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Goldman Sachs makes UK retail bank debut

A global banking player has entered the UK easy access savings market.
Goldman Sachs - the Wall Street investment bank - is in search of new revenue streams through its Marcus digital banking brand, which was first launched in the US two years ago.
It opens to customers on Thursday following a month of staff trials.Its savings product claims to offer an above average interest rate for the UK at 1.5%, as rates slowly begin to pick up across the sector following a decade in the doldrums after the financial crisis.Marcus - named after one of the bank's founders Marcus Goldman - has a minimum saving level of €1 with a maximum of €250,000.
Goldman Sachs makes UK retail bank debut

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Goldman Sachs has its UK base in London's Fleet Street but will soon move to new premises
Its 1.5% rate - still well below the rate of inflation - is not among the market leaders, according to data from the Moneyfacts.co.uk comparison tool.It suggests the best easy access deals on offer currently are through Secure Trust Bank and Manchester Building Society.The managing director of Marcus, Des McDaid, said: "Over the last decade savers have been on the wrong end of low interest rates.
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