Goldman Sachs launches consumer savings account

Goldman Sachs is rolling out new digital consumer savings platform, Marcus, to its UK staff ahead of a public launch in the coming weeks, according to an internal staff memo seen by FStech.

The US investment bank’s ‘easy access’ online savings account was launched in the US in 2016, and will be offered to bank staff initially to gather feedback on its functionalities before it goes to market.

The memo said the move marks an important milestone in Goldman Sach’s plans to grow its consumer business and diversify the firm’s funding.

Marcus will see Goldman Sachs enter an already crowded marketplace, with incumbent British lenders like HSBC and Barclays, and digital challengers such as Atom Bank and Monzo offering savings accounts through their mobile apps.

The Marcus team is thought to have 150 employees in the UK and is led by digital finance director Des McDaid, who joined the bank last year.

The memo said: “Our initial offering aligns to one of Marcus' core tenets, offering transparent, simple and easy-to-use products that provide value.

“Getting to this point is the culmination of months of cross-functional collaboration, and we are excited about what this launch means for the region”, it added.

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