Goldman Sachs wields the axe again on popular Marcus account with rate cut to 1.35% for new savers
Goldman Sachs has cut the rate on its Marcus account to 1.35 per cent for new savers
Marcus by Goldman Sachs has today cut its rate to 1.35 per cent for new savers.
It is the first time since the account launched in September last year it has not offered the top easy-access rate.
Shawbrook Bank’s latest issue of its easy access account now has the best rate, at 1.41 per cent. The cut from Marcus is the second in three months, even though the Bank of England base rate has remained at 0.75 per cent.
The savings arm of banking giant Goldman Sachs shook up the market in Britain with the launch of the Marcus account, which then paid 1.5 per cent.
The rate included a bonus of 0.15 percentage points, payable for the first year. A year on, in September 2019, the bank cut the rate to 1.45 per cent, including a 0.1-point bonus for new savers.
The latest 1.35 per cent rate does not include a bonus.
Existing savers will continue to earn the higher rate until their first year in the account is up.
Goldman Sachs has also cut the rate on the Saga, where it is the deposit-taker.
Saga Easy Access was launched on October 2 at 1.4 per cent, including a 0.25-point bonus for a year.
New savers will earn a lower 1.35 per cent, including a 0.2-point bonus.