marcus isa 1 year fix .

alfmurph

Last year martyn lewis told everyone to open a marcus easy access  account at the best rate of 1.25% so i did . No complaints whatsoever . £30k invested . Down to 0.5% now .
This month and next month  my wife and i have 3 virgin 1 year isa's and a post office isa all maturing .Both are now offering 0.35% .
Total is £120 k . We are pensioners so no 5 or 10 year plan for us . We dip in for xmas and holidays .
I am thinking of putting the whole £120 k into a 1 year isa fix with marcus at 0.5% . Would be below the joint safety number of £170k .
I know i can get 0.6% with  shawbrook bank but i cannot be bothered applying for a new bank again .
I do not think there will be much better interest offered in april at start of new isa year .
Any comments appreciated .

d63

alfmurph said:

Last year martyn lewis told everyone to open a marcus easy access  account at the best rate of 1.25% so i did . No complaints whatsoever . £30k invested . Down to 0.5% now .
This month and next month  my wife and i have 3 virgin 1 year isa's and a post office isa all maturing .Both are now offering 0.35% .
Total is £120 k . We are pensioners so no 5 or 10 year plan for us . We dip in for xmas and holidays .
I am thinking of putting the whole £120 k into a 1 year isa fix with marcus at 0.5% . Would be below the joint safety number of £170k .
I know i can get 0.6% with  shawbrook bank but i cannot be bothered applying for a new bank again .
I do not think there will be much better interest offered in april at start of new isa year .
Any comments appreciated .

does marcus have an isa now? i cannot see any mention of this on their website at the moment, though there was some talk of this last year i recall, (e.g. https://www.thisismoney.co.uk/money/saving/article-8486885/Marcus-Bank-launch-cash-Isa-near-future.html ), but did anything actually materialise?

IvanOpinion

Have you considered something like Hargreaves Lansdown Active Savings or Raisin or similar?  They allow you to do a single sign up and then give you access to a range of savings rates.

roddydogs

Its the same everywhere, my Shawbrook 1.1% isa reduces to 0.5% in Feb., nothing better out there.

masonic

You could always consider putting £50k each in Premium Bonds. The average payout is better than any cash ISA and money can be accessed as and when needed. Leave the remainder in an easy access account as small differences in interest rate are probably not worth chasing.

cricidmuslibale

masonic said:

You could always consider putting £50k each in Premium Bonds. The average payout is better than any cash ISA and money can be accessed as and when needed. Leave the remainder in an easy access account as small differences in interest rate are probably not worth chasing.

I agree to an extent although it might be worth going down the opening multiple regular savers with different providers route for at least some of the remaining £20k. Even now with the most common interest rate being 1% for 1 year it may be worth doing. Now if only NS&I would raise the maximum holding limit for Premium Bonds to £60k per person...well maybe one day, hopefully!