Marcus Bank

janusd

worth noting that while there are other options that will pay higher rates, it seems that you can close the Marcus 1.8% fixed account early if you need to (with a loss of first 90 days interest fee)... I would imagine most fixed rate accounts on those tables would only allow early closures for exceptional reasons.

4justice2

Marcus app currently down for maintenance, but just logged into their website, my instant access risen to 1.15% Inc bonus (no email yet).

wiseonesomeofthetime

Yeah, same shown in my app too.

southone

1.15% on my ISA too

4justice2

App back up and running now! Was going to transfer funds back into Coventry which goes up to 1.2% from 1st June, but now Marcus have brought theirs up to 1.15% doesn't seem worth it for 0.05%!

schiff

Remember to update the end date of the new rate to 18/5/2023.

janusd

schiff said:

Remember to update the end date of the new rate to 18/5/2023.

you're only renewing the bonus rate of 0.1% - and that hasn't changed in years... Marcus could, if they wanted to, drop the interest rate to 0.5% or whatever and the account would drop to 0.6% - you're not locking in 1.15% for a year, only the bonus part.

wiseonesomeofthetime

janusdesign said:

schiff said:

Remember to update the end date of the new rate to 18/5/2023.

you're only renewing the bonus rate of 0.1% - and that hasn't changed in years... Marcus could, if they wanted to, drop the interest rate to 0.5% or whatever and the account would drop to 0.6% - you're not locking in 1.15% for a year, only the bonus part.

I beg to differ, however, there was a period 2020/21 where no bonus was offered.

Sarah1Mitty2

soulsaver said:

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...

Not bad, only looking for instant access though. Marcus have raised their rate today it looks like.

soulsaver

Sarah1Mitty2 said:

soulsaver said:

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...

Not bad, only looking for instant access though. Marcus have raised their rate today it looks like.

Well the one you 'noticed' referred to a 12 month fix - hence my Al Rayan alternative suggestion.