Marcus, the popular app-based bank from Goldman Sachs, has boosted interest rates on its online savings account, cash Isa and one- year fixed rate saver.
From today, the rate on its online savings account and cash Isa has increased from 4 per cent to 4.3 per cent. This rate includes a 12-month fixed bonus of 0.34 per cent.
The interest rate on its one-year fixed rate saver has also increased from 4.5 per cent to 4.8 per cent.
Boosted again: Marcus, the app-based bank backed by Goldman Sachs has upped rates to 4.3% on its easy access and cash Isa accounts
This marks the eighth time in a year the app-based bank has upped rates, as it tries to keep pace with a flurry of rises from its competitors.
The new rate on its online savings account and cash Isa will be available to new and existing customers from today. The underlying rate will increase automatically for existing customers.
A saver putting £10,000 in either of these accounts can now expect to earn £430 of interest over the course of a year, if rates remain the same.
The new rate on its one-year fixed rate saver is only for new customers who open an account on or after 3 August 2023.
Marcus customers could still earn more interest on their savings elsewhere, however, as there are currently 17 easy-access providers that pay a higher rate than 4.3 per cent.
The best easy-access deal available on the market is currently offered by Shawbrook Bank, paying 4.63 per cent.
Savings rates are likely to improve across the market following the Bank of England’s base rate announcement later today, as the bank is widely expected to push the rate to 5.25 per cent.
A spokesperson from Marcus said: ‘We’re pleased to have increased our interest rates following recent movements in the wider savings market. We are committed to offering competitive interest rates to our customers.’
What’s in the fine print?
Marcus accounts can only be opened and managed online, and any money paid in or out must be transferred via a linked UK current account.
In terms of the online savings account, new customers can open it with just £1 and can deposit up to £250,000.
Bear in mind that the FSCS only protects savings deposits up to £85,000 per person, or £170,000 in the case of joint accounts.
Savers can add and withdraw money as and when they want, but there is a withdrawal limit of £20,000 a day online. There is an option to call in if you need to withdraw more.
It’s also worth noting that the account can be opened jointly by two people, but an existing Marcus customer can’t convert their account into a joint one.
Those opting for the cash Isa deal can deposit up to £20,000 this tax year as per the maximum Isa allowance.
One major drawback is that Isa savers can’t transfer funds from an existing Isa with another provider to Marcus.
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