Goldman Sachs is closing its easy access savings business to new customers in Britain from Wednesday after deposits surged near to regulatory limits during the coronavirus lockdown.
) is closing its easy access savings business to new customers in Britain from Wednesday after deposits surged near to regulatory limits during the coronavirus lockdown.
However, British banking rules demanding ring-fencing of retail deposits totalling more than 25 billion pounds have prompted its executives to take steps to manage its growth. “Separating Marcus financially and operationally from Goldman Sachs would be a significant change to our low-cost business model, which allows us to pay consistently competitive rates to existing savers,” McDaid added.
McDaid said that Marcus had achieved inflows of more than 8 billion pounds from about 100,000 new account holders since January, and by 4 billion pounds since the lockdown began, suggesting that a significant slice of household income is being saved.
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