Home Business NewsBusinessBanking News Goldman Sachs launches new UK online retail bank

Goldman Sachs launches new UK online retail bank

by Purvai Dua
27th Sep 18 8:35 am

After a month of staff trials, Goldman Sachs has officially entered the UK market through its Marcus digital banking brand, which was first launched in the US two years ago.

Marcus – named after one of the bank’s founders Marcus Goldman – is a consumer bank with a minimum saving level of £1 with a maximum of £250,000, according to latest reports.

Savers can withdraw money in any way they like with no penalties. The easy-access account will also pay a 1.5 per cent interest.

The managing director of Marcus, Des McDaid, added: “Over the last decade savers have been on the wrong end of low interest rates.

“We’ve spoken in-depth to people across the country and there is a real disillusionment about savings – while most UK adults are diligently trying to save every month, some do not even have a savings account, with low interest rates and complexity being put to blame.

“We want to reverse the trend – literally putting the interest back into savings and make saving worthwhile again.”

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