Marcus Bank


The move will put the 149 year-old investment bank in competition with digital upstarts such as Monzo, Starling and particularly BBVA-backed Atom Bank, which has also specialised in savings accounts.



Isn’t Goldman Sachs going to be the retail bank behind Apple Pay Credit Cards? Interesting move so close to an Apple launch event but it is probably a coincidence.

With the exception that in operates in the US since 2016 and it is about to launch only a savings account in UK for the time being…

Any more information that doesn’t require a FT subscription?

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If you google the title and click on the FT link from google you can read it for free :slight_smile:


Very impressive to have no minimum deposit ($1 in the USA) considering it’s an easy access account and interesting considering that folks don’t seem to be happy with Monzo’s £1000 min deposit on their upcoming interest bearing pot.

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I think their treasury function can handle the lack of minimum deposit…! but your FT quote…

However, the bank cautioned employees that the current rate “may be subject to change for the nationwide launch depending on market conditions”

Totally agree though @Theodore , it’s a really smart move by GS to have such a impressive easy access rate. The UK savings market is very sensitive to even tiny differences in rates, so I expect them to see good uptake.

I see this as a possible direction for the big banks to play with Monzo & friends, and use their extensive balance sheets to provide some competitive savings and lending products.


Another smart move would be for them to make Marcus mobile. Significant downer not having a mobile app but being able to say you bank at GS in some shape or form has a tempting ring to it.


I don’t get this at all. Did someone tell them about the UK challenger revolution, but only give Atom as an example?


Higher Interest Rate… sign me up!


This “revolution” isn’t unique to the U.K. Marcus has already found success in the USA and the U.K. is just a natural step in their international expansion.
What is there not to get?

Reading between the lines, they could be seriously underestimating their target market.
But they know what they’re doing…I’d be quietly worried if I were any of the incumbents.

Interesting point Theo, I’d love to know what the overall brand recognition of GS is in the UK, and of those people that do know it, what their feeling is towards it.

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First 2 paragraphs of this are painful


Well I know I have a high attitude to risk, but I certainly wouldn’t be moving savings around for 1.5%

Funnily enough, that is one of the things I find off-putting about it. I haven’t done any research into GS, but I associate them as being part of the group of entitled companies that have screwed us over and expect to be bailed out by the state if they get into trouble. The idea of giving them my money is not something that sits easily with me.


Fair enough :joy:

@CTE speaking personally, GS has a respected name on university campuses but I must remember we all don’t live in a student bubble so the name isn’t universally revered as a brand as the prior comment illustrates.

Can you please expand on this Christopher?


@Theodore, apologies for lack of explanation. It was brief commentary on, and agreement with this statement:

Marcus is a play for retail banking, rather than private clients, and so the lack of an app is an underestimation of their target market’s expectation for a more convenient, ‘digital’ banking experience, especially given the lack of physical branch infrastructure. I have no visibility on their plans, but i’d be surprised if a dedicated app doesn’t follow shortly.

Indeed, during my LSE days if you were IB focused Goldman was the holy grail of the big banks. I think I read that they had 250,000+ grad applications a couple of years ago, which is a truly staggering number, even more so after Matt Taibbi’s now infamous ‘Vampire Squid’ piece in Rolling Stone; well worth the read if you haven’t, just don’t have any nightmares @jzw95!


interesting write up. Sounds like it could go places


This has gone live today. Instant access savings at 1.5% (composed of 1.35% rate with a 0.15% bonus for the first year). Market beating rate for instant access savings as far as I can see.