Marcus Bank is close to celebrating its birthday.
Last September, the personal savings arm of banking giant Goldman Sachs shook up the savings market in Britain with an easy-access account paying 1.5 per cent.
It proved so successful that it signed up a quarter of a million customers within eight months and the bank is preparing to diversify beyond its sole current easy-access offering.
However, if you go into your Marcus account and go to ‘Review your savings’, you have the option to roll over the bonus rate for another year, meaning you can get 1.5% for another year
If you follow that link, it will give you a page titled ‘Your bonus rate options’. It will tell you your current bonus rate and its expiry date, and you can choose to instantly roll that bonus rate over for another 12 months.
While this is incredibly easy to do, it’s possible that Goldman Sachs are banking on savers forgetting to do so, or just not doing it.
This is Money asked Goldman Sachs whether the rollover would be limited only to a small number of customers, and whether this would be open to existing savers year after year.
A spokesman from the bank said: ‘One of the key benefits of opening an account with Marcus is that all customers – both new and existing – have the opportunity to get our best available interest rate on their savings.
‘If an existing customer’s bonus has expired, they can opt into the current rate by logging in to their online account and following the instructions to renew the bonus rate.’
The difference on interest over the year can be substantial, depending on the amount of cash you hold in your Marcus account.
On a pot of £50,000, you’d earn more than £80 in interest by simply following the steps above. This is worked out on the This is Money lump sum calculator.
On £25,000, you’d forfeit nearly £40 and on £10,000 more than £15 if you didn’t act.
Not bad for a couple of minutes work and without the need to fill in paperwork to switch elsewhere.