The new rate on the Marcus Online Savings Account is 0.50% AER variable, including the 12-month bonus rate of 0.10% gross. The new rate on the Cash ISA is also 0.50% AER (variable), including the bonus.

Customers who open an Online Savings Account or Cash ISA with Marcus from 30 June will automatically receive this 12-month fixed-rate bonus of 0.10% gross as part of their interest rate.

Existing customers need to opt-in to take advantage of the new bonus rates. They can do this by logging into their account via the Marcus website. The bank is contacting existing customers with either of these accounts over the coming days to let them know that a bonus rate is available to opt into.

The interest rate increase shifts Marcus’ Online Savings Account to the top of the best buy tables for easy access accounts. However, other providers including Charter Savings Bank, Coventry Building Society, Cynergy Bank, ICICI Bank and Virgin Money also pay 0.5%.

The new rate for Marcus’ Cash ISA is competitive but not table topping – it’s beaten by Cynergy Bank which pays 0.54%.

Customers can save between £1 and £250,000 in Marcus’ easy access savings account. For its cash ISA they can deposit between £1 and £20,000 in the current tax year.