Marcus 1 Year Fixed Rate Saver - closed!

I'm still getting 1.6% until 1st of June when it drops to 1.35%, which is currently the best rate for instant access. It was a very short window to jump in, I don't think they do instant access for new customers any longer.

I didn't like the change to mobile app, I generally don't use my phone for banking and it was not simple to set this one up (I had to phone them for help), but now settled with it.  It's very easy with this app - click on the app, put my thumb on the button and select "move money" (just have to make sure I don't misplace my phone when I need to withdraw .  

Risk. 
1 year is a tad long in the current envioment (rates bound to go up, but who knows look at Europe right) agreed but fixed rates certainly have a place. I'd say reading some of the very upsetting posts from users on this board over the years from failed P2P investments gives a sombering call as to why 0.5% spending power reduction beats 50% capital loss with Administrators still years later eating though that capital.

As for taking on extra risk though opportunity, I agree. Although I believe this is primairly in the S&S department, I'm strongly against market timing but that is what that is. Generally Cash is King reserve for dipping into large shocks like we had recently pays. You wont' get it though a 1 year fixed, but I'm assuming ppl who put it into 1 year are "saving" that money for something completely diffrent than opportunity hunting.

Just read suggestions that negative interest rates may be on the cards soon. There are rumours that this could happen but I'm not sure that banks would curry much favour if they start charging me to store money. To be honest I'd just move the money to a our current accounts that don't have interest set on them. I spose worst case scenario would be having to buy a wheelbarrow to carry cash home from bank and store under the mattress!.   

Whatever next. 

While its hard to see savings rates going up anytime soon you do still have NS&I and others offering 1% instant even with the govt just selling a negative gilt this week so there might be a bit of scope for a while yet before there's a run on wheelbarrows instead of toilet rules
With low rates on savings being the norm now for so long now i think it kinda comes back around to the last few posts and do you fix for a few extra pennies or not for emergency cash - but the plus 2% (or more for 2-5yrs) you could get a year ago seems handy now and you could still find the odd product that would let you cash in early with a penalty if needed.
The trouble is and has been mentioned many times before on here the 6%+ paid on savings during the 70's early 80's of folklore also came at a price (p2p rates might have been interesting then!)

The name of "Wat Tyler" springs to mind, but how would that all work if we are self isolating in our homes etc. Walter eventually did not fair well either.

The last time we had a serious revolt in the Uk was over Mrs Thatchers Poll Tax, similar gripes too, but how did that really go? Ok so the poll tax was axed and ended up with the so called council tax - that was a result No!

Whilst I dread to think what we all are going to pay for this stuff, lets face we are the ones going to pay. One can be rest assured the ones who will pay most will be those least able to that's for damn sure!.

Oops "Bit of politics, bit of politics", Ben Elton Quote.

I think we're talking about two different things...

This article was written 6 weeks ago, Its talking about postal applications - Switch to Online, I did a few years back for my PB's and Inflation linked bonds, you can access your cash with in about 7 working days. The delays are nothing to do with funding, more about the old fashioned way of snail mail and someone processing that piece of paper.

On a side note : German Govt agreed some sort of Lufthansa bail out today - along with Spain and Greece opening up their borders a bit more I expect Airlines stocks to rocket tomorrow, should be able to get a good return in a short period of time.( As long as you get more than 1.5% you have beaten the fixed rate return. ) Yes I know its risky.

EDIT :  To add, I think we will have a 2nd wave and I also think as soon as furlough is stopped, thats when the !@£$ will really start. I dont think most businesses will be able to stand on their own two feet for quite a while and I expect the stock markets to retrace maybe 20/50% in the next 6 months.. As I have mentioned before, US elections in Nov, BREXIT shenanigans in  - well thats kinda been forgotten - but I presume Jan 1 2021 ? Plenty of opportunities. thats why I'm not using the traditional investment method, of buy something stick it away and wake up and its worth X more next year.. Im sitting on cash and looking for opportunities.