The challenger bank has raised the rate on both its Online Savings Account and Cash ISA from 0.4 per cent to 0.5 per cent.

However, new and existing customers can get an additional 12 month fixed-rate bonus of 0.1 per cent on both accounts, taking the rate to 0.6 per cent.

The uplift to 0.5 per cent will be added automatically but existing customers will need to log in to their account and opt in to receive to the extra 0.1 per cent.

New customers will automatically have the 12 month bonus added to their account.

Both accounts can be opened online with a minimum deposit of £1.

Marcus, the retail banking arm of Goldman Sachs, launched in the UK in September 2018 with a market-leading 1.5 per cent on its easy access account.

It remained a constant fixture in the best buy tables, attracting hundreds and thousands of customers.

It was forced to temporarily shut its doors to new applicants in June 2020 in a bid to keep within regulatory limits after being inundated with deposits. It reopened in February.