Goldman Sachs closes Marcus savings business to new UK clients

clock • 1 min read

Goldman Sachs has said it is closing its easy-access, higher interest, savings business to new clients in Britain from today after deposits soared to nudge regulatory limits during the covid-19 lockdown. The US-owned subsidiary, seen by many in the industry as an effective disruptor, has seen more than £21bn deposited across over 500,000 new savings accounts since Marcus opened for business in 2018, according to Reuters. The Reuters report said that, following the 2008 banking crisis, British retail banking rules stipulate any retail deposits totalling £25bn or more need to be ring-fe...

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Author spotlight

Christopher Copper-Ind

Christopher Copper-Ind is editor-in-chief of International Investment. Before this, he was editorial director of The Business Year, from 2014 to 2017.