Marcus rate reducing, again

Sailtheworld

Cash under the mattress earns 0% interest and isn't covered by FSCS.

webjaved

george4064 said:

webjaved said:

I've got quite a bit of money in my account, I am thinking of emptying the lot and sticking it into my S&S ISA.

As long as you still have sufficient emergency savings then go for it! My Marcus savings IS my emergency savings pot so investing that cash is not an option. 

I logged in to check to see how much was in there as I have not checked it for a while, on second thoughts, I am going to move some into my S&S ISA and the rest into my Nationwide Savings Account. I might just leave the lot where it is. I'm probably just going to do that and leave it there for now.

grumiofoundation said:

webjaved said:

I've got quite a bit of money in my account, I am thinking of emptying the lot and sticking it into my S&S ISA.

Presumably you were also thinking that before recent rate drop - going from cash to investments based solely on a rate drop from 0.7 to 0.5% seems quite extreme....

I was thinking about it for quite a while, to be honest with you. I'm just going to leave it where it is for now.

chelseablue

Sailtheworld said:

Cash under the mattress earns 0% interest and isn't covered by FSCS.

True. And if the husband finds it and spends it

Boa21

RG2015 said:

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.

I got a second email reducing the underlying rate now - the first was just confirming the bonus end date

Boa21

My Kent Reliance regular saver transferred to an easy access account at 0.7 on maturity this month, so I'll just have to move my Marcus 'emergency fund' to that. It's only moderately easy access as it's supposed to be a branch account but you can send a secure message and they'll move money into your linked account.
This years regular saver is 1.5% at the moment and you can save £500 per month, so fairly decent at the moment. Again, it's a branch account but as it's my third year with them I joined via post - they sent me a form.

NottinghamKnight

I'm just going to up pensions contribution, certainly salary sacrifice down to minimum wage if allowed to (awaiting employer confirmation currently) and then maybe further into my sipp to get the extra 20% on offer, then live off savings; it's accessible for me in 2 years if needed so bit of a no brainer, won't help repayment of the ever increasing government debt though. 

talexuser

If you want to change to another easy access available to open now there is not much choice, and by the time you've changed for another 0.1% extra it will probably go down too next month!

penners324

Think I'll reactivate my Tandem account. They've just upped the interest rate to 0.75% on the instant savings.

wiseonesomeofthetime

penners324 said:

Think I'll reactivate my Tandem account. They've just upped the interest rate to 0.75% on the instant savings.

What would that mean for you as an increase in terms of £ and pence though?

Worth the effort?

I have Atom Bank at 0.75% variable (new customers currently offered 0.50% I believe), so no advantage for me personally.

huw01

I managed to sneak in a West Brom Websaver 5 application about 3 hrs before they pulled it.  0.75% until Feb 2022. I opened it as a fallback in case Marcus were to cut their rates and just hours later they dropped them !!!!
So I will be transferring all from Marcus to the West Brom.