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Savers have not been treated to a rapid increase in rates since American investment bank Goldman Sachs launched its market-leading easy-access accounts.
People putting money aside have been punished with rock-bottom rates for the best part of a decade, much lower than the rate of inflation. When Goldman Sachs launched its account at the end of September, called Marcus and paying 1.5pc, experts hoped it would lead to a surge of rate increases.
However, data from switching site Moneyfacts has revealed that the average easy-access rate has only increased by 0.4 percentage points since the introduction of Marcus – from 0.6pc to 0.64pc.
There is some good news for savers, however, in that 20 banks and building societies have launched new accounts in the past month, many paying higher rates than before. RBS has also launched an account matching Marcus.
Tom Adams, of Savings Champion, the advice service, said that in an ideal world a new market leader would have been launched. Nottingham Building Society did briefly launch a new top-paying account, but it was withdrawn two days later.
Mr Adams said: “While we were hoping that the eye-catching move by Marcus would have much more of an impact on the easy-access market and the average rates, there is some cause for optimism as a number of providers have upped their game in recent weeks.”
Charlotte Nelson, of Moneyfacts, said: “The launch of Marcus by Goldman Sachs made providers sit up and take note. Many have tried to compete with the brand in the easy-access market however it is proving a force to be reckoned with.”
She also pointed out that some challenger banks have begun to increase savings rates. Digital bank Monzo introduced its first saving account, paying 1pc, last week.
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