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The new tax year and the launch of Marcus Bank s Isa has failed to spur a revival in tax-free savings rates, with returns actually lower than they were at the start of March.
While 12 new Isa accounts, including the one from Marcus, have been launched since 6 April compared to six which have been cut or shelved, figures from the analyst Savings Champion reveal savers have been handed little joy over the last month.
Despite March and April historically being a time when banks competed for savers cash ahead of the end of the tax year, rates have fallen this year.
Best cash Isa rates: Marcus Bank fails to spark a tax-free rate war dailymail.co.uk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from dailymail.co.uk Daily Mail and Mail on Sunday newspapers.
More than half-a-million savers will be left disappointed after Marcus Bank cut its market-leading easy-access rate once more.
The Goldman Sachs-backed bank has cut the rate from 0.5 per cent to 0.4 per cent this morning for newcomers and will do the same for more than 500,000 existing savers in a fortnight s time.
The cut, the sixth from the bank since it launched in September 2018, comes just five weeks after it reopened its doors to newcomers, having closed them last June.
Goldman Sachs-backed Marcus Bank has taken in more than £21bn from savers since it launched in September 2018
At the time it was paying 1.05 per cent and saw a surge in demand from savers who saw rates falling elsewhere.
Best savings rates: Marcus Bank cuts market-leading account to 0 4% thisismoney.co.uk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thisismoney.co.uk Daily Mail and Mail on Sunday newspapers.