Marcus takes on fixed savings industry with second UK product

Just 18-months after making a splash in the UK savings industry with its 1.5 per cent easy access savings account (a promotion that ended in December 2019), Goldman Sach’s digital bank Marcus on Friday launched its second savings product.

This time it came in the form of a 1-year fixed savings account with a 1.45 per cent interest rate, making it one of the leading accounts from the ‘big brands’.

Better rates can be found with the likes of OakNorth, Investec or Vanquis Bank, with rates up to 1.6 per cent, but these aren’t names that everyone would be interested in.

“We are committed to offering customers different products to suit different needs and savings goals, particularly during this time of uncertainty,” said Des McDaid, managing director of Marcus by Goldman Sachs and a speaker at the upcoming AltFi London Summit 2020.

“The launch of our 1 Year Fixed Rate Saver provides our customers with more options to manage their finances by allowing them to lock in their rate for a 12-month term.”

Marcus now offers two savings products, this 1-year fixed saver, and its original easy access savings account which now pays 1.3 per cent on savings up to £250,000.