Marcus Bank


#62

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?


#64

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


#65

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?


#68

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.


#70

Monthly


#71

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.

#73

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.


#77

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.


#79

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…


#82

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