Goldman Sachs to launch new account in the UK called Marcus

By Bruno Reis

The US-based investment bank and financial institution, Goldman Sachs, has announced plans to establish a savings account in the UK.

The British unit will be named Marcus and is set to launch on 27 September.

Marcus is epected to offer an interest rate of 1.5% - well above the 0.6% average offered by easy-access savings accounts in the UK.

The company first introduced its Marcus account to the US in 2016, which has since expanded its offerings to fixed-rate savings accounts and online personal loans.


The account has been tested by 6,000 members of Goldman Sachs’ employees since the launch of the pilot account in August.

The new online bank is anticipated to create competition for the biggest banks in the country – Lloyds Bank, Barclays, HSBC, and the Royal Bank of Scotland.

“More competition in the savings market is sorely needed. Savers have suffered record low interest rates for a long time, so if a newcomer with a higher rate can shake things up, savers will benefit,” remarked Laura Suter, Personal Finance Analyst at AJ Bell, Proactive Investors reported.

The firm’s UK subsidiary is led by Des McDaid, who was appointed Managing Director of the unit in July last year, following his work with TSB Bank.


Featured Articles

Top 10 most innovative telecom operators in the Middle East

With Dubai-based Telecoms World Middle East in full swing, we chart the most innovative telcos from the region – and look at how they are transforming

Top 10 fastest-growing Indian companies in the UK

Business Chief takes a look at the top 10 fastest-growing Indian companies in the UK, according to the India Meets Britain Tracker from Grant Thornton

Top 10 workplaces prioritising people and planet in the UAE

Sustainable, flexible, collaborative, tech-driven, and amenities-rich, the office of the future considers both people and planet – here are 10 in the UAE

Top 10 female HR execs leading Saudi’s workplace transition

Leadership & Strategy

Top 10 largest asset managers by AUM operating in the UAE

Corporate Finance

Top 10 female CEOs leading Africa’s biggest businesses

Leadership & Strategy