Sign up Canada
Proactive Investors - Run By Investors For Investors

Goldman Sachs's Marcus account proves popular with UK savers

“We’ve been astounded by reaching 50,000 account sign-ups in just over a week since our launch," said Des McDaid, the managing director of Marcus by Goldman Sachs
Goldman Sachs
The next best savings rate on offer in the UK is from t’Yorkshire Building Society

The digital savings account opened by US investment bank Goldman Sachs Group Inc (NYSE:GS) has proved a big hit with UK savers.

The account was only launched on September 27 but it already has more than 50,000 customers signed up, which was more than Des McDaid, the managing director of Marcus by Goldman Sachs, had been expecting.

READ: Goldman Sachs to launch online retail bank in the UK in coming weeks

Marcus by Goldman Sachs was first launched in 2016 in the US, where it has taken more than US$20bn in deposits.

UK savers seem similarly keen on the product, which is offering a savings rate of 1.5%; that may not seem much to people with long memories but it is very competitive in the current market, where the Bank of England’s base rate has been stuck on or around its lowest ever level since April 2009.

“It sends a clear message to the market that savers are hugely frustrated with low-interest rates,” McDaid said.

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

The Marcus easy-access account’s eye-catching 1.5% interest rate included 0.15 percentage point “welcome” bonus that expires a year after the account is opened.

According to the personal finance website,, 1.5% is the highest rate it has seen in more than two-and-a-half years.

Savers can invest as little as a quid or as much as £250,000 in the account.

The next best savings rate on offer in the UK is from Yorkshire Building Society, which is offering 1.41% but savers may only withdraw cash once a year.

The Charter Savings Bank and Shawbrook Bank both offer 1.4% and unlimited withdrawals although both require a minimum deposit of £1,000.

Coincidentally, while McDaid was bragging about how popular the Marcus product had been in the UK, news agency Bloomberg had reported the day before that the investment bank was looking to restrain the rapid expansion of its online lending platform.

Goldman Sachs, once memorably described by journalist Matt Taibbi as “a great vampire squid wrapped around the face of humanity, relentlessly jamming its blood funnel into anything that smells like money,” is said to have grown more cautious about the consumer debt market and has cut its loans origination target for 2019.

View full GS profile View Profile

Goldman Sachs Timeline

Related Articles

Care worker
August 10 2018
The stock consistently trades above its net asset value per share, which could have something to do with the dividend yield of more than 6%
Russia picture
June 04 2018
The bulk of overall exposure is in credit and government bonds followed closely by equities
International currencies in bundles
September 04 2018
A number of key acquisitions and new products have attracted a raft of new customers towards the firm's platform as it seeks to challenge established forex providers

No investment advice

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You understand that the Company receives either monetary or securities compensation for our services. We stand to benefit from any volume this write-up may generate.

You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.

You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.

From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.

Copyright ©, 2018. All Rights Reserved - Proactive Investors North America Inc., Proactive Investors LLC

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use