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Goldman Sachs to launch online retail bank in UK

Paloma Kubiak
Written By:
Paloma Kubiak

Goldman Sachs will launch its online retail bank named Marcus in the UK in September.

Named after founder Marcus Goldman, the bank will include an easy access online savings account for UK retail customers. This will have an initial interest rate of 1.5%, according to reports, placing it at the top of the best buy tables in the category.

However, a spokesperson from Goldman Sachs said that at present, the lender was not planning to work with mortgages yet.

First launched in 2016 in the US, the lender said the move represented an important milestone in the growth of Goldman Sachs’ consumer business, as well as continued diversification of the firm’s funding.

The bank said it was giving exclusive access to its employees, providing an opportunity to hear their feedback before officially going to market.

It added: “Our initial offering aligns to one of Marcus’ core tenets, offering transparent, simple and easy-to-use products that provide value.

“We look forward to building new relationships and meeting the savings needs of UK customers.”