Banks com­pete to raise sav­ings rates

The Sunday Telegraph - Money & Business - - News And Comment - Sam Barker

In­ter­est rates for savers are be­gin­ning to rise slowly, as the Royal Bank of Scot­land (RBS) has launched a new deal pay­ing 1.5pc in­ter­est.

The RBS “sav­ings builder” ac­count lets cus­tomers with­draw cash at any time. It pays 1.5pc in in­ter­est on sav­ings up to £10,000, pro­vided cus­tomers pay in at least £50 a month.

Cus­tomers can open the ac­count on­line, in branches and by tele­phone and can ac­cess it us­ing a mo­bile app. It comes weeks af­ter Gold­man Sachs’ con­sumer arm, Mar­cus, launched a mar­ket-lead­ing sav­ings deal also pay­ing 1.5pc in­ter­est.

How­ever, the Mar­cus deal has fewer con­di­tions. Mar­cus savers can open an ac­count with £1, and pay in what­ever they like up to £250,000.

An RBS spokesman said the tim­ing of the new ac­count was not meant to copy Mar­cus.

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