Goldman Sachs’ digital savings account Marcus just reached a UK milestone

By Oliver Smith on Wednesday 8 May 2019

Savings and Investment

The US financial giant has captured over 250,000 UK Marcus customers in under 12 months.

Goldman Sachs’ digital savings account Marcus just reached a UK milestone
Image source: Goldman Sachs/Des McDaid

Just eight months since launching in the UK, Goldman Sachs’ digital savings account has attracted a quarter of a million customers.

Speaking to Yahoo Finance UK, Des McDaid, the managing director of Marcus by Goldman in the UK, said:

“We’ve passed a quarter of a million customers and just over £8bn in deposits or savings, so for us it’s hugely exciting.”

The account, which offers just a single attractive 1.5% variable savings rate, came to the UK in September 2018 with only a simple online web interface.

McDaid attributed some of Marcus’s success to this streamlined approach which he described as a “simple, straight-forward offering, delivered well.”

His comments also reveal that Marcus has more than doubled its customer base since January when Goldman Sachs said Marcus had hit a milestone of 100,000 customers with £5bn under management.

Lastly McDaid teased that Marcus is planning new products for 2020, with cash ISAs, joint accounts, and term accounts being considered.

“We haven’t quite decided what our next product will be yet,” he told Yahoo Finance UK.

“It will be what can we deliver in a simple way to bring value to our customers.”

In the US Marcus launched in 2016 and last year had a combined $35bn in assets under management from the UK and US.

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