Marcus - increase to the underlying interest rate

GalacticaActual

I have just noticed on their Facebook page that the underlying interest rate for the Online Savings Account is increasing from 0.40% to 0.50% from today, Wednesday 29th September 2021. If you have opted in to the optional bonus, you should now receive 0.60%.

“Today we've increased the underlying interest rate on our Online Savings Account and Cash ISA. If you already have one of these accounts, we've automatically increased the rate for you.”

Billycock

Thanks, just looked at my account and it's now 0.60%. Not sure why though, possibly because I've had my account over a longer period.

Frequentlyhere

Billycock said:

Thanks, just looked at my account and it's now 0.60%. Not sure why though, possibly because I've had my account over a longer period.

It's just because that number includes the bonus.

wiseonesomeofthetime

Nice, but not sufficient to get me to move funds from my other easy access savings accounts that allow deposits and withdrawals to multiple linked current accounts, not just the one. They are at 0.59% and 0.65%, so pennies interest difference tbh.

ashteadgirl

Can you make future dated payments from the Marcus account?????

ColdIron

No        

refluxer

Thanks for the heads-up. Not a huge difference to the average saver I guess, but a small, welcome step in the right direction. That has made them the highest easy access account with unlimited withdrawals at the moment (alongside their sister bank Saga) - just marginally ahead of Investec and Tesco (who've recently dropped their's slightly to 0.55% I noticed).

On the subject of access, I'm not sure why accounts with limited withdrawals (from the Coventry BS, Aldermore and Nationwide for example) are included in the Top Easy Access Accounts table - accounts which only allow as little as 2 withdrawals a year are pushing the definition of 'easy access', IMO. I would like to see accounts with limited access having their own category/table.

Incidentally - what is the Marcus Online Savings Account like for deposits and withdrawals ? Are they reasonably quick or 'next day' like others can be ? I have at least one savings account where transactions made in the afternoon (even early afternoon) don't often arrive until the following day, so I'm just curious to see how common this is.

milton1970

refluxer said:

Incidentally - what is the Marcus Online Savings Account like for deposits and withdrawals ? Are they reasonably quick or 'next day' like others can be ? I have at least one savings account where transactions made in the afternoon (even early afternoon) don't often arrive until the following day, so I'm just curious to see how common this is.

I would say that on working days they are immediate & at other times they are slightly delayed but same day (unless advised or high value) 

My experience is only positive so far 

Andy7856

refluxer said:

Incidentally - what is the Marcus Online Savings Account like for deposits and withdrawals ? Are they reasonably quick or 'next day' like others can be ? I have at least one savings account where transactions made in the afternoon (even early afternoon) don't often arrive until the following day, so I'm just curious to see how common this is.

Ditto the previous comment, monies is moved within hours even on a weekend!   You can only pay and receive via your nominated bank account - that does not worry me, but may others.   Highly recommended.

talexuser

Same here, almost immediate or hours, never had a next day transfer to nominated account.

RG2015

I now have the following options.

Marcus 0.60%
Tesco Bank 0.59%
Coventry 21 day 0.65%
Coventry 4 Access 0.65%

Tesco looked good when I opened it a couple of days back. Now it looks redundant although the 24/7 genuine instant access is a plus.

Marcus though remains my personal favourite and this 0.10% increase is very welcome. If only it had gone to 0.65% (or more). 

Post edited to amend Marcus from 0.50% to 0.60%