Goldman Sachs' new retail bank Marcus has signed up 50,000 UK customers in under 2 weeks

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  • Marcus, Goldman Sachs‘ first retail offering in the UK signs up 50,000 customers in less than two weeks.
  • The bank is offering a savings account with a 1.5% interest rate to UK customers.
  • User signups have been far above the bank’s „most ambitious expectations“ it said.

Marcus, the first ever retail product from investment banking giant Goldman Sachs has signed up around 50,000 customers in the UK since its launch just over a week ago, the bank said on Monday.

On September 27, Marcus launched in the UK with little fanfare, offering customers a savings account paying an interest rate of 1.5% for one-year, with a rate of 1.35% after that. That’s the best rate on the UK high street for a standard savings account.

The number of signups has been far in excess of what the bank expected, Des McDaid, who is leading the project in the UK said last week.

„It’s early days but so far the number of sign-ups for Marcus by Goldman Sachs has been stunning,“ he said.

„Numbers have exceeded even our most ambitious expectations and our interest rate is clearly a big draw for frustrated savers who have had to put up with a decade of low interest rates.“

Named for one of the bank’s founders, Marcus Goldman, Marcus first launched in the US in 2016, and is part of an effort to diversify revenue sources as traditional sources of income lag. Marcus has to date written over $2 billion worth of loans in the US.

SEE ALSO: We tried Marcus, the new service that lets Brits bank with Goldman Sachs for as little as £1 — here’s what we thought

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Source: Business insider

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