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Marcus re-opens to UK savers

Marcus re-opens to UK savers

Marcus by Goldman Sachs has re-opened its savings account to new UK investors, paying a market-leading 0.5% on deposits.

The digital account was closed to new customer in June last year after a surge in deposits during the Coronavirus pandemic.

The influx of savers had pushed the business close to its regulatory limits, forcing the temporary suspension. British ring-fencing rules currently restrict the sums held on deposit to £25 billion.

At the time, the account had attracted over 500,000 customers and more than £21 billion had been deposited.

In January, Goldman Sachs selected card issuing platform Marqeta to help deliver its first digital current accounts, which will launch later this year. The giant Wall Street bank is set to launch a range of new features in the coming months which will transform Marcus from an online savings and loans account to a full-suite retail banking provider.

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