Marcus rate reducing, again

AlwaysLearnin

0.5% from 11/12.  Just had the email. 

Can't say that surprised, but still annoying (5th reduction this year, incl bonus expiry...?) 

Sea_Shell

Oh deep joy!!!!!      Thanks for the heads up, you've made my morning!!!!    

(only kidding, it was bound to happen sooner rather than later)


Actually, it could have been much worse - it could have been reducing to 0.01%

wiseonesomeofthetime

Emptied mine after the last drop.

Currently getting 1.20% elsewhere (while it lasts)

TUVOK

Where, let us all know!
Instant access as Marcus? If yes, well done!

refluxer

TUVOK said:

Where, let us all know!
Instant access as Marcus? If yes, well done!

It's presumably either a variable regular saver or an easy access account opened a while ago that's no longer available. Currently, the best easy access account with unlimited withdrawals is paying less than half that !  

veryintrigued

wiseonesomeofthetime said:

Emptied mine after the last drop.

Currently getting 1.20% elsewhere (while it lasts)

Odds on its Skipton, which has closed to new applications, and so is of no use to anyone new at all.

JustAnotherSaver

There'll be more drops yet. 

colsten

refluxer said:

TUVOK said:

Where, let us all know!
Instant access as Marcus? If yes, well done!

It's presumably either a variable regular saver or an easy access account opened a while ago that's no longer available. Currently, the best easy access account with unlimited withdrawals is paying less than half that !  

Not true. Instant access Saga, operated by Marcus, still pays 0.55%. Many other instant access accounts which still take new applications are paying the similar or slightly more. Plus there is at least one instant access ISA account paying 1% which could be used as an instant access account for £20k max annual deposit. Many people also have legacy instant access accounts still paying up to 1.2% (famous last words).

YorkshireBoy

JustAnotherSaver said:

There'll be more drops yet. 

At this rate we may as well open (and switch into) another 5 BoS Vantage current accounts for £25K of our TSB Plus balances which were destined for Marcus next week...unless LBG current account rates will be next to be targeted? 

I might also have to re-think my policy on not renewing 1% regular savers at Halifax, BoS and TSB.

dd95

hopefully this vaccine gets rolled out asap and we start to move towards normality

refluxer

colsten said:

Not true. Instant access Saga, operated by Marcus, still pays 0.55%. Many other instant access accounts which still take new applications are paying the similar or slightly more. Plus there is at least one instant access ISA account paying 1% which could be used as an instant access account for £20k max annual deposit. Many people also have legacy instant access accounts still paying up to 1.2% (famous last words).

I meant the rates in new, currently available easy access accounts (at between 0.5 and 0.6%) are around half of the legacy 1.2% account mentioned above (excluding sharia accounts, which potentially offer slightly more) - sorry for the confusion 
I hadn't considered the ISA option, which could be a good one for some people - well spotted !