Marcus by Goldman Sachs launched in the UK with an easy-access savings account last year, on September 27. At the time, the new online bank offered savers an interest rate of 1.50 per cent AER. This variable included a 12 month bonus rate of 0.15 per cent. The account, which is managed online, was available to UK residents who are 18 or older, savers can deposit from £1 to £100,000. According to YourMoney, a staggering 50,000 people opened an account in the first two weeks.
According to Marcus by Goldman Sachs, 300,000 customers have now opened a Marcus account in the UK.
Those who opened an account at launch would today see their 12-month bonus rate come to an end.
As such, the interest rate for these savers would drop to 1.35 per cent.
Marcus by Goldman Sachs are offering savers an interest rate of 1.45 per cent AER (variable).
This includes a 0.10 per cent for the first 12 months, if they applied for an Online Savings Account from September 4, 2019.
However, existing customers are able to access the current top rate, should they wish to.
It’s said that this can be done by logging into their online account and following instructions to renew the bonus rate.
Marcus by Goldman Sachs told Express.co.uk that when an existing customer’s bonus rate approaches the end of its term, they will remind them to log into their online account, in order to check if there is a new bonus rate on offer.
Should the existing customer’s bonus have expired, then they will have the chance to opt into any bonus rate which is currently on offer.
They can do this by logging into their account, viewing the interest rate available under the “account details” section and following the instructions to add the new bonus rate onto their account.
This means that, as at September 27, 2019, a customer renewing their bonus today would receive 1.45 per cent AER variable, including a 12-month bonus rate of 0.10 per cent.
A Marcus spokesperson told LoveMoney: “One of the key benefits of opening an account with Marcus is that all customers – both new and existing – have the opportunity to get our best available interest rate on their savings.”
Earlier this month, Rachel Springall, Finance Expert at Moneyfacts.co.uk, commented on the latest product offered by Marcus by Goldman Sachs.
She said: “Joining the trend of rate cuts within the easy access market this week is Marcus by Goldman Sachs®, cutting its lucrative rate by 0.05 per cent.
“Savers searching for an instant access account will still find this deal to be highly competitive in the present market, despite the reduction in rate.
“The rate includes a small bonus of 0.10 per cent for 12 months, and savers will need to have a UK mobile phone number to apply.
“The deal earns an Excellent Moneyfacts product rating in the process.”