Cash ISA or Marcus account?

Hi guys looking for some insight into the best account for savings.

I currently have a Marcus account which I use as my main savings account and usually put between £400-£700 a month in there and am currently getting 1.5% interest, I don’t really have any reason to touch this money but I prefer to have it easily accessible, with that in mind would it be more beneficial for me to open a Cash ISA or just stick with what I’ve got?

Thank you :pray:

The answer depends on your yearly earnings.

It varies greatly but I’m relatively young and living with my parents so I save a relatively high amount each month, as I said it can vary between £400-£700 per month into savings.

Why not stick it into an investment account instead? Probably could get higher returns than 1.5%. it’s probably a better options as well if your putting £700/month away.

Have a look at this:

Scroll down to the PSA Personal Savings Allowance and see what bracket you fall under. You should be able to figure out which is best for you from this.

I personally wouldn’t do this if you’ll need access to it within the next 10 years.

I always advocate having a fairly substantial emergency fund before thinking about investing.

Indeed. It depends a lot on circumstance too. What exactly are you saving up for? When do you anticipate needing to spend the savings… etc etc

I’m saving just for the sake of saving at the moment and already have an emergency fund in place, however I will need access to it at some point in the next five years but I’m not really sure when, its only purpose at the moment is to make moving out more comfortable and to build up a health savings account for whatever I deem necessary years down the line.