Marcus by Goldman Sachs® reduce chart-topping rate | moneyfacts.co.uk

Derin Clark

Derin Clark

Online Reporter
Published: 17/04/2020

Both Marcus by Goldman Sachs® and SAGA have reduced the rates on their easy access accounts today, which were offering the best easy access rates on accounts without any opening restrictions.

Marcus by Goldman Sachs now pays 1.19% gross monthly on its Online Savings Account, while SAGA pays the same rate on its Saga Easy Access Savings Account. While the rate reduction on these accounts will be a disappointment to savers there are still some competitive rates available in the easy access charts.

Easy access accounts that beat 1.19% gross

Aldermore offers the best easy access rate in the chart at the moment. Its Easy Access Issue 11 pays 1.25% gross on anniversary, but a £1,000 minimum deposit is needed to open this account. It can only be opened and managed online.

The only other easy access account that pays more than 1.19% gross is Freedom Savings Account from RCI Bank. This account pays 1.20% gross on anniversary and requires a minimum deposit of £100 to open. This account can also only be opened and managed online.

Other options for savers

While easy access accounts provide savers with flexibility and instant access to their money, which is particularly attractive during times of economic uncertainty, for savers able to lock their money away, there are better rates available. For example, savers who are able to give 30 days’ notice before accessing their funds can get a rate of 1.30% gross quarterly on Secure Trust Bank’s 30 Day Notice Account. This notice account requires a minimum deposit of £1,000. It can only be opened online, but can then be managed online and by phone.

Alternatively, savers able to lock their money away for one year can get a rate of 1.60% by choosing a one year fixed rate bond. Bank of London and The Middle East (BLME) pays an expected profit rate of 1.60% gross on its Premier Deposit Account, which requires a minimum deposit of £1,000 to open. This account can only be opened online and then managed by post. Savers should also be aware that a BLME transfer account is needed to open this account. Vanquis Bank also offers a rate of 1.60% gross on its Vanquis Bank Savings one year bond. This account also requires a minimum opening deposit of £1,000. It can only be opened online, but can then be managed online, by post and by phone.

Rachel Springall, finance expert at Moneyfacts.co.uk, said: “The ever-changing market proves that savers must keep a close eye on the top rate tables and apply quickly so that they are not disappointed. It may well be the case amid the Coronavirus pandemic that consumers wish to keep their nest egg close to hand and an easy access account is an ideal vehicle to store it in. As the base rate cuts trickle through the market and economic uncertainties remain, these cuts may continue, so savers would wise to monitor their existing rate and be prepared to switch should it fall drastically. It remains to be the case that the biggest bank brands offer poor savings rates, so challenger banks offering table-topping rates are a much more competitive choice by comparison.”

Disclaimer

Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

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