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Hugely popular Marcus by Goldman Sachs eyes cash ISA launch

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Written by: Paloma Kubiak
05/11/2018
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 YourMoney.com’s Goldman Sachs launches market-leading easy access account for more information and YourMoney.com editor’s It wasn’t just the high rate that impressed me to read about her experience of opening an account.

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