Marcus Bank

Looks like it is actually just a £1, looking at Post Office web site at 1.38%

The £50 minimum is no longer shown, possibly because the “View Further Details” on Moneyfacts table against the 1.44% states the Opening Criteria: Existing Customers

Available this spring on Google Play

:face_with_raised_eyebrow: :bowing_man:

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US only too at the moment.

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My bonus has expired! I haven’t moved out of laziness and lack of real competitor

I know :sob:

Sometimes there is just no point. I agree.

Marcus have emailed dropping the underlying interest rate by 0.05%

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Just had an email in today stating that they have given notice to reduce my 1.5% saving rate by 0.05%. I renewed July last year so it looks like a unilateral move.

@userfy_123 beat me as I dawdled :grin:

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I’m on 1.45% and I’ve not got an email. Seems like they are making 1.45% the highest rate possible.

I’ve got no email but I can see the document if I log in.

I’m 1.5% until May and then 1.3%.

So £1.08 instead of £1.25 interest for every grand you have. £2 less a year.

If I’m not mistaken, it’s your bonus that’s guaranteed till may. The underlying interest rate will be reduced so you will get 1.5% - the 0.05% reduction…

I’m on 1.5% today but have email saying it will be reduced …

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I’ve just got the email in the last few seconds. :smile:

So for April I’ll get 4p less interest per grand per month on 1.45%, and then another 12p cut from May onwards after my bonus ends back to 1.3%.

Anyone using Marcus for emergency savings moved some of their cash to Moneybox?

I’m thinking if I hold 95 days of emergency cash in Marcus and put the rest over to 1.65%.

As in the Moneybox ISA? Considering it yes but not got Marcus to where I want yet! Hmmm

Not the ISA just the 95 day notice account.

I didn’t think they do a cash ISA just S&S ISA which I have elsewhere.

So if things went tits up you could make a withdrawal request and know that savings in Marcus will last at least 3 months.

Marcus x three months at 1.3%
Moneybox x three months at 1.65%

Half a year peace of mind.

The rest in investments.

Edit: 6000*0.0035 = £21 a year difference. :man_shrugging: Maybe.

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Ahhh good to know.

I’m actually tempted to top up my Wealthily cautious pot which is above 1.65% growth. Although being an investment its not guaranteed to increase, I can take the hit if it ever did go sour and easy to pull it out. I’m just glad the circles discount still applies.

Just need to check it once a month to see its still ticking along nicely.

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My son has a moneybox cash LISA and it’s a PITA as it seems to be geared up for weekly direct debits, doesn’t accept standing orders and takes upto 10 days to have money moved into the account. It seems like a bastardisation of their roundup / investment product… I wouldn’t personally use or recommend it for savings…

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Yeah its a real annoyance the process.

Its got to the point now where i have reminders to do the “collection” like a week and a bit before i get paid. Shouldnt be that hard to work out but it is :joy::joy:

A “cautious” fund will likely have a high percent of bonds, and otherwise be diversely invested in many different company shares. But even then there will still be volatility. It being down 1 month doesn’t mean the fund has failed. The next month it could be up again.

You’ll probably only lose money by taking it out on noticing it happens to be down. So checking once a month is probably a good way to lose money unnecessarily.

You need to understand what you’re invested in and only crystallise losses when you believe recovery will not happen before you actually require the money.

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