Marcus slashes easy access savings rate again to 1.05%

Goldman Sachs is firmly ceding its position as offering the UK’s best easy access savings account through its Marcus brand, with its interest being slashed again from 1.2 per cent to 1.05 per cent.

The move comes less than a month after Marcus made its last cut from 1.3 per cent to 1.2 per cent on 17 April, and is in response to the tumbling Bank of England base rate.

In March Des McDaid, managing director of Marcus by Goldman Sachs, announced the launch of a 1-year fixed savings account with a 1.45 per cent interest rate—at the time ranking it among the best ‘big brand’ accounts.

However, Marcus removed this fixed savings account from its offering a few days ago.

“Following the Bank of England’s reduction to the base rate, savings rates across the market have continued to fall,” the bank said in a statement.

“We’re committed to remaining consistently competitive, but we do need to respond to changes like this.”

With interest rates at historic lows, saving has never been less fruitful, as we’ve also seen in Australia where high-interest digital challengers were forced to dial back their offerings.

According to Money Savings Expert, the best easy-access savings account is currently RCI Bank, at 1.2 per cent, and the best 1-year fixed saver is Habib Bank Zurich, via Raisin, at 1.55 per cent.

How long these rates last, however, is anyone’s guess.