Marcus Bank

soulsaver

The_Fat_Controller said:

@soulsaver you could have received 50% more if you had moved to Chase !

As per other topics, Al Rayan have been a bit sneaky and not increased rates on Issue 1 either.

I'm maxed on Chase already...

Iain_For

With inflation above 8%, it’s really all a case of how much you want your savings’ purchasing power to devalue, a little more with Marcus, a little less with Chase!

kaMelo

That's as may be, but what other option do you suggest given that this is money unsuitable for investing.

armith

Yes, quite difficult to work out what to do because things may be very different in a couple of months time. Marcus's 1.8% fixed rate for a year looks good currently - but might not be so before long. 

refluxer

armith said:

Yes, quite difficult to work out what to do because things may be very different in a couple of months time. Marcus's 1.8% fixed rate for a year looks good currently - but might not be so before long. 

Monument Bank topped the 1 Year Fixed Rate tables with an account offering 1.8% back in March, so Marcus are actually a couple of months off the pace in the current climate of rising rates.

If you head over to MSE's Top Savings Accounts page, you'll see that you can beat that rate by almost 0.5% now and that difference is likely increase even further in the next week or so as the challenger banks jostle for the number one slot

CheekyMikey

Iain_For said:

With inflation above 8%, it’s really all a case of how much you want your savings’ purchasing power to devalue, a little more with Marcus, a little less with Chase!

Your savings will only devalue if the price of what you spend them on increases by more than the interest you can get on them..so if for example you want them for a house deposit, and house prices have dropped, your deposit will be bigger and your mortgage smaller. I think the battle for customers pounds will intensify and there will be deals on holidays, travel fares, etc, so whilst personal inflation will I’m sure increase, canny discretionary purchasing can keep it manageable.

The_Fat_Controller

@cheekymikey dream on about cheap holidays and airfares, have you seen the price increase in aviation fuel ?

Iain_For

CheekyMikey said:

Iain_For said:

With inflation above 8%, it’s really all a case of how much you want your savings’ purchasing power to devalue, a little more with Marcus, a little less with Chase!

Your savings will only devalue if the price of what you spend them on increases by more than the interest you can get on them..so if for example you want them for a house deposit, and house prices have dropped, your deposit will be bigger and your mortgage smaller. I think the battle for customers pounds will intensify and there will be deals on holidays, travel fares, etc, so whilst personal inflation will I’m sure increase, canny discretionary purchasing can keep it manageable.

With house price inflation outside Greater London running at 6-10% according to Nationwide, not the best example to choose.

Sarah1Mitty2

armith said:

Yes, quite difficult to work out what to do because things may be very different in a couple of months time. Marcus's 1.8% fixed rate for a year looks good currently - but might not be so before long. 

Yes noticed that one today,

soulsaver

Sarah1Mitty2 said:

armith said:

Yes, quite difficult to work out what to do because things may be very different in a couple of months time. Marcus's 1.8% fixed rate for a year looks good currently - but might not be so before long. 

Yes noticed that one today,

Al Rayan 2.25% £5k min Sharia compliant 12 month/ 1 year fixed term deposit | Al Rayan Bank

25% more than Marcus's 'good looking' 12 month fix...