The American investment bank Goldman Sachs may not be somewhere you’d think of going to open up a savings account.
But its new Marcus account, (named after one of the bank’s founders), has been topping the ‘best buy’ tables as it pays 1.5% a year on savings from £1 up to a whopping £250,000.
The account’s been available for a couple of weeks and right now it tops the list of ‘Easy Access’ accounts at Moneyfacts beating Tesco into second place which has a 1.4% rate.
So here’s five things you need to know about Marcus
It’s an ‘easy access’ account. This means you can pay in and withdraw your money as many times as you like. No limits on withdrawals and you can save from just £1.
It’s a variable rate, so it can go up as well as down and the 1.5% rate includes a 0.15% bonus for the first year.
It’s online and phone based.
No hoops to jump through with any regular payments, direct debits or the like.
Your savings are safe to the tune of £85,000 under the Financial Services Compensation Scheme