Marcus Bank is set to launch its first cash ISA product, just weeks after it launched the highest-paying savings account on the market.
The bank, which is an offshoot of US banking giant Goldman Sachs, is believed to be planning a new suite of UK savings accounts including a cash ISA, according to multiple media reports.
At the end of September, Marcus unveiled its first easy access savings account with a market-leading interest rate of 1.5 per cent. Within a month of its launch, more than 100,000 savers had signed up for the account, depositing a total of £2.3bn.
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Marcus Bank’s UK managing director Des McDaid confirmed that the bank was looking to introduce more savings products, including a cash ISA. The addition of an ISA-friendly savings account would allow Marcus customers to save up to £20,000 per year, tax free.
Although he refused to confirm the interest rates that would be offered on a Marcus cash ISA account, McDaid said that the bank would always offer “consistently competitive” rates.
“People work hard for their money, so we’re delighted at how quickly savers have given their savings the benefit of a competitive interest rate,” he said.
“It’s shaken up the savings market and we’ve seen others increase their offerings to savers since our launch.
“We are confident customers will continue to see the appeal of our consistently competitive interest rate that won’t be here today, gone tomorrow.”
Also published on Medium.