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Marcus cuts rate on best buy easy access account again

Joanna Faith
Written By:
Joanna Faith

Marcus by Goldman Sachs has cut the rate on its market-leading easy access account from 1.35% to 1.3% – the second reduction in two months.

The change is effective immediately for new customers who open an account on or after 19 February 2020.

Existing customers will continue to get 1.35% until 10 March 2020.

The announcement is the latest blow for savers, coming days after NS&I announced a raft of cuts across its savings and bonds range.

This is the third time Marcus has cut the rate on its easy access product since it launched in the UK in September 2018 with a market leading rate of 1.5%.

At launch, 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.

Anna Bowes, co-founder of advice website Savings Champion, said: “This cut from Marcus is a sign of the state of the savings market – and unfortunately it’s likely to have a further negative impact on the best easy access accounts available as Marcus has become somewhat of a bellwether for other providers.”

Saga, which partners with Marcus to offer savings products, has also cut the rate on its easy access account from 1.35% to 1.3%, which includes a 12-month bonus rate of 0.2%. Again, the change affects new customers from today, but existing customers will continue on 1.35% until 10 March.

Better options?

While Marcus’s rate cut is disappointing for savers, its new deal of 1.3% is still competitive.

Only Virgin Money offers a better easy access rate of 1.31% – but this account allows a maximum of two penalty-free withdrawals a year.