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

Marcus Bank cuts rate on popular easy access account

0
Written by:
04/09/2019
Marcus Bank has cut the rate on its market-leading easy account from 1.5% to 1.45% for new savers.

The new rate of 1.45% includes a bonus of 0.10%, meaning the overall rate drops to 1.35% after 12 months.

Existing customers will continue to receive the old rate – 1.5% including a 12-month bonus rate of 0.15% – until their bonus expires.

Once their bonus has expired, they will receive the new rate. Customers can easily renew their bonus online via their Marcus account.

Marcus launched its table-topping easy access account on 26 September 2018.

The deal was the highest easy access rate for two-and-a-half years and sent savers into a frenzy, with a staggering 50,000 people opening an account in the first two weeks.

It even spurred other providers to raise rates. Nottingham Building Society, for example, at one point offered 1.55%, although the deal was pulled within 48 hours due to unprecedented demand.

Anna Bowes of Savings Champion, said: “It’s a bit of a disappointment but not wholly unexpected as the account has been at the top of the best buy table for virtually the whole time since its introduction at the end of September 2018.

“As it is only the new bonus rate that has changed, those who opened the account before it was cut, will continue to enjoy a total AER of 1.50% for 12 months from the date the account was opened. It’s only new customers and those renewing the bonus that will earn the lower rate of 1.45% AER.”

Bowes added: “On a maximum balance of £100,000 (although early adopters could have deposited as much as £250,000)  for those who didn’t renew their bonus before today (4th September) this rate cut will mean a loss of interest of just £50 gross over the year.

“For those who want to make sure that they continue to earn the best rates, Cynergy Bank has re-opened it Online Easy Access Account Issue 24 to new customers. It’s paying 1.50% per annum which includes a bonus of 0.75% for 12 months.”

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.

Your right to a refund if travel is affected by train strikes

There have been a wave of train strikes in the past six months, and the fresh round of walkouts take place tod...

Could you save money with a social broadband tariff?

Two-thirds of low-income households are unaware they could be saving on broadband, according to Uswitch.

How to help others and donate to food banks this winter

This winter is expected to be the most challenging yet for the food bank network as soaring costs push more pe...

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.

DIY investors: 10 common mistakes to avoid

For those without the help and experience of an adviser, here are 10 common DIY investor mistakes to avoid.

Mortgage down-valuations: Tips to avoid pulling out of a house sale

Down-valuations are on the rise. So, what does it mean for home buyers, and what can you do?

Five tips for surviving a bear market mauling

The S&P 500 has slipped into bear market territory and for UK investors, the FTSE 250 is also on the edge. Her...

Money Tips of the Week