You are here: Home - Saving & Banking - News -

At last, new savings deals match market leader Goldman Sachs

0
Written by:
03/12/2018
Two months after Marcus by Goldman Sachs launched into the UK savings market with its top paying 1.5% easy access account, competitors have responded with their own market-leading deals.

Kent Reliance, part of OneSavings Bank, has increased the rate on its easy access account to 1.5%.

The minimum opening deposit is £1,000 and the account can be managed online, by post or in branch.

The Marcus account, on the other hand, requires an initial deposit of just £1, but can only be opened online.

The other big difference is the Kent account comes with no introductory bonus unlike the Marcus rate, which drops to 1.35% after 12 months.

Kent says this is a limited-edition product, which can be withdrawn at any time.

Savers interested in the deal should act fast as many top paying accounts have been pulled within days.

West Brom Building Society has also launched a new variable rate savings account paying 1.5%.

The Direct Double Access account is available by phone or post and the minimum opening balance is £1,000.  Additional deposits can be made at any time up to £250,000.

However, this account limits the number of times savers can access their cash.

Two withdrawals are permitted per account year with no loss of interest.

Subsequent withdrawals can be made, but the rate of interest will drop to 0.25% until a new account year begins.

Shakila Hashmi, head of money at comparethemarket, said: “We predicted that Goldman Sachs’ entrance into the mainstream of retail banking would be good news for savers, and would throw down the gauntlet to the rest of the industry.

“The new rate offered by Kent Reliance, which matches the rate offered by Goldman’s Marcus UK, shows the effect its arrival on the retail market has had on competition. Our hope is that these products will act as a catalyst for other banks to offer better rates to their customers.”

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Five ways to get on the property ladder without the Bank of Mum and Dad

A report suggests the Bank of Mum and Dad is running low on funds. Fortunately, there are other options for st...

The essential Your Money guide to the April 2018 tax changes

As we head into the 2018/19 tax year, a number of key changes take place to existing policies while some new i...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Money Tips of the Week

  • Are you married or in a relationship and still living at home with your parents? According to latest research as ma… https://t.co/SpiNzsKIi6
  • RT @TSB_News: Today we’ve launched market leading rates on the high street with our two-year fixed bond and two-year fixed rate cash ISA. R…
  • RT @TSB_News: Today we’ve launched market leading rates on the high street with our two-year fixed bond and two-year fixed rate cash ISA. R…

Read previous post:
Stock of the Week: Relx

Graham Spooner, investment research analyst at The Share Centre, picks multinational information and analytics company, Relx, as stock of the...

Close