Goldman Sachs attracts 50,000 UK savers to new Marcus account

Goldman Sachs attracts 50,000 UK savers to new Marcus account

Wall Street giant Goldman Sachs has attracted over 50,000 UK customers to its new digital savings account less than two weeks into its launch.

The bank said the rapid uptake confirms growing frustration among UK savers who have suffered years of record-low interest rates.

The Marcus by Goldman Sachs account – which launched on September 27 – offers a high yield rate of 1.5%, trumping the national average for easy access savings accounts.

Des McDaid, managing director of Marcus by Goldman Sachs, said: “We’ve been astounded by reaching 50,000 account sign-ups in just over a week since our launch.

“It’s exceeded our most ambitious expectations – and frankly, it sends a clear message to the market that savers are hugely frustrated with low interest rates.

“People work hard for their money, so finally it’s time for their savings to work harder for them.”

The Marcus brand – named after one of the bank’s founders Marcus Goldman – opened accounts to UK customers nationwide late last month after trialling the platform with local staff in early September.

It is the brand’s first expansion outside the US and puts it among only a small number of digital only consumer-facing banks in the UK, including Starling Bank and Monzo, with no plans to run bricks-and-mortar branches.

Goldman originally launched Marcus in the US in 2016, offering personal loans and savings accounts online.

The US banking giant’s move into retail banking has been seen as a way to diversify after a difficult stretch for investment banking desks across the industry.

The Press Association reported earlier this summer that the Wall Street giant had hired 150 extra staff in London ahead of the UK-wide roll-out of Marcus.

It included 100 management, IT and product development workers as well as 50 people for its customer service call centre.

Further hiring is expected as the digital bank grows.

Staff working for the Marcus by Goldman Sachs brand will be based at Goldman’s current central London offices, but will follow the rest of the bank’s team when they move to their new nine-storey site off Farringdon Street next year.

– Advertisement –
– Advertisement –