Marcus Bank

MollyR

Marcus has increased its interest rate to 1.15% today, including the annual fixed bonus of 0.1%.

janusd

wiseonesomeofthetime said:

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.

i've been getting a bonus on that account since at least May 2020, but let's not argue over 0.1% lol

RG2015

janusdesign said:

wiseonesomeofthetime said:

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.

i've been getting a bonus on that account since at least May 2020, but let's not argue over 0.1% lol

You can check previous rates on the link below.

Have a look at 16 March to 29 June 2021 it was 0.40% with no bonus, although this was for new applicants and existing users may have retained the bonus.

https://www.marcus.co.uk/uk/en/public-site/historical-interest-rates#osa

Edit. I just checked my records and I was only getting 0.40% in June 2021, and I have had an account since September 2018.

Not quibbling, merely setting the record straight 

skybluearmyontour

MollyR said:

Marcus has increased its interest rate to 1.15% today, including the annual fixed bonus of 0.1%.

It's a bit "at least you tried Marcus". Have moved 99% of my money out this month but will keep account open in case they up it again.

CheekyMikey

Iain_For said:

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.

I expect house prices this time next year to be lower than now…

mjmal51

1.3% now when you Review Your Savings. Includes 0.25% bonus.

Sea_Shell

mjmal51 said:

1.3% now when you Review Your Savings. Includes 0.25% bonus.

Thanks for the heads up.   Done!!!

Malchester

mjmal51 said:

1.3% now when you Review Your Savings. Includes 0.25% bonus.

Thanks for the info. Done!!!!!

k_man

mjmal51 said:

1.3% now when you Review Your Savings. Includes 0.25% bonus.

Thanks for the heads up.

And as the bonus has changed this time, rather than the underlying rate, Renew your bonus is required.

(Previous changes to rates, only required a renew to extend the bonus period)

Audaxer

mjmal51 said:

1.3% now when you Review Your Savings. Includes 0.25% bonus.

Thanks very much for that. Done!!!!