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Marcus is not on Silicon roundabout. The boss isn’t 25 years old, does not have a beard and has not raised £50m in cash from VCs to burn through ahead of an IPO in 5yrs time. However if reports of a 1.5% interest rate are true, then Marcus will immediately leapfrog Virgin and Sainsbury’s Bank to the top of the savings best buy tables.
Marcus launched in the US two years ago, and has already garnered $20bn in deposits. It offers easy access savings accounts that can be opened with just one dollar that Goldman claims pay four times the average interest at other US banks. Its personal loan rates are some of the lowest in the country, and it has even signalled its interest in the less-than-prime market, with credit card consolidation deals for those drowning in debt. In the UK there are few details of products yet, but if reports of a 1.5% easy access interest rate are true, then Marcus will immediately leapfrog Virgin and Sainsbury’s Bank
https://www.theguardian.com/business/2018/aug/23/look-no-beard-marcus-subverts-the-fintech-story
