You are here: Home - Saving & Banking - News -

Marcus opens ISA to new customers

Written by:
Marcus has extended access to its cash ISA to new customers.

The bank from Goldman Sachs launched its first cash ISA at the end of March, a move which it had long promised. Crucially however the ISA was limited to only savers who already had a Marcus savings account.

However, the bank has now expanded access to include savers who are new to Marcus.

What do I get from a Marcus cash ISA?

The Marcus cash ISA is an easy access ISA, so you can make withdrawals whenever you like without having to pay any fees or sacrifice interest.

It pays a rate of 0.40% AER, and can be opened from just £1. Savers are able to use all of their £20,000 ISA allowance with the account.

A spokesperson for Marcus said: “We are pleased to extend the availability of our cash ISA to new customers, as well as existing account holders, as of today. Our cash ISA is an easy-access ISA with a competitive interest rate of 0.40% AER, with no fees or charges. We closely monitor the deposits we hold, so phased the launch of our cash ISA by offering it to Marcus customers initially, before expanding to new customers from today.”

Is the Marcus cash ISA any good?

While the Marcus cash ISA is indeed competitive, it’s certainly not market leading.

According to Moneyfacts, the financial information site, the top easy access cash ISA currently is the annual access account from Yorkshire Building Society, which pays a rate of 0.45% AER. However, as the name suggests, this account only permits one withdrawal per calendar year.

Paragon Bank offers an ISA paying 0.41%, while there are then a host of rival ISAs paying 0.4% from the likes of Nationwide Building Society, Leeds Building Society and Charter Savings Bank.

Marcus has garnered plenty of attention since its launch back in 2018, frequently hitting top spot in the best buy tables. It is set to launch its own investment platform later this year.

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Everything you need to know about being furloughed

Few people had heard of ‘furlough’ before March 2020, but the coronavirus pandemic thrust the idea of bein...

The savings accounts paying the most interest

If one of your jobs this month is to get your finances in order, moving your savings to a higher paying deal i...

Coronavirus and your finances: what help can you get in the second lockdown?

News and updates on everything to do with coronavirus and your personal finances.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Money Tips of the Week

Read previous post:
The firms that promise to drop off your groceries in 15 minutes

The last year has seen huge numbers of us rely on delivery and click and collect services when it comes...