Yes but as we already said above this isnāt the same type of account. Minimum deposit accounts do tend to have slightly higher rates.
Goldman are looking to offer a stocks and shares isa as well. Competition is heating up.
https://www.google.co.uk/amp/s/amp.ft.com/content/145467d6-da1b-11e9-8f9b-77216ebe1f17
Hmm, what am I missing here? Al Rayan bank offer is a better rate than Marcus for amounts greater than Ā£500 and there is no lock-in (is there?). Of course, it is not a guaranteed rate.
Thatās it though isnāt it, itās not guaranteed, it has a minimum deposit. Itās not the same type of account.
I can get accounts with more than 1.5% interest. But there not the same type.
1 year on, tale of the tape :
Despite Marcus is one of the best in its niche market those rates do not beat inflation, do they?
Do people use it because of other reasons like easy-access, FSCS protection, diversificationā¦?
Youāll be hard pushed to find a āno stringsā instant access savings account that beats inflation. Marcus probably the best at present.
No savings account exists currently that beats inflation. (Fixed savers average out under inflation as well generally because of the limit on what you can put in)
Savings accounts are not for investing, theyāre for saving for something like an emergency fund, sofa, or car. They arenāt meant to beat inflation because thereās zero risk.
Marcus changed their T&Cs overnight - now max deposit is Ā£250k (!!), and they can drop interest rate at 14 days notice (previously 2 months).
They must be getting even closer to the limit where theyād need to ringfence their retail banking. Which is what they want to avoid having to do.
It was 250k when they first launched as well. At some stage they lowered it for new accounts and it looks like they have now reversed this.
I hope more cash savings products will include a competitive regular saver
Regular savers are often a loss leader used by banks as a hook to get people to use their current account, thatās why the rates are so attractive. I wouldnāt have thought GS would use this tactic until they offer a current account, their variable rate is one of the best in the market already
Hopefully, Monzo will get their act together now. GS are not to be messed with.
Do the FreeTrade community know of an update on Marcus 1.30%? Will this continue?
There has been nothing posted to customers so it will be at least 14 days before changes are made. Goldman Sachs may be hoping to poach other banking customers before making a cut so it may stay as 1.3% for sometime.
They have their 1 year fixed rate account at 1.45% if your concerned about rate changes.
Their easy access saver is more about eh easy access. As long as itās above 1% itās an excellent instant access savings account imo