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At last, new savings deals match market leader Goldman Sachs

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Kent says this is a limited-edition product, which can be withdrawn at any time.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

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