but at the moment I am content with NS&I's easy access rate which is valid for nearly 2 months from now----I don't understand the rush to leave NS&I so quickly when folk would have a better idea of interest rates elsewhere a bit nearer the NS&I "down day" of 24th November.

kinger101

coachman12 said:

CEON44 said:

I know the MSE mantra is ditch and switch to all things money related and I have tried to keep doing that with savings. But its getting so difficult now. No sooner have you switched and the rate you started on is chopped. The rates are so low now I dont think it really matters anymore. Instead of making 50p per year you now make 30p. Big deal. I tend to stick to easy access because if I went fixed rate Sod's Law would kick in and I would need the money quickly. 

I don't understand the rush to leave NS&I so quickly when folk would have a better idea of interest rates elsewhere a bit nearer the NS&I "down day" of 24th November.

Blimey.  Finally something on which we agree.

SpanishBlue

coachman12 said:

CEON44 said:

I know the MSE mantra is ditch and switch to all things money related and I have tried to keep doing that with savings. But its getting so difficult now. No sooner have you switched and the rate you started on is chopped. The rates are so low now I dont think it really matters anymore. Instead of making 50p per year you now make 30p. Big deal. I tend to stick to easy access because if I went fixed rate Sod's Law would kick in and I would need the money quickly. 

I don't understand the rush to leave NS&I so quickly when folk would have a better idea of interest rates elsewhere a bit nearer the NS&I "down day" of 24th November.

As soon as NS&I announced they were slashing their rates, I decided to withdraw a large amount and put it in a one year fix.

I was worried if I waited, by November, rates would be very close to zero.

coachman12

kinger101 said:

coachman12 said:

CEON44 said:

I know the MSE mantra is ditch and switch to all things money related and I have tried to keep doing that with savings. But its getting so difficult now. No sooner have you switched and the rate you started on is chopped. The rates are so low now I dont think it really matters anymore. Instead of making 50p per year you now make 30p. Big deal. I tend to stick to easy access because if I went fixed rate Sod's Law would kick in and I would need the money quickly. 

I don't understand the rush to leave NS&I so quickly when folk would have a better idea of interest rates elsewhere a bit nearer the NS&I "down day" of 24th November.

Blimey.  Finally something on which we agree.

It had to happen sometime. Does that mean we are really soul-mates or just puppets of serendipity?