Marcus Savings Account, still worthwhile?

WhoisDannie

I have a Marcus savings account with a balance of £30,000 with an interest rate of 2.5%.

Is it worthwhile moving it elsewhere or do you think Marcus will increase the interest rate?

jaypers

Move it elsewhere , keep £1 in Marcus and move it back again if/when Marcus increase again. You don’t get paid for loyalty with savings accounts. 

WhoisDannie

jaypers said:

Move it elsewhere , keep £1 in Marcus and move it back again if/when Marcus increase again. You don’t get paid for loyalty with savings accounts. 

Where?        .

wmb194

WhoisDannie said:

jaypers said:

Move it elsewhere , keep £1 in Marcus and move it back again if/when Marcus increase again. You don’t get paid for loyalty with savings accounts. 

Where?        .

Take your pick:

https://moneyfacts.co.uk/savings-accounts/easy-access-savings-accounts/?quick-links-first=false

If you want to make a bit more effort there are better paying regular savers and 'special' instant access accounts like Barclays' Blue Rewards Rainy Day 5% on up to £5k account but you have to jump through some hoops with the required Barclays Blue Rewards current account to avoid its fee.

Richard1212

My wife and I have £120,000 in Marcus at 2.5% ( including 0.25% bonus ending in July). We are happy to leave it there for the moment as Marcus has a history of always keeping up with the leaders, though they have been quiet for a while now. They will rise up the ladder soon, I think. We are not scuttling off to the Monmouthshire !

If one of the savings banks goes above 3% rate ,or when bonus ends, we will move to one of our other "regulars" ( each with a few £s in them) that, like Marcus , usually rise to the top 5 at some stage. Our list includes RCI, Shawbrook and a couple of others that we have found excellent in the past. Having 6 savings accounts on our bank transfer list gives us flexibility. 

happybagger

@WhoisDannie if you're in Wales then Swansea BS instant access will be 3.25% from 1 Feb

Keith80

WhoisDannie said:

I have a Marcus savings account with a balance of £30,000 with an interest rate of 2.5%.

Is it worthwhile moving it elsewhere or do you think Marcus will increase the interest rate?

Still worthwhile, yes, not only because, as others have said, Marcus tends to remain in the zone, but because it is genuinely instant rather than easy/limited access. Transfers in and out are usually instantaneous (in my experience), and an unlimited (subject to a high daily maximum amount) number of withdrawals is permitted.

Richard1212

happybagger said:

@WhoisDannie if you're in Wales then Swansea BS instant access will be 3.25% from 1 Feb

Don't they forbid foreigners from the rest of the UK from opening an account ? Personally, I'd ban all Welsh accounts having access to English, Welsh and Irish customers 

happybagger

That's why I said "if you're in Wales"

They don't ban English customers. I am one. However, I am resident in Wales and therefore have the account.

They can choose any geographical restriction they wish.

talexuser

Richard1212 said:

( including 0.25% bonus ending in July). 

The bonus can be updated anytime to gain another year. Go to Dashboard, View, Review your savings, Renew your bonus.

I moved out to the Yorkshire at 2.75 and then the Coventry at 3.25, keeping Marcus open because I think you can't open again if you close, at least it was that way. I agree the instant withdrawal to bank is a bonus, building socs are generally end of day or next day. I use Santander for the excellent bill/shopping/petrol cashbacks, esaver at 2.75 and edge saver for the 4k at 4% and that edge current also has instant transfers to the main bank account. 

Richard1212

happybagger said:

That's why I said "if you're in Wales"

They don't ban English customers. I am one. However, I am resident in Wales and therefore have the account.

They can choose any geographical restriction they wish.

Merely a little touch of humour.......