Marcus By Goldman Sachs Halts Easy Access Account | moneyfacts.co.uk

Derin Clark

Derin Clark

Online Reporter
Published: 10/06/2020

Today the savings market took a hit as Marcus by Goldman Sachs® has announced that it is temporarily not accepting applications for its easy access account, showing the need for savers to act quickly to secure the best remaining deals.

Marcus by Goldman Sachs® made headlines when it first entered the UK savings market in 2018 with the launch of its Online Savings Account, which at the time of its launch paid a market-leading rate of 1.50% AER. While the account has seen rate reductions over the last few years, it has continued to offer one of the best rates in the easy access savings chart, paying 1.05% AER at the time of its withdrawal.

The fact that the Marcus by Goldman Sachs® Online Savings Account has remained one of the best-paying accounts in the easy access chart will mean that its halt from applications will come as a huge blow to savers and could see other top-paying providers withdraw accounts. As Rachel Springall, finance expert at Moneyfacts.co.uk, explained: “This is disastrous news for suffering savers who are already facing an onslaught of rate cuts across the market. Savers need to act fast to snap up the best rates, as not only are cuts occurring, lucrative offers are being pulled too. The average easy access rate on the market has dropped to a record low of 0.30% and may well fall further in the weeks to come.”

The best easy access accounts

At the moment rates are falling fast on easy access accounts, so savers looking to get the best deals need to act quickly. Cynergy Bank currently tops the easy access chart with its Online Easy Access Account – Issue 29 paying 1.25% AER, which includes a 0.60% bonus for 12 months, however this account is only available to existing customers.

The best easy access rate on an account without opening restrictions comes from National Savings & Investments, which pays 1.16% AER on its Income Bonds. The only other easy access account to pay above 1.10% is from Family Building Society, which pays 1.13% AER on its Market Tracker Saver (1).

Apart from the accounts highlighted already, there are just four accounts that now pay above 1.00% in the easy access chart. Family Building Society pays 1.06% AER on its Online Saver (2) and 1.01% AER on its Branch Saver (3). RCI Bank UK pays 1.05% AER on its Freedom Savings Account and 1.04% AER on the version of its Freedom Savings Account that pays interest monthly.

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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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