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Market-leading Goldman Sachs account toppled by new deal paying 1.55%

Paloma Kubiak
Written By:
Paloma Kubiak
Posted:
Updated:
29/10/2018

The Nottingham Building Society has launched a market-leading easy access account paying 1.55%, knocking Marcus by Goldman Sachs from the top of the best buy tables. But you’ll need £1,000 to take advantage.

The eSaver Instant Issue 9 easy access account pays 1.55% – 0.05% more than the Marcus deal.

You need at least £1,000 to open an account, whereas Marcus requires a minimum deposit of £1.

The Nottingham account can only be opened and managed online and the maximum balance is £250,000.

Interest is paid annually on 1 October so based on £1,000 being deposited today, savers would earn £15.50 in a year.

The account allows unlimited withdrawals, and couples are able to open an account each, as well as a joint account. The only requirement is that for joint accounts, both customers need to provide a different email address and mobile number.

Savers must also hold an account with another bank or building society for money transfers and the eSaver account must have a minimum balance of £1,000 at all times.

The Nottingham’s offer is variable so the rate can be changed at any time. It said there’s no limit to how many people can open the account, though it will be monitoring applications.

Marcus knocked off its perch

Today’s launch knocks Marcus by Goldman Sachs from the top of the best buy tables, where it had sat comfortably with its 1.5% offering for a month.

Apart from the minimum opening deposit, the other important difference between the two accounts is the Marcus deal includes a bonus of 0.15% so after 12 months, the rate drops to 1.35%.

In the first two weeks of launch, Marcus attracted 50,000 savers, so this new offer from the Nottingham is also likely to prove popular.

Tom Adams, head of research at independent savings advice site, Savings Champion, said: “Up to now, we have seen a number of improvements to easy access rates, but nothing that came close to toppling Marcus from its prime position at the top of the table. However, Nottingham Building Society has finally surpassed the challenge of Marcus – and by a significant margin by today’s standards, where we are more used to seeing providers pipping each other to the post by the smallest possible margins.

“So, with upward movement to rates in general in the savings market, there is good news for savers and perhaps a light at the end of the tunnel for the historically low interest rate environment that we continue to suffer in.”

However, Adams said given previous popular deals, savers may need to act fast to secure the best deal as some offers have been pulled within days. But if other providers up their game, rates could be pushed up even further.