Marcus savings rate up

Daliah

Umiamz said:

Daliah said:

Reaper said:

lohr500 said:

I withdrew all my Marcus savings over the past two days into a newly opened Santander eSaver a/c.
I emailed Marcus this afternoon, asking them to close the a/c.

Remember the Santander eSaver only lasts a year and then your money will be kicked out into some lower paying account. I've kept my Marcus account open in case I need to move it back again.

Are you confusing their esaver Limited Edition with their Regular Saver? There is no end date on the former, and its interest rate can go up or down or stay the same.

Keeping a Marcus account, even with a zero balance, is a good idea because apparently it's difficult yo open another account with them once you have closed one. Mind you, there is the SAGA account, which is a clone of Marcus (and they share the same FSCS protection)

The eSaver is for 12 months only:

"The term of the account is 12 months. On maturity, we'll transfer your account to an Everyday Saver."

So it is. Had not seen that before. No reason not to enjoy the 2.75% now, and until something better comes along

cloud_dog

The way things are going, 12 months is a very long time and we could all have relocated our funds elsewhere by then 🙄

4justice2

Standard practice with Santander, their eSavers normally convert to the Everyday Saver with much reduced interest after a year.

Sea_Shell

cloud_dog said:

The way things are going, 12 months is a very long time and we could all have relocated our funds elsewhere by then 🙄

Agree.   I have put a note in my diary to review the Santander account a year from now... assuming it still has any money in it!! 😉

isasmurf

Marcus have increased their rate to 2.5% including bonus

EssexHebridean

Interesting timing. I seem to recall that this is not the first time they have made a change with this sort of timing against a BoE announcement too. The question is, have they gone early and pre-empted, or is this announcement as a result of the last BoE rate increase? My betting is on the latter... 

phillw

cloud_dog said:

The way things are going, 12 months is a very long time and we could all have relocated our funds elsewhere by then 🙄

Mine didn't last a month, though it's now serving as an overnight account to protect against al rayan delays.

[Deleted User]

2010 said:

Don`t be surprised if Marcus increases again about the begining of Nov. just before the BoE meeting.

Hi,

spot on, next prediction please.

kaMelo

Tonight's lottery numbers would be a good start