Goldman Sachs launches UK savings bank
Goldman Sachs has launched an online retail bank in the UK, offering an easy access online savings account with an initial interest rate of 1.5%.
Accounts are currently available to Goldman Sachs' 6,000 employees in the UK and are expected to be available to the general public from next month.
The bank, Marcus, is named after founder Marcus Goldman and opened in the US in 2016.
An internal memo to staff noted that “the current interest rate offered may be subject to change for the nationwide launch, depending on market conditions”.
The memo said the launch of Marcus in the UK “represents an important milestone in the growth of Goldman Sachs’s consumer business, as well as continued diversification of the firm’s funding”.
Breaking news
Direct to your inbox:
More
stories
you'll love:
This week's biggest stories:
Santander
Santander to acquire TSB in £2.65bn deal
Bank Of England
Bank of England issues first-of-its-kind fine of £11.9m
Regulation
Lenders urged to prepare for court ruling on commissions as motor finance complaints surge
Financial Conduct Authority
FCA moves ahead with targeted support in 'transformational' advice reforms
This week's biggest stories:
Santander
Santander to acquire TSB in £2.65bn deal
Bank Of England
Bank of England issues first-of-its-kind fine of £11.9m
Regulation
Lenders urged to prepare for court ruling on commissions as motor finance complaints surge
Financial Conduct Authority
FCA moves ahead with targeted support in 'transformational' advice reforms
Mortgages
FCA and PRA remove 15% LTI cap for mortgage lenders
GDP
August rate cut likely as GDP falls for second consecutive month
