Goldman Sachs brings digital bank to UK

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Goldman Sachs is getting ready to release its digital consumer savings platform Marcus to the general public, Reuters announced this Thursday.

Apparently, the financial services company released Marcus to its own UK-based staff, in preparation of a wider rollout. The internal release was done to get “feedback before officially going to market”, The Guardian claims.

This Goldman Sachs platform was released in the US two years ago, and has since accumulated more than $20 billion in deposit, Reuters claims, with the company seeking new avenues of funding.

The company is looking to go head to head with the likes of HSBC, Barclays, Atom Bank and Tandem.

Interest rates in the UK have dropped down to an average of 0.55 per cent, according to Moneyfacts.co.uk. Employees will have a tester rate of 1.5 per cent, apparently. That would make Marcus a leader in the market, if it gets launched nationwide with these rates.

"The launch of Marcus by Goldman Sachs in the UK represents an important milestone in the growth of Goldman Sachs’ consumer business, as well as continued diversification of the firm’s funding," the memo said.

"Our initial offering aligns to one of Marcus' core tenets, offering transparent, simple and easy-to-use products that provide value. We look forward to building new relationships and meeting the savings needs of UK customers."

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