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Rate cut for thousands of Marcus and Saga savers

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17/04/2020
Thousands of Marcus and Saga customers will see the rate on their easy access account fall next month while for new sign ups, the lower rate kicks in today.

Marcus, the retail arm of US banking giant Goldman Sachs has cut the rate on its easy access account from 1.3% to 1.2%.

The change is effective from today for new customers opening the account. For existing customers, the rate reduction takes place on 7 May.

The challenger has cut the rate three times in recent months after bursting onto the British savings scene in September 2018 with a market-leading rate of 1.5%.

But it’s been massively popular with Brit savers as Marcus has amassed more than 500,000 customers with £17bn in deposits in its easy access product and recently launched one-year fixed saver offering 1.45%.

Saga, which partners with Marcus to offer savings products, has also cut the rate on its easy access account to 1.2%, which includes a 12-month bonus of 0.2%.

It follows a similar move by Virgin Money which paid a table-topping 1.31% on its double take e-saver before slashing the rate to 1.01% last week.

Since the Bank of England cut the base rate twice to an unprecedented low of 0.1%, banks have slashed their offerings on savings accounts.

However, the top paying easy access account now is offering 1.25% (Aldermore) while Vanquis Bank offers 1.6% on it’s one-year fixed rate bond.

Investec’s 95-day notice plus account offers 1.6%, showing that despite the base rate cut, there are some good savings rates available.

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