Marcus by Goldman Sachs today announces a new, table topping rate2 for its 1 Year Fixed Rate Saver account, offering savers 4.55% AER/gross (fixed). This rate, which elevates the 1 Year Fixed Rate Saver from Marcus by Goldman Sachs to a market leading position3, will only be available for new 1 Year Fixed Rate Saver account applications from 27 June and reflects their continued commitment to offering value to savers.
It also reflects growing changes in UK saver behaviour. New research4 from Marcus by Goldman Sachs reveals that more than two thirds of UK savers (68%) are aware savings rates have decreased in the last 12 months, following Bank of England rate cuts. As a result of these cuts, 27% have been shopping around for better rates, and 21% are more likely to consider a fixed rate product.
The research shows that 30% of UK savers have moved their savings from one type of account to another since June 2024, with an additional 25% planning to in the future. The most common pattern amongst those who have moved money is switching away from easy access savings accounts (31%), and moving into cash ISAs (26%) and fixed rate savings accounts (25%). The biggest driver of switching between product-types is to gain higher interest rates (49%), underscoring the importance of rates to consumers in the current climate.
“We’re excited to announce this market leading rate5 at a time when a strong, stable return is important for savers,” said Rob Basinger, Head of Product and Marketing for Marcus by Goldman Sachs. “Our new research shows a shift in switching behaviour over the past year with UK consumers, in search of the right savings product for them. This new offer reflects our ongoing effort to constantly review movements in the market and offer competitive products that support our customers in reaching their financial goals.”
The new rate from Marcus by Goldman Sachs marks an improvement from the current 4.15% AER and is fixed for the full 12-month term. This change applies only to Fixed Rate Saver accounts opened on, or after 27 June 2025. Accounts opened before this date will remain at the existing rate. Marcus by Goldman Sachs’ 1 Year Fixed Rate Saver is available to both new and existing customers; however, each customer can only hold one sole or joint 1 Year Fixed Rate Saver at a time. This new rate is available for a limited time and may be withdrawn at any time. Marcus also offers a Cash ISA and Online Savings Account.
