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Marcus opens ISA to new customers

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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.

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