You are here: Home - Saving & Banking - News -

Hugely popular Marcus by Goldman Sachs eyes cash ISA launch

Written by: Paloma Kubiak
Interest-starved savers have flocked to open a market-leading easy access account with Marcus by Goldman Sachs, leading it to consider launching other products in the UK market.

US banking giant Goldman Sachs launched the Marcus Bank easy access account at the end of September paying a market-leading 1.5%.

And since its inception just over a month ago, 100,000 savers have opened accounts, depositing a hefty £2.3bn into the product.

Given its sheer popularity, Goldman Sachs confirmed it will be going out to the UK market with more savings products, including a cash ISA. However, it is unable to provide any more details at this time.

A spokesperson said:  “These huge numbers show just how frustrated savers were with the low interest rates on offer. People work hard for their money, so we’re delighted at how quickly savers have given their savings the benefit of a competitive interest rate. We must be one of the fastest growing banks in the UK right now.

“We’ve put the interest back into savings by offering an easy access account that can be opened with just £1 and no minimum monthly deposit. It’s shaken up the savings market and we’ve seen others increase their offerings to savers since our launch. We are confident customers will continue to see the appeal of our consistently competitive interest rate that won’t be here today, gone tomorrow.”

See’s Goldman Sachs launches market-leading easy access account for more information and editor’s It wasn’t just the high rate that impressed me to read about her experience of opening an account.

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Your back-to-basics ISA guide for 2020/21

You have until 5 April to use up the remainder of this year’s ISA allowance before it’s gone for good. Her...

A guide to Sharia savings accounts

A number of Sharia savings products have upped their game in recent months, beating more familiar competitors ...

Five ways to get on the property ladder without the Bank of Mum and Dad

A report suggests the Bank of Mum and Dad is running low on funds. Fortunately, there are other options for st...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Money Tips of the Week

Read previous post:
Tenants to save £180 a year as landlords forced to make energy upgrades

More landlords will be required to improve the energy efficiency rating of rental homes, under government changes which should save...