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Marcus cuts rate on best buy easy access account again

Joanna Faith
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Joanna Faith

Savers have been dealt a fresh blow today as Marcus has cut the rate on its best buy easy access account for the second time in a matter of weeks.

The rate will drop from 1.2% to 1.05% from today for new customers, and from 30 May for existing customers.

Existing customers will still receive any bonus rate until it expires.

This is the second cut by Marcus in a month after it reduced its rate from 1.3% to 1.2% at the end of April.

Savings rates have been falling in general since the Bank of England’s double base rate cut in March.

Marcus, the online savings arm of Goldman Sachs, has amassed a whopping 500,000 customers since launching its easy access account in the UK in September 2018 with a market-leading rate of 1.5%.

Although it has trimmed the rate on several occasions since, it has remained a permanent fixture at the top of the best buy tables.

This latest rate cut, however, means other accounts look more attractive.

RCI Bank UK is now the only provider offering an easy access savings rate of 1.2% but it requires a minimum deposit of £100 to open.

Ford Money pays 1.07% on a minimum of £1.

Savers who want to snap up a top-paying account should act fast as cuts by Marcus have previously triggered other providers to slash rates.

Rachel Springall, finance expert at data firm Moneyfacts, said: “It is clear as day to see why speed is so crucial to acquire one of the top easy access rates.

“There is currently a domino effect of cuts taking place in top rate tables and now it seems 1% or more is a good deal when it comes flexible savings accounts, so savers would be wise to keep a close eye on the changing market.”