More pain for savers as Goldman Sachs cuts bonus rate

SAVERS hunting for the best rates on easy access accounts have been dealt a blow by the Goldman Sachs-backed savings provider Marcus.

New applicants will no longer receive the bonus introductory rate of 1.45 per cent.

Instead, the bank will offer the standard 1.35 per cent that existing customers revert to 12 months after open- ing an account.

When it was launched in September 2018, Marcus boasted a market-leading rate of 1.5 per cent – including a bonus of 0.15 percentage points – which was cut to 1.45 per cent in September.

Anna Bowes, of Savings Champion, the comparison site, said that the re- moval of the bonus was “disappointing” and would see Marcus drop out of the site’s best buy tables for the first time since it launched. She said: “People looking for a new easy access account may no longer want to choose Marcus as there are other better accounts out there.

“[When it launched] it had the effect of bringing other providers up to the same level, although the rate was rarely beaten. Savers need to keep an eye on the rate they are getting and those who already hold the account should log in and check it is still competitive.

“It’ll be interesting to see if this move instigates other providers to follow suit and cut their rates – and it will be a blow to long-suffering savers if they do.”

However, she said it would be wrong to dismiss Marcus due to its ease of use.

The change, which has been made due to a reduction of rates across the market, will not affect anyone who opened an account before Dec 18.