Marcus cuts its easy-access price to 4.55% – are there higher choices?

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Marcus will cut the rate on its online easy-access account from Saturday.

The Goldman Sachs-backed bank has hooked in millions of savers in recent years and it has informed customers that on 15 June the rate on its online saver will drop from 4.75 per cent to 4.55 per cent. 

The rate includes a one-year bonus of 0.49 per cent which will remain in place, but the underlying rate is dropping. 

Marcus said if savers wish to close their account, they can manage their account online or shop for a better rate on Marcus’ website.  

Until now, easy access rates have been holding up well against the threat of lower interest rates ahead.

A few providers, including Paragon and Close Brothers, have withdrawn their top-paying accounts or replaced them with lower rates for new savers.

But the Marcus rate — including the 0.49 percentage point bonus which is paid for a year — is dropping from 4.75 per cent to 4.55 per cent.

Interest rates are expected to fall, though perhaps not as soon as economists expected due to disappointing GDP figures for April, which showed 0 per cent growth. 

If the Bank of England does lower the base rate from 5.25 per cent, Marcus could cut the rate again. 

Where to move your money if you want a better rate  

If you have not already opened a cash Isa yet this tax year, you could consider doing so 

Easy-access cash Isa rates have been creeping up over the last few weeks and the best one on the market now pays 5.17 per cent. 

It is offered by Plum* and is an app-based account, so customers need to download its app to get the account. You can start saving with a minimum of £100. 

This Isa does accept transfers in, but bear in mind that if you do transfer in from an existing Isa, the rate drops to 4.29 per cent. 

It also includes a bonus rate of 0.88 per cent for a year, so after 12 months the rate will drop to 4.29 per cent. 

Chip* also has an easy-access Isa which pays 5.1 per cent. 

It has the added bonus of being a flexible Isa, meaning you can withdraw money from your Isa and replace it without losing your Isa limit, so long as you replace it within the same tax year. 

Crucially though, Chip’s Isa does not allow transfers in from other Isas which will be a big drawback for some.  

If you do want to stick with an easy-access savings accounts outside of an Isa, you can find better interest rates than what Marcus is paying. 

This is Money’s best buy tables shows some easy-access accounts are still paying 5 per cent or more. 

Marcus’ rival Chase, which is backed by JP Morgan, currenty offers one of the best easy-access rates at 5.1 per cent. 

This account, like Marcus, is app-based so savers need to download Chase’s app to get the account. 

The rate includes a bonus rate of 1 per cent which is fixed until 16 January 2025 and the underlying rate is a variable 4.1 per cent. 

Savers can begin saving with any amount as there is no minumum deposit required to open an account.  

Meanwhile Oxbury Bank is offering 5.02 per cent on its easy-access account. 

The minimum balance to open the account is £20,000 so it will not be suitable for those with smaller pots. 

A saver putting £20,000 in this account would earn £1,004 interest after a year 

Oxbury Bank has another version of its easy-access account which pays 4.94 per cent interest and the minimum deposit needed is £1,000. 

Both accounts can be opened online and once they are opened they can be managed online or through Oxbury’s app. 

Chip’s* easy-access account pays a rate of 5.01 per cent. It can only be opened by downloading Chip’s app with a minimum of £1 needed to start saving. 

A saver putting £10,000 in this account would earn around £513 interest in a year.