By 
Interest rates for savers are beginning to rise, as Royal Bank of Scotland (RBS) has launched a new deal paying 1.5pc interest.
The new RBS "Savings Builder" account lets customers take out cash at any time. It will pay 1.5pc in interest on up to £10,000, provided customers pay in at least £50 a month.
Customers can open the RBS account online, in branch or by telephone and can access the account using a mobile app.
It comes weeks after Goldman Sachs’ consumer arm, Marcus, made headlines with a savings deal also paying 1.5pc interest.
However, the Marcus deal has fewer strings attached to how customers can withdraw cash and still get paid 1.5pc interest.
Savers can open the Marcus account with £1, save up to £250,000 and withdraw money in any way they like with no penalties.
When the Marcus deal launched, money experts Savings Champion said the new rate would shake up the easy-access account market and force more banks to pay better rates.
The easy access account market currently makes up 81pc of all savings, or £731bn.
However, an RBS spokesman said the timing of the new account was a coincidence and not meant to copy Marcus.
The spokesman said: “It really isn’t a reaction to that. These things are planned out far in advance.”
RBS has also launched a "Premium Saver" account for those with more savings. This will pay 0.85pc interest for every month a balance of £50,000 to £1m is left untouched.
Comments