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Marcus finally launches cash ISA

Written by: Emma Lunn
Marcus by Goldman Sachs is launching its first cash ISA for the 2021/22 tax year – but it’s only available to existing Marcus customers and doesn’t allow transfers in.

The Marcus cash ISA pays an interest rate of 0.40% AER and will be available from 6 April 2021. Interest is calculated daily and paid monthly.

Goldman Sachs has been hinting it will enter the cash ISA market for some time.

The online cash ISA can be opened from £1 up to a maximum deposit of £20,000. This allows customers to save their full £20,000 ISA allowance for the 2021/22 tax year in the account. However, customers won’t be able to transfer in funds from any another ISA they hold.

The Marcus Cash ISA is an easy-access account, meaning savers can withdraw money whenever they need to without penalty. However, customers cannot replace withdrawn funds if they have already reached their annual ISA limit.

The account will be managed online, backed up by telephone support.

Des McDaid, managing director of Marcus by Goldman Sachs, said: “Our new easy-access Cash ISA provides our customers with more options to help them save their money – whether that’s saving for a new house, their children’s future, or in case of a rainy day.

“It’s our first new product this year. We are working on exciting new offerings for the rest of the year and beyond, which will continue bringing value to our customers and help them make the most of their hard-earned money.”

How does the interest rate compare?

Marcus describes the ISA’s 0.4% interest rate as ‘competitive’.

However, the rate is beaten by Yorkshire Building Society’s instant cash ISA paying 0.45%.

It’s also matched by several other cash ISAs paying 0.4%. These include cash ISAs offered by Nationwide, Paragon, Charter Savings Bank, Leeds Building Society and Marsden Building Society.

Marcus – the savings brand from Goldman Sachs – hit the headlines when it first launched a savings account back in 2018, as it paid a rate of 1.5%, securing top place in the best buy tables. But the same savings account now pays just 0.4%.

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