Goldman Sachs launches UK retail bank

The US investment bank says its new online retail offering, named after one of the original founders of Goldman Sachs, Marcus Goldman, is designed to offer savers a consistently competitive interest rate, which starts today at 1.50 per cent AER.

Created with customers at its heart, an account with Marcus is transparent, secure, and easy-to-use.

Available to UK residents over the age of 18, savers can deposit from £1 to £250,000 – and withdraw their money as many times as they like, with no fees or charges. The account is managed online, but telephone support is available from a UK-based specialist customer care team week-days (excluding bank holidays) from 8am to 8pm.

The bank said Marcus combines Goldman Sachs’ 149-years of financial expertise and risk management with great customer service and the innovation and approach of an agile tech company to help customers manage their money easily and effectively. Marcus has been available in the US since 2016.

Des McDaid, managing director at Marcus by Goldman Sachs, said: “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.

“We’ve made the Marcus Online Savings Account as easy as possible to open and manage online, and with our aim to offer a consistently competitive interest rate, we hope our customers will see the benefits - and how, over time, this can add up to help them get to their saving goals that bit quicker.”

Key Products and Specifications:

Account type: Easy-access savings account

Interest rate: 1.5% AER*

Notice Term: None

Minimum savings: £1

Maximum savings: £250,000

Account opening: Online