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Beleaguered savers are set to benefit from a new Goldman Sachs easy-access account paying 1.5pc interest, which experts say will force rival banks to pay more, too.
The rate is available today from Marcus, Goldman’s consumer bank.
The market-leading rate easily beats the current top rate of 1.41pc, available from Yorkshire Building Society.
Savers can open the Marcus account with £1, save up to £250,000 and withdraw money in any way they like with no penalties. The account must be opened online by over-18s but can also be managed by telephone.
Money experts Savings Champion said the move would shake up the easy-access account market, which currently makes up 81pc of all savings, or £731bn.
Tom Adams, of Savings Champion, said: “We would hope a new player coming in at this level would stimulate some increased competition, getting others to up their game, and for rates to go up, which is always going to be a good thing for savers.”
David Bicarregui, of Goldman Sachs, said Marcus aimed to be “significant and disrupt the market”.
The current savings market has been characterised by poor rates and deals with too many strings attached, according to Des McDaid of Marcus.
Mr McDaid said: “[Customers] just want a simpler account where they can save for a rainy day and where there are no restrictions on the product. So you’re not having to lock up your money or take the deal that says ‘I can only take my money out on the 3rd Wednesday of the month if it’s a full moon’.”
Many market-leading savings deals launch with great fanfare but are quietly dropped soon afterwards. However, Mr McDaid insisted Marcus was committed to savers for the long term.
He said Marcus would be “consistently competitive” with its rates, and would look to move into fixed-rate savings accounts and cash Isas in the next 12 months.
Goldman Sachs is best known for investment banking, but has been moving into retail banking since 2016.
Marcus is named after the bank’s founder, Marcus Goldman.
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