Goldman Sachs plans to offer an ISA
Goldman Sachs is rumoured to be planning to offer an investment ISA in a move that will throw down the gauntlet to investment platforms such as Hargreaves Lansdown and AJ Bell.
The bank’s plan to launch the tax-free investment account has been described as the next “logical step” for the expansion of Goldman’s retail bank Marcus, which was launched in the US in 2016 and began offering savings accounts in the UK last year.
The latest move will be key to raising revenues and diversify Goldman’s source of funding; most of the money is used to fund Goldman’s investment banking activities, according to the FT.
Marcus’ easy access savings account initially offered a table-topping rate of 1.5 per cent AER which included a 12-month bonus rate of 0.15 per cent.
The deal was the highest easy access rate for two-and-a-half years and sent savers into a frenzy, with a staggering 50,000 people opening an account in the first two weeks it was available.
However, earlier this month Marcus cut the initial rate for new savers to 1.45 per cent.
There are no further details about the Marcus ISA available and it’s not yet known if it will be ready for next ISA season which kicks off in March 2020.
To find out more about property development finance across England and Wales click here