The move means Shawbrook Bank now pays the best rate at 1.41%.

This is the second time Marcus has cut rates since it launched in the UK in September 2018, with a market leading rate of 1.5% including a bonus of 0.15% for the first 12 months.

In September 2019, the savings arm of Goldman Sachs cut the rate for new savers to 1.45% with a bonus of 0.10%.

The new rate of 1.35% does not include a bonus. Existing savers are not affected – they will continue to earn the rate they got when they opened the account until the end of their first year.

When Marcus launched its table-topping easy access account, 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.