In June last year, Goldman had to close Marcus’ easy access savings account to new UK customers. Regulated deposit limits during the country’s first coronavirus lockdown climbed to £21b. UK banking rules stipulate retail deposits totaling more than £25b must be ring-fenced. That means the bank would have to separate these assets from the rest.
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Goldman Sachs re-opens Marcus in UK paying 0.5% on deposits – one of the country’s highest rates at present
Marcus UK’s head, Des McDaid, told Reuters last year that separating Marcus financially and operationally from the US would be “a significant change” to its “low-cost business model”. He added at the time that this low-cost model allows Marcus “to pay consistently competitive rates to existing savers”.
