Goldman Sachs launches new online retail bank, Marcus

Goldman Sachs has its UK base in London's Fleet Street but will soon move to new premises

Goldman Sachs has its UK base in London's Fleet Street but will soon move to new premises

Goldman Sachs - the Wall Street investment bank - is in search of new revenue streams through its Marcus digital banking brand, which was first launched in the U.S. two years ago.

Marcus, named after Marcus Goldman - one of the founders of Goldman Sachs, plans to offer "a consistently competitive interest rate".

Now available to United Kingdom 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 must be opened online by over-18s but can also be managed by telephone.

The Wall Street bank has entered the United Kingdom retail banking market with the launch of its Marcus savings account. It has since racked up $20 billion (£16 billion) in deposits and lent $3 billion to customers. "This extra boost could mark a turning point for savers who have been plagued by low rates, inspiring other challenger brands to increase their rates to be in that top spot".

Marcus is the United Kingdom savings arm of USA investment giant Goldman Sachs.

The news will come as welcome relief to savers who have been hit by rock bottom interest rates in recent years.

Gwyneth Paltrow & Brad Falchuk Reportedly Getting Married This Weekend
Paltrow was previously Wednesday to Coldplay's Chris Martin until they famously " consciously uncoupled " in 2014. The couple told Good Morning America in a joint statement, at the time, that they feel "incredibly lucky".

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

However, the account may disappoint some cash-rich savers, as it offers a much lower maximum investment ceiling than its nearest rivals.

Ms Bowes says that by taking out a top-paying account such as Marcus, you can get up to 10 times more interest in a year.

On a deposit of £85,000, that is the difference between earning either £127.50 a year or £1,275 a year. However, there is a caveat.

However the Marcus account includes a bonus of 0.15%, which is only guaranteed for 12 months. This means that after a year your rate of saving will drop to 1.35 per cent. The next highest-paying easy access savings account, from Yorkshire Building Society, offers 1.41%. "Priced at 1.50%, this easy access account heads straight to the top of the bonus market and is likely to be an attractive option".

The account offers unlimited access to funds and can be opened with a minimum investment of just £1, and the fact it pays interest monthly could be particularly pleasing for those looking to supplement their income.

Recommended News

  • Christine Blasey Ford steps into spotlight to detail assault allegations

    Christine Blasey Ford steps into spotlight to detail assault allegations

    Manchin was among a handful of Democrats from red and purple states that Kavanaugh supporters were targeting as possible votes. He also took issue with the notion of waiting for an FBI investigation into the allegations against Kavanaugh.
    Qantas reveals location of first pilot training academy

    Qantas reveals location of first pilot training academy

    Construction will begin next month at Wellcamp airport, and will be operational by mid-2019. A Qantas plan arrives ahead of the announcement of the pilot training academy.
    Brett Kavanaugh: Senate Judiciary Committee Vote on Supreme Court Nomination

    Brett Kavanaugh: Senate Judiciary Committee Vote on Supreme Court Nomination

    Democrats lauded Ford's testimony as credible, fearless and, in the words of Sen. "Indelible in the hippocampus is the laughter". Later, she said her certainty was "100 percent". "I believed he was going to rape me", she said in her opening statement.
  • Lindsey Graham defends Kavanaugh in fiery, angry speech

    Lindsey Graham defends Kavanaugh in fiery, angry speech

    GOP senators opted to defer to Mitchell during questioning of Christine Blasey Ford , while Democrats asked their own questions . Just hours earlier, Ford described for senators what she says was an assault by Kavanaugh on a summer evening three decades ago.
    Charges dropped against woman who sheltered animals during hurricane

    Charges dropped against woman who sheltered animals during hurricane

    Long visited SC on Wednesday and said the agency has already had 4,000 people register and paid $500,000 in claims in the state. Residents of a flooded North Carolina town are suing a railroad company, alleging it impeded efforts to plug a gap in a levee.
    Jose Mourinho: Paul Pogba Decision Took 'Weeks Of Analysis'

    Jose Mourinho: Paul Pogba Decision Took 'Weeks Of Analysis'

    Disruptive? For you (the media), it was fantastic , you made an incredible story out of 15 mins of training. Meanwhile Pogba's frosty relationship with Mourinho was laid bare earlier this week.
  • Beluga whale in Thames ‘foraging normally’

    Beluga whale in Thames ‘foraging normally’

    The WDC's Danny Groves told the UK Press Association, "He or she is obviously very lost and quite possibly in trouble". In 2006, a northern bottle-nosed whale up to 18ft long (5m) became stranded in the Thames for two days.
    Crushing foursomes sweep puts Europe 5-3 ahead

    Crushing foursomes sweep puts Europe 5-3 ahead

    Europe will take a 5-3 lead into day two of the Ryder Cup after sensationally dominating the afternoon foursomes on Friday. At one point, the US led one match, trailed another and the other two were tied.
    David Beckham successfully gets speeding charge thrown out of court

    David Beckham successfully gets speeding charge thrown out of court

    His clients have in the past included cricketer Andrew Flintoff, explorer Sir Ranulph Fiennes and golfer Colin Montgomerie. "It also appears to show speeding is not seen as risky by courts".
  • Unbeaten Rams win shootout with Vikings

    Unbeaten Rams win shootout with Vikings

    He had 83 rushing yards on 17 carries and added 73 yards on just four catches with a touchdown. As you would expect, the premier matchup and offensive display was good for ratings.
    Malia Obama Rocks Out in Music Video Debut

    Malia Obama Rocks Out in Music Video Debut

    The one featuring Barack Obama's oldest daughter - entitled Walking on Air - has racked more than four times as many in a week. In the clip for the bouncy indie-pop ditty, the band is auditioning for someone to replace flaky member Chris.
    Europe sweeps foursomes to take 5-3 Ryder lead

    Europe sweeps foursomes to take 5-3 Ryder lead

    Fowler gave the Americans their first lead with a birdie on the 10th, and Johnson birdied the next two holes for a 3-up lead. The U.S. has swept foursomes five times but never in the previous 41 Ryder Cups has the Euorpean team done so, until now.

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.