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

Marcus savings account re-opens paying 0.5%

Written by: Emma Lunn
The easy access account from Goldman Sachs bank has re-launched to new savers from today, after closing in June last year.

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.”

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.

Seven ways to get help with energy bills this winter

We knew today’s announcement was going to be painful, but it’s still a shock to the system. When this kick...

Flight cancelled or delayed? Your rights explained

With no sign of the problems in UK aviation easing over the peak summer period, many will worry whether holida...

Rail strikes: Your travel and refund rights

Thousands of railway workers will strike across three days this week, grinding much of the transport system to...

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.

DIY investors: 10 common mistakes to avoid

For those without the help and experience of an adviser, here are 10 common DIY investor mistakes to avoid.

Mortgage down-valuations: Tips to avoid pulling out of a house sale

Down-valuations are on the rise. So, what does it mean for home buyers, and what can you do?

Five tips for surviving a bear market mauling

The S&P 500 has slipped into bear market territory and for UK investors, the FTSE 250 is also on the edge. Her...

Money Tips of the Week