NEW! Marcus Bonus Rate 0.1% giving 0.5% for 12m

Eco_Miser

george4064 said:

RG2015 said:

george4064 said:

I wonder what would happen if Marcus decide to offer 0.55% on their easy access account? Would us people locked into our 0.1% bonus be stuck until June next year or would we be able to move onto the new higher bonus rate?

I imagine (and hope!) it would be the latter, let’s hope we find out!

I think the account only has one underlying rate, currently 0.40% pa. Based on past performance, they would not separately offer an account with 0.55% pa.

Any new rate would be applied to all existing accounts and the bonus would continue to be managed online separately.

Apologies, I didn’t word my post very well.

I meant to say, what if Marcus were to offer a 0.15% bonus next week rather than a new base rate of 0.55%.

When bonus rates were previously available, it was possible to renew at any time, thus always having 12 months of bonus to run. Presumably that still applies, and customers with a 0.10% bonus could renew to the 0.15% bonus.

RG2015

Eco_Miser said:

george4064 said:

RG2015 said:

george4064 said:

I wonder what would happen if Marcus decide to offer 0.55% on their easy access account? Would us people locked into our 0.1% bonus be stuck until June next year or would we be able to move onto the new higher bonus rate?

I imagine (and hope!) it would be the latter, let’s hope we find out!

I think the account only has one underlying rate, currently 0.40% pa. Based on past performance, they would not separately offer an account with 0.55% pa.

Any new rate would be applied to all existing accounts and the bonus would continue to be managed online separately.

Apologies, I didn’t word my post very well.

I meant to say, what if Marcus were to offer a 0.15% bonus next week rather than a new base rate of 0.55%.

When bonus rates were previously available, it was possible to renew at any time, thus always having 12 months of bonus to run. Presumably that still applies, and customers with a 0.10% bonus could renew to the 0.15% bonus.

This is what Marcus say when logged in to their site.

Your bonus rate options

You can renew the bonus rate on your account whenever there’s one available, without charge and regardless of how long you’ve been on that rate. Any new bonus rate on offer may be lower, higher or equal to your current rate so you should check the details before you renew.

Key facts

• The bonus rate will be applied to your account immediately.
• You’ll start earning interest at this new rate from today and your current rate will end.
• The bonus rate is fixed and will last for 12 months.

RG2015

RG2015 said:

where_are_we said:

Rather disingenuous of Marcus. Why do you have to be proactive to get this bonus? There will be many who don`t realise that you can apply this increase to an existing account. I realise that the underlying rate (.4%) would have to change for everyone to benefit automatically.

It is less than 24 hours since the bonus was re-introduced and it is clearly noted on their website. They may still send a personal notification.

However, when it was previously available, there was no personal notification to existing account holders.

Don't lose sight of the fact that Marcus are a bank offering a very decent rate for a good savings account.

The other thread has users saying they did receive notification of the bonus rate. Therefore, it appears that Marcus are not being disingenuous.

https://forums.moneysavingexpert.com/discussion/comment/78440895#Comment_78440895

schiff

They informed me by e-mail 21.54:

We’re currently offering a 12 month fixed-rate bonus of 0.10% gross on our Online Savings Account. You can choose to add this bonus rate to your account any time while it’s available.
•	You’ll start earning interest on the new rate immediately after you add it to your account. Once the 12 months is up, you’ll return to earning interest at the underlying rate, which is variable.
•	You can renew the bonus on your account at any time, as long as there is a bonus rate available.

schiff

Getting a bit closer to Skipton which is restricted at weekends and their 0.63% is due to end in September. It will be interesting to see what Skipton do in view of this.

RG2015

schiff said:

Getting a bit closer to Skipton which is restricted at weekends and their 0.63% is due to end in September. It will be interesting to see what Skipton do in view of this.

Yes, very interesting. I currently have 0.65% on Skipton until September when it falls to 0.15%.

I will then be left with 0.55% at Coventry and 0.50% at Marcus and a Virgin Money Reward legacy account.

wiseonesomeofthetime

I take it your 0.55% at Coventry is the same as mine in as much as it has Limited Access?

Mine allows six withdrawals, after they changed the T&C and rate of the first one I had.

I have Saffron at 0.50% (until 22 July) and Atom at 0.50%, as well as Marcus now at 0.50%, and VM's 2% accounts.

Starting to cut them down now though and focus on just a couple.

RG2015

wiseonesomeofthetime said:

I take it your 0.55% at Coventry is the same as mine in as much as it has Limited Access?

Mine allows six withdrawals, after they changed the T&C and rate of the first one I had.

I have Saffron at 0.50% (until 22 July) and Atom at 0.50%, as well as Marcus now at 0.50%, and VM's 2% accounts.

Starting to cut them down now though and focus on just a couple.

Yes, Coventry Limited Access, six withdrawals per annum. As to the rest, I keep them all open and use the one with the best rate.

I still have some at 0.40% and lower which may rise like Marcus did today.

wiseonesomeofthetime

RG2015 said:

I still have some at 0.40% and lower which may rise like Marcus did today.

I have some lower, with smaller building societies, just in case they offer competitive Loyalty Rates on the Easy Access or Regular Saver accounts in the future.

KxMx

I renewed my bonus in June, checked again this morning on the off chance and it offered to renew at the same rate (0.50 base + 0.10 bonus) for a year from today so I've effectively extended it by 6 months.
Old expiry date June 2022, new date January 2023.