Marcus Rate Down to 0.40%

wiseonesomeofthetime

Their website is now offering the same rate (though variable) to new customers of their Easy Access account as their 1 Year Fixed Rate Saver.

How long before existing customers get notice of a forthcoming rate cut?

Edited thanks to @Colsten's sharp eyes 👍

colsten

wiseonesomeofthetime said:

Their website is now offering the same fixed  variable rate to new customers of their Easy Access account as their 1 Year Fixed Rate Saver.

How long before existing customers get notice of a forthcoming rate cut?

Corrected this a bit for you.

webjaved

Just got the email from them a few mins ago... another cut was coming.

wiseonesomeofthetime

I don't have the email yet, and there is nothing in my Documents online.

When does it take effect, just out of interest?

Alistair31

Makes the effort of Stoozing credit cards even more pointless. 

grumiofoundation

wiseonesomeofthetime said:

I don't have the email yet, and there is nothing in my Documents online.

When does it take effect, just out of interest?

Pun intended? 

Email says from 1st April 2021. 

123Destiny

I have received the email as well. It starts from 1st April. The rates are so bad. 

BakingC

Damn, I just don't know what to do with my cash savings anymore. As it is really just extra house deposit / fees maybe I just shove it back into premium bonds as probably looking at 9 months - a year timeline. 

schiff

I'm sticking with the Skipton (their rate includes a fixed part higher than Marcus anyway) plus £5K in Lloyds.

wiseonesomeofthetime

schiff said:

I'm sticking with the Skipton (their rate includes a fixed part higher than Marcus anyway) plus £5K in Lloyds.

As am I, as I find the convenience of TWO linked nominated accounts a major benefit to me too.

colsten

I am mightily pleased with myself that I never participated in the mad rush to Marcus, apart from sticking in £100 in case they could become useful to me at some stage. Instead, I stuck with Al Rayan, who were, and still are, paying rather significantly better than Marcus, and now also better than Skipton. Needless to say, their better rate is no longer available to new applicants (and may not last for much longer for existing savers) but they currently offer an instant access ISA with an expected profit rate of 0.60%. This might be a viable alternative for some people.

I have had Al Rayan accounts for years and always received the expected profit rate, even though it is not guaranteed. I stuck with them through the debacle with their new app & online banking (not as bad as TSB!!), and I am now happy that they have resolved their issues as the app is eminently usable.