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Today, Marcus by Goldman Sachs® reduced the rate on its chart-topping easy access account, which follows just days after Virgin Money did the same with both its easy access accounts.
For savers, this means that now there is just one account offering the top rate of 1.50%. Cynergy Bank offers this rate, which includes a variable bonus currently at 0.75% for 12 months, on Online Easy Access Account – Issue 24, which had its opening restrictions removed on Tuesday. Savers looking to benefit from this top rate should act quickly as the bank could quickly follow Marcus by Goldman Sachs® and Virgin Money by reducing this rate soon.
With its rate reduction, Marcus by Goldman Sachs® is now paying 1.45% (AER), including a 0.10% bonus for 12 months, on its Online Savings Account, while on Friday Virgin Money dropped its 1.50% rate to 1.43%, which is available on its Double Take E-Saver Issue 11 and Man Utd Double Take E-Saver Issue 6.
Another noticeable change this week came from Charter Savings Bank, which launched a range of accounts at the end of last week, including a chart-topping one year fixed rate ISA offering a rate of 1.62%. While this ISA is still available, just four days after launch the bank withdrew its 18 Month Fixed Rate Bond, 18 Month Postal Fixed Rate Bond and 2 Year Fixed Rate Cash ISA. It is likely that the withdrawal of these accounts from the market was due to the bank reaching the maximum deposits it required.
These sudden rate reductions and the quick withdrawal of products could signal the start of a trend in rate reductions across the savings chart, in which case savers looking to take advantage of the top rates currently available should act quickly so that they don’t miss out.
With the likelihood of savings rates falling over the next few months, many savers may consider putting their money into an NS&I premium bond instead. At the moment the top savings rates continue to offer more competitive rates than premium bonds, which means that, for most, savings accounts still offer a better return on money deposited. Saying this, depending on how much savings rates fall, savers in the near future could consider premium bonds as a better option for their savings.
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