Marcus Increases Bonus

[GeoffF100]

Marcus has increased the bonus. The overall rate including bonus is now 3.3%:

https://www.moneysavingexpert.com/news/ ... -increase/

[mc2fool]

Right ho! So, updated, and it said....

You've successfully added a bonus

Your new bonus rate has been applied and you're ready to start earning interest.

Key facts
The bonus rate will be applied to your account immediately.
You'll start earning interest at this new rate today.
The bonus rate is fixed and will last for 12 months.

Rate details

New bonus rate (gross)
0.34%

Underlying interest rate (gross)
2.91%

Interest rate (AER/gross)
3.30% / 3.26%

Rounding error, eh....

[scrumpyjack]

Note this also applies to Saga Savings accounts, which use the Marcus system.

[GeoffF100]

The interest is paid monthly.

2.91 + 0.34 = 3.25
(1 + 3.25/100)^12 = 1.0329885

I expect that 3.25% is the monthly rate, which compounds to an annual rate of 3.3%.

[mc2fool]

The interest is paid monthly.

2.91 + 0.34 = 3.25

Reread my post.

[GeoffF100]

The interest is paid monthly.

2.91 + 0.34 = 3.25

Reread my post.

I do not understand. I have not checked your numbers against my Marcus account, but if they are accurate, I expect their AER is correct and their Gross is a mistake. Are you disagreeing?

[mc2fool]

Reread my post.

I do not understand. I have not checked your numbers against my Marcus account, but if they are accurate, I expect their AER is correct and their Gross is a mistake. Are you disagreeing?

Their gross figures show 2.91 + 0.34 = 3.26. Hence my original comment of " Rounding error, eh.... ". That's all.

(You should see the same if you log in and View bonus options (even if you've already taken it)).