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Derin Clark

Derin Clark

Online Reporter
Published: 19/02/2020

Today Marcus by Goldman Sachs® and SAGA have both cut the rates on their easy access accounts, which offered the best rate on an account that was open to all consumers.

Online Savings Account by Marcus by Goldman Sachs® and Saga Easy Access Savings Account by SAGA have both cut their rates from 1.34% gross to 1.29% gross, with the SAGA account offering a 12-month bonus. As a result, the best rate in the easy access chart without any opening restrictions is now 1.31% gross, which is being paid by Virgin Money on its Double Take E-Saver Issue 14.

What this means for savers

Marcus by Goldman Sachs® and SAGA cutting their rates will come as a disappointment to savers, especially at a time when overall average savings rates continue to fall and savers are opting for the flexibility of easy access accounts over locking their money into fixed accounts. As well as this, these rate reductions might spark more rates being cut as providers are hesitant to stand alone at the top of the easy access chart. As Rachel Springall, finance expert at, explains: “ As we have seen many times before, it only takes a few top deals to be cut within the easy access market to spark a domino effect on the rest of its sector. Savings providers are frequently adjusting their market position, so savers must keep a close eye on the market if they want to take advantage of the top rates available.”

The best alternative easy access accounts

The top rate in the easy access chart is currently 1.35% gross being paid by Ford Money on its Flexible Saver, however this account is only open to existing customers. For savers not already a Ford Money customer, as mentioned above, the best rate is now 1.31% gross being offered by Virgin Money on its Double Take E-Saver Issue 14. This account pays interest yearly and requires just a £1 deposit to be opened, but it can only be opened and managed online. As well as this, this account restricts withdrawals to two per calendar year including closure. There is also a version of this account that pays interest monthly at a gross rate of 1.30%.

While four providers offer the next best rate of 1.30% gross, only Post Office Money® offers this rate on an account that allows unlimited withdrawals without penalty. Its Online Saver Issue 45 pays 1.30% gross yearly, which includes a bonus of 0.80% for 12 months. This account requires a deposit of £1 to open, however it can also only be opened and managed online. There is also a version of this account that pays interest monthly at a lower gross rate of 1.29%.

Both Britannia and Loughborough Building Society pay 1.30% gross on accounts that can be opened in branch. Britannia pays 1.30% gross yearly on its Select Access Saver 11, which requires a deposit of £500 to open. This account pays a lower rate if more than four withdrawals are made per annum. It can be opened online, in branch or by phone and then managed in branch, by post and by phone. Loughborough Building Society pays 1.30% gross yearly on its Future First account, which requires a deposit of just £1 to open. This account restricts withdrawal to four per calendar year. It can be opened and managed in branch and by post. This account is only available to those aged 16 to 25 years old.

The only other account to offer a gross rate of 1.30% is Yorkshire Building Society, which pays this rate on anniversary on its 1 Year Limited Access Saver Issue 3. A £100 deposit is needed to open this account, which can only be opened and managed online. Withdrawals from this account are restricted to one withdrawal day per account year. Savers should be aware that after the initial 12 months, this account reverts to the latest issue of Limited Access Saver.

The best easy access accounts

For a full list of all the rates available on easy access accounts take a look at our easy access chart.


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