Marcus taking on new customers again

wiseonesomeofthetime

I foresee a drop to 0.30% once they have had a few weeks as top rate easy access savings account.

Not making any bets though. If I was a betting man, I would be investing a lot more

[Deleted User]

Top easy rate, 0.5%? Per year? So if I put there £10k, I will earn £50 after 12 months? Is that what people chase nowadays?

Sounds like a waste of time. Just use whatever account is more convenient for you, has best customer support, and stick with it. Choosing poor bank just because they offered 0.1% more than our usual choice is unnecessary risk of annoyance and stress. What is new bank (speaking in general) has poor customer service, always busy telephone lines, no nearby branches when we need one? Is it worth £20 extra saving on £10k example? No. Just stay with whoever you are comfortable with, instead of transferring (or opening) your account once again because they are offering 0.1% or 0.2% more than competitor.

RG2015

[Deleted User] said:

Top easy rate, 0.5%? Per year? So if I put there £10k, I will earn £50 after 12 months? Is that what people chase nowadays?

Sounds like a waste of time. Just use whatever account is more convenient for you, has best customer support, and stick with it. Choosing poor bank just because they offered 0.1% more than our usual choice is unnecessary risk of annoyance and stress. What is new bank (speaking in general) has poor customer service, always busy telephone lines, no nearby branches when we need one? Is it worth £20 extra saving on £10k example? No. Just stay with whoever you are comfortable with, instead of transferring (or opening) your account once again because they are offering 0.1% or 0.2% more than competitor.

Marcus did initially attract very many customers with its market leading rates. However, they delivered a high quality service and always remained at or about market leading.

If I had to choose from a list of banks offering the same market leading rate, it would be Marcus (with the exception of my main bank for ease of operation).

I still have £1 in Marcus and when Skipton reduces its rates I will return my spare cash to Marcus.

Ballard

[Deleted User] said:

Top easy rate, 0.5%? Per year? So if I put there £10k, I will earn £50 after 12 months? Is that what people chase nowadays?

Sounds like a waste of time. Just use whatever account is more convenient for you, has best customer support, and stick with it. Choosing poor bank just because they offered 0.1% more than our usual choice is unnecessary risk of annoyance and stress. What is new bank (speaking in general) has poor customer service, always busy telephone lines, no nearby branches when we need one? Is it worth £20 extra saving on £10k example? No. Just stay with whoever you are comfortable with, instead of transferring (or opening) your account once again because they are offering 0.1% or 0.2% more than competitor.

Completely agree. I think that sometimes people focus too much on the rate without thinking how much actual cash difference between two accounts. Even moving the maximum protected £85k between accounts with a 0.15% difference will make about the cost of a half decent meal for two after a year. I can obviously see why people would want to do it and fair play to them but in the big scheme of things I can no longer be bothered.

Flatulentoldgoat

I've absolutely no idea why people bother with savings accounts. I had Marcus when it was 1.5% and milked it for all it was worth. Now I have money in an EFT and the returns are an order of magnitude better than 0.5%.....

Alexland

Flatulentoldgoat said:

I've absolutely no idea why people bother with savings accounts. I had Marcus when it was 1.5% and milked it for all it was worth. Now I have money in an EFT and the returns are an order of magnitude better than 0.5%.....

Savings accounts are useful when the money is needed sooner than a suitable investment period.

Next time we have a long drawn out stock market crash maybe you will understand.

It's all about getting the right mix of savings and investment for your circumstances.

epm-84

Ballard said:

[Deleted User] said:

Top easy rate, 0.5%? Per year? So if I put there £10k, I will earn £50 after 12 months? Is that what people chase nowadays?

Sounds like a waste of time. Just use whatever account is more convenient for you, has best customer support, and stick with it. Choosing poor bank just because they offered 0.1% more than our usual choice is unnecessary risk of annoyance and stress. What is new bank (speaking in general) has poor customer service, always busy telephone lines, no nearby branches when we need one? Is it worth £20 extra saving on £10k example? No. Just stay with whoever you are comfortable with, instead of transferring (or opening) your account once again because they are offering 0.1% or 0.2% more than competitor.

Completely agree. I think that sometimes people focus too much on the rate without thinking how much actual cash difference between two accounts. Even moving the maximum protected £85k between accounts with a 0.15% difference will make about the cost of a half decent meal for two after a year. I can obviously see why people would want to do it and fair play to them but in the big scheme of things I can no longer be bothered.

0.15% interest on £85,000 is £127.50.  I don't think many people on a money saving forum would spend that much on a meal for two, even if you might consider it a small amount in relation to the investment amount.

epm-84

Alexland said:

Flatulentoldgoat said:

I've absolutely no idea why people bother with savings accounts. I had Marcus when it was 1.5% and milked it for all it was worth. Now I have money in an EFT and the returns are an order of magnitude better than 0.5%.....

Next time we have a long drawn out stock market crash maybe you will understand.

Anyone with a workplace pension just needs to look at the value of their pension over the past 24 months with the impact of COVID causing a big drop to many in Spring 2020.  

2010

Older folk haven`t got time on their side waiting for the market to bounce back after a big drop.
1000 points off the FTSE 100 since covid.
.05% may be lousy but it`s better than a 10% drop overnight in their capital.

nottsphil

colsten said:

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. 

It makes sense if Goldman Sachs think that the Bank of England might impose negative interest rates.