Britain’s next challenger bank is… Goldman Sachs?

Sep 13, 2017 ·

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It's time to meet Marcus.

Not just an investment bank for the 1% anymore, Goldman Sachs is launching a digital savings account for ordinary Brits.

Forget having to meet with financial advisers, starting in mid-2018 the bank says it will unveil a mass-market digital account in the UK under the branding ‘Marcus by Goldman Sachs’ (named after the bank’s founder Marcus Goldman).

The move echoes what the iconic bank has been doing in the US, where it first launched a savings account and then followed up with a digital lending business aimed at competing with peer-to-peer lenders like Lending Club.

"Much like in the US, we’re aiming to offer consumers easy-to-use and higher-returning savings options than [they] might have elsewhere," Stephen Scherr, the bank’s head of strategy told The Financial Times.

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