Goldman Sachs’ Marcus to launch UK cash ISA

Marcus, Goldman Sachs' retail banking offering, is set to introduce a cash ISA in the UK.

The news comes over two years after Marcus entered the UK market in September 2018.

The division of the US merchant bank said it had 500,000 UK customers and £21 billion of deposits under management as of January 2021.

The online cash ISA can be opened from a minimum of £1 up to a maximum deposit of £20,000, with an interest rate of 0.4 per cent.

The service will launch on 6 April, however the account is only open to existing Marcus customers and does not include ISA transfers from previous years.

Des McDaid, managing director at Marcus, said: "Our new easy-access cash ISA provides our customers with more options to help them save their money - whether that’s saving for a new house, their children’s future, or in case of a rainy day."

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