Saga Interest Rate Drop

[teecee90]

Current Best Buy easy access savings account. Interest rate to be reduced from 11 December from 0.55% to 0.4% bonus rate remains at 0.15% for first year, meaning the effective interest rate reduces from 0.7% to 0.55%

Interesting timing ....,just after the NS&I rate reduction.

[richlist]

I read somewhere this week that Saga & the Marcus account are linked.
I guess that if that is the case there is a possibility that Marcus rates will drop as well.

[beseeinyou]

Yes, I got email about 90 mins ago that Marcus dropping to 0.5% on 11th December.

Beseeinyou

[Gan020]

Which tends to suggest that the amount of money flowing out of NSandI is even higher than Marcus expected.

I note the best buy tables for instant access and all bonds up to 5 years but especially up to 2 years have seen significantly falling rates in the last 7 days.

I hope NSandI have worked out their numbers properly and don't suddenly find the need to reintroduce a rate of say 0.5% to balance their books.

[richlist]

Why?
That might very well happen if the Gov decide they need to raise lots of money at virtually no cost. There are plenty of people who will follow a competitive return.

[WrongLicence388]

Yes, I got email about 90 mins ago that Marcus dropping to 0.5% on 11th December.

Interesting, nothing yet for me. I'll keep my eyes peeled.

C.

[mutantpoodle]

re Marcus emails.....they not alphabetical as I only just got mine at 7.30 last night!
but I agree, they definitely appear to follow SAGA
which is worrying because SAGA are well known for not considering customer loyalty (personal experience as well)

[WrongLicence388]

Yes, I got email about 90 mins ago that Marcus dropping to 0.5% on 11th December.

Interesting, nothing yet for me. I'll keep my eyes peeled.

C.

and the inevitable has happened.

The following have now jumped ahead of Marcus.
UBL UK 0.6%*
RCI Bank UK 0.57%
JN Bank UK 0.55%
Investec 0.55%

*1 penalty free withdrawal a month.

C.

[richlist]

Yes got my email from Marcus this morning.
Seems Marcus have reduced their rate in line with the reduced 0.5% overseas development aid budget.