Anyone who missed out on Marcus by Goldman Sachs can open up an account with SAGA. Interest rate of 1% and powered by Goldman Sachs. The home page even looks identical.
Interesting as thought Marcus were reaching their limits - may have found some clever way around it with a whitelabel.
I thought they were close to their limits too… I wonder how this fits into the whole picture. Maybe they only manage the actual mechanics of the operation and take a management fee rather than holding the deposits themselves.
Another option - NS&I income bonds 1.16%
Personally after keeping a couple of months expenses in a cash savings account I’d then go for premium bonds. Average return is over 1%, tax free, and always a chance to win a bit more money like a lottery of sorts. Also you can sell the bonds and get the money back pretty easily if you need the cash.
Chip has 0.9%
Interesting, thank you! I had not heard of Chip…
I like Premium Bonds for the reasons you’ve outlined. Basically a cash reserve with a few added benefits, I know the winning pot has been eroded a bit but still a nice safe option to have cash tucked away in.
Chip is my discretionary items saving pot for the last 2 years - it puts a little bit away every week depending on your spending patterns / balance and it’s a pretty enjoyable experience. Whenever I can convince myself that I need to buy new tires for a bike or a newer monitor I know where those money will be coming from.
Do you link your bank account to it?
Yes. It used screen scraping but I believe it’s using open banking API now (not sure). The transfers are going through variable direct debit though.
Interesting, thank you.
Some discussion about marcus