Savers switch to new ac­count Mar­cus

Yorkshire Post - - MONEY -

BRI­TAIN’S BIG banks, which have long been able to shrug off com­pe­ti­tion from start-ups, have been spooked by an ac­count launched just six weeks ago by Gold­man Sachs that pays savers con­sid­er­ably more.

One of the banks ad­mit­ted pri­vately that it has seen a spike in savers switch­ing to the new ac­count, which has been named Mar­cus.

Oth­ers have launched new ac­counts or raised rates to try to nip the new ac­count in the bud.

Savers have be­come ac­cus­tomed to pay­outs of one per cent or less thanks to rock-bot­tom cen­tral bank rates, but the launch of Mar­cus with a 1.5 per cent rate on Septem­ber 27 has shaken things up. Google searches for “sav­ings ac­count” hit a five-year peak in Bri­tain in the week of the Mar­cus launch, ac­cord­ing to a Reuters anal­y­sis of data from Google trends.

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