Marcus By Goldman Sachs Easy Access Rate Rise | moneyfacts.co.uk

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Derin Clark

Derin Clark

Online Reporter
Published: 30/09/2021

Marcus by Goldman Sachs® has increased the rate on its popular easy access savings account to 0.60% AER, joining three* other savings accounts offering this easy access rate.

The 0.60% rate on Marcus by Goldman Sachs®’s Online Savings Account includes a 0.10% bonus for 12 months and does not require a deposit to open. Savers will need a UK mobile number, however, to open this account which pays interest monthly. It allows further additions and unlimited withdrawals but all transactions must be made via a nominated account. The account can be opened online or via mobile app and then managed online, by phone and via mobile app.

Aldermore’s Double Access Account Issue 1, SAGA’s Saga Easy Access Savings Account and Buckinghamshire Building Society’s Single Access Saver all also pay 0.60% AER – however savers should be aware that some of these accounts have restrictions on how many withdrawals can be made. Meanwhile, a slightly higher rate of 0.65% AER is available on Family Building Society’s Premium Saver (4) and Coventry Building Society’s Four Access Saver. More information about these accounts can be found on our easy access savings account comparison chart.

Is competition within the easy access savings account chart increasing?

Although more banks and building societies are offering top rates in the easy access saving chart today, compared to the beginning of the month, no provider has yet to pay a rate above 0.65% AER**. For example, at the start of the month the top rate in the easy access savings chart was also 0.65% AER, but just one provider paid this rate. Again, just one provider paid the second-best rate of 0.60% AER at the beginning of September. This compares to today when two providers now offer the top rate of 0.65% AER and four pay the second-best rate of 0.60% AER.

Despite no provider offering rates above 0.65% AER in the easy access savings chart this month, many high street banks are continuing to pay rock-bottom rates of 0.01% in the chart. As such, savers with an easy access savings account should review their rate and consider switching if there is a better rate available.

 

*Accounts that are not restricted to existing customers only.
**Rates from accounts open to both new and existing customers, higher rates may be available on accounts available to existing customers only.

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