Marcus Closes Deposits to New Investors in the UK

By any measure the Goldman Sachs rollout of their Marcus deposit product in the UK has been a resounding success; so much so that they are getting close to their regulatory limits; since its launch in 2018 Marcus has attracted more than 500,000 savers and £21 billion; British banking rules demand ring-fencing, meaning they would need to create a separate legal entity, of retail deposits when the total reaches 25 billion pounds so Marcus has made the decision to curtail growth; Des McDaid, head of Marcus UK, said, “We’ve really seen our growth accelerate under lockdown as people hold off on discretionary spending and take time to reorganize their finances and get the best deal for their money.” Reuters

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