Rate cut for thousands of Marcus and Saga savers
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.