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Marcus to cut its easy-access rate
Finance

Marcus to cut its easy-access rate 

Should I switch?

You should weigh up carefully whether to ditch and switch after your rate drops in October.

For context, the top easy-access account at the moment is from Coventry Building Society, which pays 1.1% and allows two penalty-free withdrawals a year. The market is changing all the time though, so:

  • If you have a Marcus account with a 0.1% fixed bonus, check the top-paying accounts on Monday 12 October to see if you can get a better deal. Based on current rates, there could be a small gain from switching to a top account, but things are moving fast and this could have changed by then.
  • If you have a Marcus account without a fixed bonus, you’re more likely to be better off switching, though again, this could change by Monday 12 October depending on what happens to savings rates.

It’s also worth considering a fixed-rate savings account – these pay more and offer added certainty, but give you less flexibility with withdrawals. See Top Savings for more info and our current top picks.



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