Marcus rate reducing, again

SpanishBlue

With potentially billions of pounds being withdrawn from NS&I at the moment, that money has got to be put somewhere.

So I suspect it won't just be Marcus reducing rates in the next week or two, as banks have far more money coming in than they actually want.

Wheres_My_Cashback

YorkshireBoy said:

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.

Even though I'm getting 1.15% easy access elsewhere (no longer available), I've been opening all available RS on the market at 1% or above for the past few months and feeding in minimum payments (for now) in anticipation that the 1.15% will eventually drop. Many of those RS are fixed rate and some will/have obviously be withdrawn to new customers as lower rates replace them.

Wheres_My_Cashback

DireEmblem said:

I can send a referral link to one lucky user who PMs for a 1.25% interest account with Chip+1.

For transparency, I'm an investor, and they're offering 1.25% in a FSCS account to the first person you refer to help drive up their user base.

No,No,No,NO,NO....don't even go there. 5 minute wonder Challenger middle man, not a bank.

DireEmblem

Wheres_My_Cashback said:

No,No,No,NO,NO....don't even go there. 5 minute wonder Challenger middle man, not a bank.

Yeah I'm starting to get that vibe, unfortunately as an investor from one of the much earlier rounds, but it is an FSCS protected account.  Luckily the government EIS scheme is pretty good, but has been abused by a lot by businesses on seedr's and crowdcube.  Note not all businesses on the sites.

VXman

Put mine into Coventry Double access. 1.05% (think ??) 
Got two of those accounts - once direct with Coventry and one through Raisin Savings. It means I have 4 'free' access per year. I thoughts that was reasonable compromise between instant access and fixed.

phillw

dd95 said:

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

I think the rates will take much longer to recover than they took to crash.

colsten

refluxer said:

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 !

I regret, I got carried away - the ISA is a 1 year fix, not instant access. Sorry.

wiseonesomeofthetime

veryintrigued said:

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.

Spot on!

Boa21

I got 2 Coventry double access accounts opened at 1.2 - so long as it lasts!
Odd that I got the Marcus email today about the Bonus rate ending, but didn't mention the underlying amount dropping - still 0.7

RG2015

Boa21 said:

I got 2 Coventry double access accounts opened at 1.2 - so long as it lasts!
Odd that I got the Marcus email today about the Bonus rate ending, but didn't mention the underlying amount dropping - still 0.7

My email said the underlying rate was being reduced from 0.70% to 0.50% from 11 December 2020.

It also said that any bonus rate would continue until it expired. However as far as I am aware all bonus rates would have expired by now.