Marcus by Goldman Sachs Bank

[egomeister]

Simpo Two said:

egomeister said:

I can get 0.05% more in the Uzbek Agricultural Bank, Marcus needs to up their game. Switched!

Newsflash: Uzbek Agricultural Bank gone into liquidation, all assets lost.

Actually, I'm surprised - given all these pop-up internet so-called banks that appear from nowhere every week, I'm surprised there isn't one called The Piggy Bank

(and if someone starts it I want me 10% for thinking of it first)

It's ok, the UK branch has FSCS protection, I'll get the money back.

Eventually.

[KelWedge]

Marcus has changed rates, mine is from today 4.6%

[Thin White Duke]

Just had an email informing me of a new 0.49% bonus rate. This will cancel out the current bonus and will last for 12 months.

[anonymous-user]

Thin White Duke said:

Just had an email informing me of a new 0.49% bonus rate. This will cancel out the current bonus and will last for 12 months.

I have not had the email yet, but I logged into my account and the bonus was waiting to be accepted.

4.75% now

[chopper602]

I'm getting 4.75% now

[LuS1fer]

Monument is still outperforming them at 5.03% but they do require a £25k minimum.

[The teacher]

Thanks for the heads up. I've also not had an email yet but was able to get the new rate by logging into the app.

[the tribester]

Thanks, I've not yet had that email either, but confirmed at 4.6% in the app.

Still lagging behind the Santander Easy Access Saver @ 5.2% (AER) for me though.

[VR99]

the tribester said:

Thanks, I've not yet had that email either, but confirmed at 4.6% in the app.

Still lagging behind the Santander Easy Access Saver @ 5.2% (AER) for me though.

I've received the email but as you mention still lags Santander and quite a few others so no immediate change for me.

[brickwall]

LuS1fer said:

Monument is still outperforming them at 5.03% but they do require a £25k minimum.

Monument also have a 35-day notice account paying 5.22% AER.

The £25k minimum can be across multiple accounts (so you could, say, have £10k in the instant access and £15k in the notice account).

[colin79666]

“From 15 June 2024, we will be decreasing the underlying variable interest rate on your Online Savings Account”

Not a huge drop (0.2%) but a bit rubbish considering a base rate cut is far from certain next month given the mixed inflation and economic growth figures.

[LuS1fer]

colin79666 said:

“From 15 June 2024, we will be decreasing the underlying variable interest rate on your Online Savings Account”

Not a huge drop (0.2%) but a bit rubbish considering a base rate cut is far from certain next month given the mixed inflation and economic growth figures.

I've pulled everything from Marcus. Most of mine is in Monument but with Chase, I have a 1% boost savings account paying 5.1% AER until November which is better than Monument's 5.01 AER.

[Kev_Mk3]

colin79666 said:

“From 15 June 2024, we will be decreasing the underlying variable interest rate on your Online Savings Account”

Not a huge drop (0.2%) but a bit rubbish considering a base rate cut is far from certain next month given the mixed inflation and economic growth figures.

If your locked your current rate in surely it will stay at that till the deal ends or am I totally wrong?

[kingston12]

Kev_Mk3 said:

If your locked your current rate in surely it will stay at that till the deal ends or am I totally wrong?

There is an underlying rate and a bonus rate. They've dropped the underlying rate by 0.2%, so it will affect everyone. It's only the bonus rare that is locked in for a certain period.

[paulw123]

Marcus hasn't been competitive for ages, even less competitive now!

[panini]

I liked it for short term parking of my money, but yeah it's getting worse. But if you don't want to invest long term all the other options are meh at best. It's nice to get up to 7% but if you're limited to 5k it's not really that great.