Read the story here. Advertise at Before It's News here.
Profile image
By ProactiveInvestors (Reporter)
Contributor profile | More stories
Story Views
Last hour:
Last 24 hours:

Goldman Sachs challenges UK banks as it reopens applications for Marcus accounts

% of readers think this story is Fact. Add your two cents.

Goldman Sachs Group Inc (NYSE:GS) said it has reopened applications for its Marcus online savings accounts for customers in the UK as it looks to take advantage of an upswing in cash savings among British households during the coronavirus (COVID-19) pandemic.

The Wall Street bank said conditions in the savings market had changed since the summer of 2020 when it suspended applications for the accounts amid a surge in demand from customers wanting somewhere to save cash that had piled up during lockdown.

The Marcus accounts had initially offered higher-than-average interest rates of around 1.05% last year. However the sharp cuts in interest rates from central banks during the pandemic pushed the bank to slash its rates to 0.5%, although still higher than most easy-access accounts.

The re-emergence of Marcus will present a new challenge to the UK’s high street banks, who will find themselves at a disadvantage unless they can offer savings rates similar to the US bank.

There is the prospect of yet more competition from across the Atlantic, with JP Morgan Chase & Co having said that it will launch its Chase consumer bank in the UK in 2021.

Shares in Natwest Group PLC (LON:NWG) were down 0.5% at 171.3p in early trading on Friday, while fellow high street bank Lloyds Banking Group PLC (LON:LLOY) dropped 0.6% to 36.9p and Barclays PLC (LON:BARC) fell 0.3% to 145.6p.

Story by ProactiveInvestors


Before It’s News® is a community of individuals who report on what’s going on around them, from all around the world.

Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.

"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.

Please Help Support BeforeitsNews by trying our Natural Health Products below!

Order by Phone at 888-809-8385 or online at M - F 9am to 5pm EST

Order by Phone at 888-809-8385 or online at M - F 9am to 5pm EST

Humic & Fulvic Trace Minerals Complex - Nature's most important supplement! Vivid Dreams again!

HNEX HydroNano EXtracellular Water - Improve immune system health and reduce inflammation

Ultimate Clinical Potency Curcumin - Natural pain relief, reduce inflammation and so much more.

MitoCopper - Bioavailable Copper destroys pathogens and gives you more energy. (See Blood Video)
Oxy Powder - Natural Colon Cleanser!  Cleans out toxic buildup with oxygen! 
Nascent Iodine - Promotes detoxification, mental focus and thyroid health.
Smart Meter Cover -  Reduces Smart Meter radiation by 96%!  (See Video)

Immusist Beverage Concentrate - Proprietary blend, formulated to reduce inflammation while hydrating and oxygenating the cells.

Report abuse


Your Comments
Question   Razz  Sad   Evil  Exclaim  Smile  Redface  Biggrin  Surprised  Eek   Confused   Cool  LOL   Mad   Twisted  Rolleyes   Wink  Idea  Arrow  Neutral  Cry   Mr. Green

Load more ...




Email this story
Email this story

If you really want to ban this commenter, please write down the reason:

If you really want to disable all recommended stories, click on OK button. After that, you will be redirect to your options page.