Goldman offers savers boost

HIGH STREET banks could be forced to pay out more interest on easy access savings after Goldman Sachs launched a 1.5 per cent interest account.

Experts say the account, being made available online today by Marcus, Goldman’s consumer bank, is likely to shake up competition because it easily beats the current market-leading rate.

Savers can open the account with £1, save up to £250,000 and withdraw money however they like with no penalties. The current top rate for such accounts is 1.41 per cent, available from Coventry Building Society.

Savings Champion, the online money expert, said the move would shake up the easy access account market, which currently makes up 81 per cent of all savings, or £731billion.

Tom Adams, of Savings Champion, said he hoped it would “stimulate some increased competition, getting others to up their game and for rates to go up”.

Des Mcdaid, of Marcus, said: “Customers just want a simpler account [to] save for a rainy day and where there are no product restrictions.”