Marcus raises interest rates in order to offer the best savings

With the increase, Marcus by Goldman Sachs now offers the best one-year fixed rate savings account available

Do you qualify?

The fixed term savings rate at Goldman Sachs' Marcus savings account has increased, allowing savers who are willing to lock away their money to earn 4.55 percent for a year.

It is among the top fixed-rate savings accounts available, but the offer is only valid for a short period of time.

Up to £250,000 can be deposited into the account by savers. According to the FSCS, each person is only protected up to 85,000 per banking license.

Although you can close the account early, there is a fee. Withdrawals are not permitted.

At the end of the term, Marcus said, you could withdraw 1,045.50 if you had deposited £1,000 into the account.

Following the Bank of England's interest rate cuts, 27% of UK savers have been comparing rates for their savings. This information was found by Marcus.

"I am thrilled to announce this market leading rate at a time when a strong, stable return is important for savers," stated Rob Basinger, head of product and marketing at Marcus.

"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," he continued.

Spring Savings by Paragon Bank stated earlier this year that over 55% of UK adults are affected by the half a trillion pounds that are still sitting in current and savings accounts that pay zero or low interest.

The best cash ISAs and savings accounts available right now, which offer up to 5% interest, are worth looking at because more than one in two people have accounts where their money isn't working as hard as it could.

Cynergy Bank and Marcus both offer the maximum interest rate of 4.55% for savers who are content to lock their money away in a one-year fixed-term savings account.

Marcuss 4.55 percent saver: How to access it.

You can use the Macuss website to access the best savings account in the market. You must be at least eighteen years old and a resident of the United Kingdom.

An email address and phone number are required, and once the account is open, you can manage it online.

A maximum of 250,000 can be deposited into the account. Only within the first 14 calendar days after the account is opened can you make additional deposits.

During this time, you can pay as often as you like, but in order to maintain the account open, you must make at least one payment.