Marcus Bank


I think that sums it up, if Marcus gain the traction other banks will increase rates, so it’s a win win for savers

(lewis oconnor) #63

Ive just opened an account, withdrawing my funds from money box and will be adding it to it, do they have an app?


Yes, in fact Charter Savings Bank went from 0.50% to 1.40% a couple of days ago


No, they’re working on one. You can just add their mobile friendly page to your home screen & pretend it is one in the meantime.

(lewis oconnor) #66

Do we know when interest is paid?


That’s decent easy access but with £1000 min, though not a problem if you don’t mind this aspect.

(Allie) #69

They ban US citizens like many of the best savings accounts… but in this case it is especially ironic.




US citizens get 1.9%, so open an account over there?

( edited to add - I think it’s really a consequence of your government’s ridiculous reporting requirements rather than a specific dislike of Americans :wink: )

(Allie) #72
  1. Most require you be resident
  2. Eventually I plan to renounce US citizenship (the fee puts me off)
  3. Those accounts are in USD so have a foreign exchange risk to go with that rate.


Not sure I’d be too worried about $ vs £ currency risk in the medium to long term - we used to get $5 to the £, a macro trend I don’t see reversing.

(Allie) #74

Foreign currency is a zero sum game and not an investment within my personal risk comfort.

Also, ‘my’ government? I have no feelings for the US. Divorce fee is just too high. And probably illegal under UN convention. Everyone has a right to leave any country the UN says…

(Katrina) #75

And with the Personal Savings Allowance, you would need to be super-rich for tax on interest to be a thing to worry about anyway.

(Katrina) #76

On US Dollars, and it is below their base rate.


Not super rich - the allowance is halved for a higher rate tax payer. This may catch people out if and when rates go up

(Katrina) #78

Which is interest on £33,333.34, or £37,037.04 for the top of the table ISA.


Which would not be an unreasonable amount to hold in cash for someone who’s been a higher rate tax payer for a while.
Particularly if that includes interest from previous years.
I don’t think higher rate payers can be called super rich with those kinds of amounts in cash…

(Graham - Mental health professional) #80

And with easy access cash ISAs at around 1.4% and 1 Year fixes a bit higher, there’s surely no need to pay tax on savings at all, higher rate tax payer or not.

(Richard) #81

Define a while…


I transferred some more money to ny new account last night, it’s still not there. :frowning: