Savers willing to lock their cash away can now earn 4.55% for one year after Marcus, a savings account by Goldman Sachs, boosted its fixed term savings rate.
The rate makes it one of the best fixed-rate savings accounts on the market, but the deal is only available for a limited time.
Savers can put up to £250,000 in the account. Note that a maximum of £85,000 is protected per person, per banking licence under the FSCS.
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Withdrawals are not allowed – you can close the account early but it comes with a fee.
If you were to put £1,000 into the account, you would be able to withdraw £1,045.50 at the end of the term, according to Marcus.
Research by Marcus found 27% of UK savers have been shopping around for better rates on their savings following cuts to interest rates by the Bank of England.
Rob Basinger, head of product and marketing for Marcus, said he’s “excited to announce this market leading rate at a time when a strong, stable return is important for savers”.
“This new offer reflects our ongoing effort to constantly review movements in the market and offer competitive products that support our customers in reaching their financial goals,” he added.
Half a trillion pounds has been left languishing in zero or low interest paying current and savings accounts, affecting over 55% of adults in the UK, Spring Savings by Paragon Bank said earlier this year.
With more than one in two people holding an account where their money isn’t working as hard as it could be, savers would be wise to look at the best savings accounts on the market right now (offering up to 5% interest) as well as the best cash ISAs.
The maximum savers happy to lock their money away in a one-year fixed-term savings account can get in interest is 4.55%, as offered by Marcus and also by Cynergy Bank.
How to access Marcus’s 4.55% saver
You can access the market-leading savings account via Macus’s website. You must be a UK resident and aged 18 or older.
You will need to provide an email address and phone number, and you can manage the account online once it is open.
You can pay a maximum of £250,000 into the account. You can only add money into the account within the first 14 calendar days from account opening.
You can make as many payments as you like during this period, but you must pay in at least once to keep the account open.
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