Boost for savers as Marcus raises easy access savings and cash Isa rates

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Popular online bank, Marcus, by Goldman Sachs, is boosting the interest rates on both its easy-access savings deals.

However, the rate is still only the 19th best in the market – a far cry from the market-beating rates Marcus offered when it launched back in September 2018.  

Even getting that 3 per cent rate requires savers to opt into a 12-month fixed ‘bonus’ rate of 0.25 per cent, however, or they will only earn 2.75 per cent.

With the bonus included, it means someone stashing £10,000 into either account could expect to earn £300 in interest over the course of a year.

For those putting down big deposits, cash is protected up to £85,000 per individual by the Financial Services Compensation Scheme and in the case of joint savings accounts that doubles to £170,000.

The account can only be opened and managed online and any money paid in or out must be transferred via a linked UK current account.

New customers can open an account with £1 and can deposit up to £250,000.

Source of data and images: dailymail

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