Goldman eyes UK consumer banking market for savings account launch

Goldman eyes UK consumer banking market for savings account launch

Goldman Sachs is planning to bring its Marcus brand to the UK next year, offering online savings accounts and lending products for the masses.

The bank's first foray into consumer banking came in April 2016, with the US launch of online retail bank where average Americans can open a savings account with just a $1 deposit. This was followed up in November with the introduction of Marcus, an online lending platform designed to take on the likes of Lending Club and Prosper and provide consumers with an opportunity to consolidate their high-interest credit card debt.

Speaking to the Financial Times, Stephen Scherr, Goldman's head of strategy, said that the bank is planning to launch its Marcus brand in the UK in summer next year.

"Much like in the US, we’re aiming to offer consumers easy-to-use and higher-returning savings options than [they] might have elsewhere," Scherr said, adding that a lending operation to take on the like of Funding Circle and Zopa could eventually follow.

Comments: (1)

A Finextra member
A Finextra member 11 September, 2017, 12:51Be the first to give this comment the thumbs up 0 likes

Hurrah!  Savers are crying out for accounts that offer a decent interest rate on their savings. I just hope it's enough to entice savers to close their other accounts and switch!

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