The Daily Observer London Desk: Reporter- Kathryn Williams
Popular online bank, Marcus, by Goldman Sachs, is boosting the interest rates on both its easy-access savings deals.
From today, the interest rate on its online savings account and cash Isa will rise from 2.8 per cent to 3 per cent.
However, the rate is still only the 19th best in the market – a far cry from the market-beating rates Marcus offered when it launched back in September 2018.
Even getting that 3 per cent rate requires savers to opt into a 12-month fixed ‘bonus’ rate of 0.25 per cent, however, or they will only earn 2.75 per cent.
Getting a top-up: Marcus has boosted its savings rates, but these are still some way off the best buys
With the bonus included, it means someone stashing £10,000 into either account could expect to earn £300 in interest over the course of a year.
For those putting down big deposits, cash is protected up to £85,000 per individual by the Financial Services Compensation Scheme and in the case of joint savings accounts that doubles to £170,000.
