Marcus, a division of Goldman Sachs, has increased the interest rate on fixed-rate savings accounts.
MARCUS BY GOLDMAN SACHS has announced that the interest rate on its fixed-rate account will be increased, which is great news for savers.
Marcus by Goldman Sachs is getting more and more popular with British savers. With a variety of options likely to lure depositors, the organization claims it is “turning the interest back into savings.” With interest rates plummeting during the outset of the pandemic, the public’s perception of savings accounts has shifted.
Some savings accounts are offering rates as low as 0.01 percent, which may discourage savers.
However, Marcus’ most recent announcement today may encourage people to be more positive.
The interest rate on the provider’s One Year Fixed-Rate Saver account will be increased to 0.50 percent.
This offer is only accessible to new customers who sign up for Marcus for the first time.
Another significant advantage is that the interest rate will be fixed, giving predictability for depositors seeking to increase their money.
The revised interest rate, which was previously set at 0.40 percent, will be available starting today.
This account’s interest is calculated every day and paid at the conclusion of the term.
Individuals will require a minimum savings amount of £1 to create this account.
This means that this type of account is ideal for folks who are just getting started with their savings.
The maximum amount that can be saved in the One Year Fixed Rate Saver is £250,000 plus interest.
This, once again, provides savings flexibility, allowing individuals to build up considerable sums.
British citizens who want to open this account can do so online, but they must give their own email address and cell phone number.
Savers will not be able to contribute money to this account because it is a fixed rate account.
As a result, savers will have 14 calendar days to add money to their account after opening it, and they will be able to do so as many times as they choose during that time.
Individuals must be 18 or older and a UK resident for tax reasons to open this account, whether in sole or joint names.
Within the length of the Marcus One Year Fixed Saver, no withdrawals are authorized.
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