Marcus Rate Down to 0.40%

Retireby40

BakingC said:

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. 

How much are you talking in regards to your deposit?

David28

I just got the email as well.
Where can a 75 year old put £30000 which the kids are waiting to inherit because I can't spend it  ?

colsten

David28 said:

I just got the email as well.
Where can a 75 year old put £30000 which the kids are waiting to inherit because I can't spend it  ?

If it is definitely money you want to give to your heirs, why not gift it to them now?

Another alternative would be a fixed term bond, or Premium Bonds if you haven't maxed your limit.

sparetomato

123Destiny said:

The rates are so bad. 

Yup. I have been using them since they first opened with the initial rate of about 1.8% I think it was and have slowly seen that drop to this new low. Pulled out my money now and dropped it back into Premium Bonds for a bit. I'm unlikely to win anything, but as I'm also unlikely to earn much interest anyway, the (miniscule) chance of getting £25 on £2K in the next couple of months seems worth a punt for now...

colsten

Just in case it's slipped people's attention: there are still the Club Lloyds and the BOS Vantage accounts which, if can pay 0.78% if used with the full amounts, and if you can be bothered with the DD and min deposit malarkey. £20,000 max between them.

molerat

Looks like a load of cash will be going to PBs at the end of the month. And Tesco will give me 0.125% in points for doing it.

ivormonee

Strange how the rates are so low. When the BoE base rate hasn't even moved from the 0.1% for quite a while, the savings rates just keep going down anyway. I remember when the difference was probably around 1% a year ago, but now the difference is roughly 0.3%. So the dive in rates isn't just because of BoE base rates; it seems to be much more affected by market competitiveness - why bother offering more than you need to when everybody else is dropping their rates?

123Destiny

Maybe they are trying to make us spend more money rather than save it now that they are opening up businesses. I guess that's why they are still lowering rates. 

quirkydeptless

colsten said:

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.

Sad to see in their 'Features and Benefits' section that they've withdrawn their fax payment service 

I wonder if it's a Flexible Cash ISA. Can't find that from the website information and hesitant to wait 30+ minutes on the phone to find out 

colsten

quirkydeptless said:

I wonder if it's a Flexible Cash ISA. 

It is not. 

From their Summary Box: