Goldman Sachs entering UK Savings market

[BeautifulSunshine]

Marcus have a 1 Year fixed rate (1.00%) available now instead of the easy access account.

NS&I Direct Saver pays the same, so could be a better option if you need that type of account.

Your knowledge is exceptional.

[Sarah]

Marcus are dropping their easy access interest rate again on 12 October 2020.

It will be reduced from 1.05% to 0.70%.

[planteria]

i'm long gone from Marcus.. i can't see why anyone would continue with them now.

[Sarah]

Marcus dropped their interest rate to 0.50% on 11 December 2020 and it will decrease further to 0.40% from 1 April 2021.

This nevertheless still makes it the highest paying conventional easy access savings account available to new customers, according to current MSE listings (also matched by RCI Bank's Freedom Savings Account paying the same 0.40% rate).

[planteria]

if that's the best available, play a different game.
such as Bitcoin generating 6%.
or Pounds with local Co-op generating 2.25%.

[Luke_PieStalker]

What are you all doing with your savings out of interest?

[planteria]

not leaving them in 'Savings' is the key LPS..
investing in equities, investing in funds, stashing in Bitcoin, a little bit in cash with local Co-ops.

[Sarah]

Well, I guess every little helps...

There’s currently a 12-month fixed bonus of 0.10% gross available on our Online Savings Account. There's no need to open a new account. You can simply add the bonus to your existing account.

You can add this bonus rate to your account by following the steps below.

About the bonus rate

• You’ll start earning interest on the new rate immediately after you add it to your account.
• Once the 12 months is up, the bonus rate will end and you’ll return to earning interest at the underlying rate, which is variable.
• You can renew the bonus on your account at any time, as long as there is a bonus rate available.

How to add a bonus to your account

1. Log into your Marcus account at marcus.co.uk.
2. Select 'View' next to your Online Savings Account to display your account activity.
3. Scroll down, then select ‘Review your savings’ under ‘Bonus rates’.

You’ll need to log in using a web browser, as you won’t be able to renew the bonus using our app.

Just done this, it makes their rate 0.50%... which is better than some!

[planteria]

but not enough to make it worthwhile maintaining an account imo
at least with building societies there is the element of membership of the organisation.. and there are better rates available elsewhere.

[Sarah]

Marcus online savings account interest rate just went up to 0.60% AER/gross, including the 0.10% bonus for new and existing customers.