Existing savers will cut their interest rate from 0.5% VRE, which was a best buy rate, to 0.4% VRE from April 1st. Customers are currently being informed of the change and given a period of at least 14 days. Starting today (March 16), new customers who apply for the account will receive the lower AER rate of 0.4%.
The price change applies to all Marcus savers, regardless of whether they have previously benefited from a bonus. Marcus says it removed its bonus rate in December 2019, with all existing bonuses ending through December 2020.
Despite the interest rate cut to 0.4% VRE, Marcus is still the best really accessible savings account for those looking to open and manage their money online. UBL UK pays a slightly higher rate of 0.45% VRE, although you are limited to one withdrawal per month and need to open your account by mail or branch.
The easy access rates have dropped sharply in recent months, although there are some special accounts for small amounts of money that can pay up to 2%. For more information, see our easy-access savings guide. You can get a little more bang for your buck if you consider a fix. For more information, see our guide to Top Fixed Income Accounts.
The Marcus Account, operated by investment banking giant Goldman Sachs, has consistently offered one of the best easy access savings rates since its launch in September 2018 at a market leading rate of 1.5% VRE, including a fixed rate bonus of 0.15% for 12 months.
But its rate has steadily decreased over the past two and a half years. At the beginning of October 2020, the AER was 1.05%. However, on October 12th this fell to 0.7% AER and on December 11th to 0.5% AER.