Goldman Sachs, one of the world’s largest investment banks, has rolled out its online retail banking product Marcus in the U.K.
The U.S. financial giant said on Thursday that U.K. consumers will now be able to sign up for a savings account with the digital bank, which offers a 1.5 percent interest rate on savings.
Customers will be able to deposit anything between £1 ($1.31) and £250,000, Goldman said, and the account is easy-access, meaning they can withdraw money at any point with no fees.
The product had undergone a soft launch limited to Goldman’s own staff in Britain over the last month. Its full launch Thursday marks a competitive challenge to London’s established financial titans, as well as a number of new digital challengers.
Marcus, named after one of the bank’s founders Marcus Goldman, has been available in the U.S. for two years.
“Over the last decade, savers have been on the wrong end of low interest rates,” Des McDaid, managing director at Marcus, said in a statement Thursday.
“We’ve spoken in-depth to people across the country and there is a real disillusionment about savings — while most U.K. adults are diligently trying to save every month, some do not even have a savings account, with low interest rates and complexity being put to blame.”
He added: “We want to reverse the trend — literally putting the interest back into savings and make saving worthwhile again.”
Source: Goldman Sachs launches its digital retail bank Marcus in Britain