Got a Marcus easy-access account? 100,000s can boost their savings by 0.1% but you’ll need to act – MoneySavingExpert

by MoneySaverExpert

Marcus offers two easy-access savings products – a standard savings account where any interest earned counts towards your Personal Savings Allowance (though the majority of UK savers won’t be affected by this), and a cash ISA, which is a tax-free savings account where deposits are restricted to £20,000/yr.

Both accounts let you make unlimited withdrawals without being penalised. They previously paid 0.4% but this has risen to 0.5% this week for new customers, though existing customers may also be able to get the higher rate too (see below). For more info on the different types of savings account, plus our best buys, see our Top Savings and Top Cash ISAs guides.

Already a Marcus saver? How to boost your rate to 0.5%

Crucially with Marcus savings you’re paid an underlying rate of interest (currently 0.4%) but can also sometimes get a bonus rate on top for 12 months. Right now, anyone with Marcus savings can get the bonus rate which adds 0.1% to the interest you earn, taking it to 0.5% in total.

If you’ve already got the bonus, which you may do depending on when you signed up, you’ll already be earning 0.5% and will continue to get the bonus until 12 months after you first got it. If you don’t already get the bonus though, you can now get it with a few clicks – here’s how: 

  1. Log in to your Marcus account in the normal way.
  2. Click ‘View’ next to the account name. This will show you if you’ve already got an active fixed bonus, and when this will expire.
  3. If you don’t have the bonus already, select ‘Review your savings’. You’ll find this under ‘Bonus rates’ (at the bottom left on desktop).
  4. Click ‘Renew your bonus’. You’ll then receive confirmation that the bonus has been added and your rate will be upped to 0.5%. 

Eligible existing customers will also be contacted over the next few days by Marcus with information on the new fixed bonus.

New Marcus saver? You’ll automatically get the bonus rate 

If you open a new Marcus savings account (or have since 1 July) you’ll automatically get the 0.1% bonus. That means you’ll earn 0.5% for now, and even if Marcus lowers the rate of these accounts, which is variable, you’re guaranteed interest of at least 0.1% for a year. Keep an eye on the rate though as if it does drop you may be able to beat it, and diarise to check again in 12 months when the bonus comes to an end. .

Marcus’ savings and ISA accounts are both best buys

If you want a normal savings account with instant and unlimited access to your cash, Marcus is currently our top pick with its rate at 0.5%, including the 0.1% bonus. While other providers also pay this interest rate, none have the benefit of big-name backing like Marcus does. The account can be opened online with £1. 

When it comes to easy-access cash ISAs, Marcus can only be beaten by one account – Cynergy Bank, paying 0.54%. Both Cynergy and Marcus’ ISA accounts can be opened online with £1. 

But while standard easy-access savings rates have gradually begun to recover following a recent slump, they still pay very little compared to other types of savings accounts. There are a couple of special accounts for small amounts of money that can pay up to 2%, for example – you can find out more in our Easy-Access Savings guide. You can also get a better rate if you consider fixing, with up to 1.66% available over five years – see Top Fixed-Rate Accounts for further details.

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