Marcus will reduce its easy access rate to 4.55% – are there better options now?

The products presented in this article are independently selected by This is Money’s specialized journalists. If you open an account using links that have an asterisk, This is Money will earn an affiliate commission. We do not allow this to affect our editorial independence.

Marcus will reduce the rate in his easy-access online account starting Saturday.

The Goldman Sachs-backed bank has attracted millions of savers in recent years and has informed customers that on June 15 the rate on their online savings will drop from 4.75 percent to 4.55 percent.

The rate includes an annual bonus of 0.49 percent that will remain the same, but the underlying rate is falling.

Marcus said if savers want to close their account, they can manage it online or shop for a better rate on Marcus’ website.

So far, easy access rates have held up well to the threat of lower interest rates in the future.

Some providers, including Paragon and Close Brothers, have withdrawn their higher-paying accounts or replaced them with lower rates for new savers.

But the Marcus rate – including the 0.49 percentage point bonus paid over one year – is falling from 4.75 percent to 4.55 percent.

Interest rates are expected to fall, although perhaps not as soon as economists expected due to disappointing April GDP numbers, which showed 0 percent growth.

If the Bank of England lowers the base rate from 5.25 percent, Marcus could cut it again.

Where to move your money if you want a better rate

If you haven’t opened a cash Isa yet this tax year, you might consider doing so

Easy Access Cash Isa rates have been rising in recent weeks with the best on the market now paying 5.17 per cent.

It is offered by Plum* and it is an app based account, so customers need to download their app to get the account. You can start saving with a minimum of £100.

This Isa accepts transfers, but note that if you transfer from an existing Isa, the rate drops to 4.29 per cent.

It also includes a bonus rate of 0.88 per cent for one year, so after 12 months the rate will drop to 4.29 per cent.

Chip* You also have an easily accessible Isa that pays 5.1 per cent.

It has the added benefit of being a flexible Isa, meaning you can withdraw money from your Isa and replace it without losing your Isa limit, as long as you replace it within the same tax year.

Most importantly, however, Chip’s Isa does not allow transfers from other Isas, which will be a big drawback for some.

If you want to stick with easy-access savings accounts outside of an Isa, you can find better interest rates than Marcus pays.

These are Money’s best buy tables that show some easy-access accounts still pay 5 percent or more.

Marco’s rival ChaseBacked by JP Morgan, it currently offers one of the best easily accessible rates at 5.1 percent.

This account, like Marcus, is app-based, so savers must download the Chase app to get the account.

The rate includes a bonus rate of 1 percent that is fixed until January 16, 2025 and the underlying rate is a variable rate of 4.1 percent.

Savers can start saving with any amount as there is no minimum deposit required to open an account.

Meanwhile Oxbury Bank offers 5.02 percent on your easy access account.

The minimum balance to open the account is £20,000, so it will not be suitable for those with smaller pots.

A saver who deposits £20,000 into this account would earn £1,004 interest after one year.

Oxbury Bank has another version of its easy access account which pays 4.94 per cent interest and the minimum deposit required is £1,000.

Both accounts can be opened online and once opened can be managed online or via the Oxbury app.

French fries* The easy access account pays a rate of 5.01 percent. It can only be opened by downloading the Chip app and requires a minimum of £1 to start saving.

A saver who deposits £10,000 into this account would earn around £513 in interest in a year.