Marcus savings account re-opens paying 0.5%
Marcus’ Online Savings Account will pay a variable rate of 0.5%, making it an easy access best buy.
The account initially launched in September 2018 paying a headline grabbing 1.5%. But a series of rate cuts meant it was paying just 1.05% by last summer.
Goldman Sachs blocked new savers from opening the account in June 2020, after being flooded with applications from savers looking for a decent rate. At the time, it had attracted about 500,000 savers with balances totalling £21bn.
In September 2020 it cut the underlying interest rate for existing customers from 1.05% to 0.7% AER.
The re-launched account matches the best easy access accounts on the market.
Yorkshire Building Society’s Annual Access Account and Nationwide Building Society’s 1 Year Triple Access Online Saver 10, both also pay 0.5%.
Aldermore Bank withdrew its unrestricted easy access account, paying 0.50% AER, last week.
The average rate on an easy-access account currently stands at a historic low of 0.17%, according to Moneyfacts.
A £10,000 deposit would earn just £17 interest a year with the average account – but £50 with Marcus.
Eleanor Williams, finance expert at Moneyfacts said: “Savers hoping to keep flexible access to their savings pot may be pleased to see that Marcus by Goldman Sachs has relaunched its Online Savings Account this week. Paying a very competitive 0.50% monthly, this account assumes a position towards the top of the table when compared against other similar easy access accounts currently on the market.
“While unlimited withdrawals and further additions are possible, investors should note that all transactions must be made via a nominated account. The account secures an Excellent Moneyfacts product rating.”