We'd like to remind Forumites to please avoid political debate on the Forum. This is to keep it a safe and useful space for MoneySaving discussions. Threads that are - or become - political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

Marcus Rate Down to 0.40%

245

Comments

  • Retireby40
    Retireby40 Posts: 772 Forumite
    Fourth Anniversary 500 Posts Name Dropper
    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
    David28 Posts: 139 Forumite
    10 Posts First Anniversary
    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
    colsten Posts: 17,597 Forumite
    10,000 Posts Seventh Anniversary Photogenic Name Dropper
    edited 16 March 2021 at 1:43PM
    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.
  • 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
    colsten Posts: 17,597 Forumite
    10,000 Posts Seventh Anniversary Photogenic Name Dropper
    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
    molerat Posts: 33,514 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    edited 16 March 2021 at 3:05PM
    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
    ivormonee Posts: 395 Forumite
    Fifth Anniversary 100 Posts Name Dropper
    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?
  • 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
    quirkydeptless Posts: 1,225 Forumite
    Sixth Anniversary 1,000 Posts Name Dropper Photogenic
    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  :#
    Retired 1st July 2021.
    This is not investment advice.
    Your money may go "down and up and down and up and down and up and down ... down and up and down and up and down and up and down ... I got all tricked up and came up to this thing, lookin' so fire hot, a twenty out of ten..."
  • colsten
    colsten Posts: 17,597 Forumite
    10,000 Posts Seventh Anniversary Photogenic Name Dropper

    I wonder if it's a Flexible Cash ISA. 
    It is not. 

    From their Summary Box:


Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 348.3K Banking & Borrowing
  • 252.1K Reduce Debt & Boost Income
  • 452.4K Spending & Discounts
  • 240.9K Work, Benefits & Business
  • 617.1K Mortgages, Homes & Bills
  • 175.6K Life & Family
  • 254K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16K Discuss & Feedback
  • 15.1K Coronavirus Support Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.