Marcus taking on new customers again

2010

As above with an easy access of 0.5% and a 1yr fix of 0.4%.

https://www.marcus.co.uk/uk/en/savings?utm_source=SavingsChampion&utm_medium=Web&utm_campaign=BestBuy&utm_term=EasyAccess&utm_content=Table

colsten

It's now just an also-run. Virgin Money have been offering 0.5% for months (as well as 2% for the first £1,000 in the pre-req current account), and if you can handle ICICI, you can get 0.6%. More importantly, many people still have instant access accounts that pay significantly more. 

Question is how long Marcus will maintain this rate for. Going by their anything-but-market-leading 1 year fixed rate, it may not last that long?

ivormonee

Clearly, Marcus are trying their best not to attract new customers.

Thrugelmir

They've no need to raise further funding. 

2010

Virgin 0,50% is only open to current account customers and it`s going down to 0.35% on April 26th.
Their easy access open to anyone is half the rate of Marcus at 0.25%

colsten

Fair point about Virgin dropping their linked savings rate on April 26, but I can't see why anyone would turn down their 2% current account, After all, that's 4 times the Marcus rate, and has been open for applications for many months now.

In any case, I can't see Marcus maintain the 0.5% on instant access and a mediocre and uncompetitive 0.4% on a 1-year fix. It makes no sense. 

ChilliBob

Helps me diversify my cash holdings a bit more (I was down to. 35 at family building society until I saw this and the other recent best buy!) 

block10

Thrugelmir said:

They've no need to raise further funding. 

What if GS wish to enter the UK loans & credit card market? Surely they will then have more of a use for this funding

Thrugelmir

block10 said:

Thrugelmir said:

They've no need to raise further funding. 

What if GS wish to enter the UK loans & credit card market? Surely they will then have more of a use for this funding

Then they would need to separate their investment banking operation from their retail operation. The current ceiling at the moment is £25 billion of retail deposits. Which is why Marcus had to stop offering attractive interest rates in the first place. Once they reached around the £21 billion level. 

ZeroSum

And Lloyd's club account is about 0.78% on a £5k balance 

2010

colsten said:

Fair point about Virgin dropping their linked savings rate on April 26, but I can't see why anyone would turn down their 2% current account, After all, that's 4 times the Marcus rate, and has been open for applications for many months now.

In any case, I can't see Marcus maintain the 0.5% on instant access and a mediocre and uncompetitive 0.4% on a 1-year fix. It makes no sense. 

colsten said:

Fair point about Virgin dropping their linked savings rate on April 26, but I can't see why anyone would turn down their 2% current account, After all, that's 4 times the Marcus rate, and has been open for applications for many months now.

In any case, I can't see Marcus maintain the 0.5% on instant access and a mediocre and uncompetitive 0.4% on a 1-year fix. It makes no sense. 

Agree about the 1yr fix rate, seems like a waste of time them offering it.
The 2% rate on Virgin is part of the current account deal and only allows the rate on £1k.
Marcus at 0.50% is now the top easy access rate and is more or less instant tto shuffle between a nominated account and back, so quite a useful account in these dire times.
BUT as you say how long the rate will last is anyone`s guess.
I beleive Marcus only stopped offering it last year was because of the amount of savings it was holding was at the top of what their licence allowed.