The popular Marcus account by Goldman Sachs bank is re-opening to new savers from today.
It will pay a top 0.5 per cent – more than double what you can earn with the average easy-access deal on offer. Experts hope its re-entry could help revive returns elsewhere.
When the account launched in September 2018, its top rates attracted savers in their droves.
Top rate: The popular Marcus account by Goldman Sachs bank will pay 0.5 per cent – more than double what you can earn with the average easy-access deal on offer
But it closed to new customers in June last year, following a surge in demand after other providers slashed their rates.
At the time, it was paying 1.05 per cent and had attracted some 500,000 savers with balances of £21 billion.
The average rate on an easy-access account currently stands at a historic low of 0.17 per cent, according to Moneyfacts.
This is worth just £17 interest a year on a £10,000 deposit, while Marcus will earn you £50 for the same investment.
Anna Bowes, from Savings Champion, says: ‘This rate will put Marcus into the top spot for simple easy-access accounts. The last time it came into the market, it created quite a stir.’
Rates on easy-access accounts have fallen steadily since National Savings and Investment slashed its rates in November.
In the past couple of weeks, the handful of accounts which were paying 0.5 per cent have disappeared.
On Friday, Aldermore cut the rate on its Easy Access account for new savers to 0.3 per cent. Atom has also cut its rate from 0.5 per cent to 0.37 per cent, while Investec withdrew its Online Flexisaver at 0.55 per cent.
Nationwide pays 0.5 per cent on its One-Year Triple Access Savings, but limits you to making three withdrawals a year.
If you make more, the rate will fall to 0.01 per cent. After a year, it moves your money into an instant-access account, on which it currently pays as little as 0.01 per cent.
Leeds Building Society’s new Limited Issue Online Access account pays a slightly lower 0.4 per cent with no withdrawal restrictions.
But, once again, the rate lasts for only a year before your money is moved into another easy-access account.
Other top rates include Shawbrook, Charter Savings Bank and RCI, which all pay interest at 0.4 per cent.
Big banks pay 0.01 per cent on their easy-access accounts – or just £1 interest on £10,000.
Even if you tie up your money, they still pay a pittance. For example, Barclays pays 0.15 per cent on its one-year bond while Halifax pays 0.2 per cent for two years.
