Marcus By Goldman Sachs® Set To Enter ISA Charts | moneyfacts.co.uk

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Derin Clark

Derin Clark

Online Reporter
Published: 31/03/2021

Next week Marcus by Goldman Sachs® is set to enter the ISA charts for the first time with an easy access ISA offering a competitive rate of 0.40% AER.

The ISA is set to launch this coming Tuesday, but will disappoint some savers as it is only available to existing customers. For those eligible, the ISA will benefit from the tax-free ISA allowance of £20,000 for the 2021/22 tax year. It can be opened and managed online from a minimum deposit of as little as £1. Once opened there is also telephone support.

Commenting on the launch of the easy access ISA Des McDaid, managing director of Marcus by Goldman Sachs®, said: “Our new easy-access Cash ISA provides our customers with more options to help them save their money - whether that’s saving for a new house, their children’s future, or in case of a rainy day.

“It’s our first new product this year; we are working on exciting new offerings for the rest of the year and beyond, which will continue bringing value to our customers and help them make the most of their hard-earned money.”

Alternative easy access ISAs available

The Marcus by Goldman Sachs® Cash ISA is only available to existing customers, but there are alternative easy access ISAs paying equally competitive rates available to both new and existing customers.

Yorkshire Building Society in fact pays a slightly higher rate than being offered by Marcus by Goldman Sachs® Cash ISA, with its Annual Access Account ISA Issue 4 paying 0.45% AER. Unlike the ISA from Marcus by Goldman Sachs®this ISA only allows one withdrawal day per account year and the ISA reverts to an Easy ISA after 12 months. It requires a £100 minimum deposit to open and the money must be new to the building society. This ISA can be opened in branch or by post and managed online, in branch or by post.

A number of easy access ISAs are currently available in our chart that matches the 0.40% AER being offered by the Marcus by Goldman Sachs® Cash ISA. These include:

  • Nationwide Building Society’s 1 Year Triple Access Online ISA 10, which can be opened online or via mobile app with a £1 deposit. 
  • Paragon Bank’s Triple Access ISA (Issue 3), which can be opened online here with a £1 deposit.
  • Leeds Building Society’s Defined Access ISA which can be opened in branch or via post with a £5,000 deposit.
  • Marsden Building Society’s Branch Cash ISA (Issue 5) which can be opened in branch with a £25 deposit.
  • Yorkshire Building Society’s Six Access e-Saver ISA Issue 5 which can be opened online and to get the rate of 0.40% AER a deposit of £10,000 is needed (a higher rate and lower rate is paid depending on the amount of money deposited).

 

For all the easy access ISAs currently available or to find out more about the ones highlighted, visit our easy access ISA chart.

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