Marcus, the online bank from Goldman Sachs has announced an increase to the savings rate on both its easy-access savings account and cash ISA. New customers can access the increased rate, which now stands at 1.3% AER and includes a bonus of 0.25% AER which is fixed for the first 12 months. Importantly, existing customers can also take advantage of the bonus by boosting their existing rate by 0.25% AER which will be fixed for 12 months. Instead of the bonus being applied automatically, existing Marcus customers have to add the bonus to their account either via the website or app. We explain how to do this below.
How to claim the 0.25% bonus rate with Marcus
Marcus stated on its website that customers can "take advantage of this new fixed-rate bonus as long as it’s available" so it would be wise to act soon so that you don't miss out. We explain the two ways to claim the additional 0.25% fixed-rate bonus below.
Claim the 0.25% bonus rate with Marcus using a web browser
- Log in to your existing Marcus account
- Click on 'view' next to your account and you will be able to see your account activity
- Scroll down to the 'review your savings' option. Then look for where it says 'Bonus rates'
- Check that you are happy with the bonus and expiry date
- Select 'renew your bonus' to accept the 0.25% bonus
Claim the 0.25% bonus rate with Marcus using the Marcus app
- Sign in via the app and go to your existing Marcus account where you can see your balance and transaction history
- Click on the three dots in the top right of the screen
- Select 'view bonus options'
- Review the bonus and expiry date and accept
How to get the best savings rates
While the increased savings rate of 1.3% AER offered by Marcus is one of the best easy access savings rates on the market, there are better deals available. Virgin Money currently offers a market-leading rate of 1.56%* AER for its easy access savings account and Cynergy Bank is currently offering a rate of 1.31%* AER for its variable rate cash ISA. Savings rates continue to improve in response to the Bank of England raising its base rate, with many banks and building societies keen to attract new customers. At Money to the Masses, we regularly monitor and update the best savings products across the UK market and you can see the best deals by checking out our best-buy savings tables.
*Savings rates correct at the time of writing - 15/06/2022