Marcus by Goldman Sachs hits 100,000 accounts in first month

Providing long-suffering savers with a market-beating 1.50 per cent interest rate, the easy access online account is welcoming a new customer every thirty seconds, exceeding all internal projections.

Des McDaid, managing director of Marcus by Goldman Sachs 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.”

Marcus was first launched in the US in 2016, providing ordinary Americans with an online lending and savings platform as part of a concerted effort by the giant Wall Street broker to diversify into retail services.

Available to UK residents over the age of 18 since 27 September, savers can deposit from £1 to £250,000 - and withdraw their money as many times as they like, with no fees or charges. The account is managed online, but telephone support is available from a UK-based specialist customer care team week-days from 8am to 8pm.

“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,” said McDaid. “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.”