Goldman Sachs to target UK mass market with savings account

Hire-Appointment-Appoint-Invest-Business-700x450.jpgNew York titan Goldman Sachs is looking to target retail clients in the UK with a new savings account.

The investment bank recently launched a mass market offering in the US, and is now looking to replicate its high-interest online savings accounts, and potentially a digital consumer-lending platform, in the UK, according to Goldman’s head of strategy Stephen Scherr.

Scherr tells the Financial Times. “Much like in the US, we’re aiming to offer consumers easy-to-use and higher-returning savings options than [they] might have elsewhere.”

An online deposit business is planned for the middle of next year, and will fall under the Marcus by Goldman brand.

The bank could look to buy a deposit book as part of the launch, Scherr says.

The move is the latest attempt to approach the mass market from an investment bank.

Barclays followed up a direct-to-consumer platform launch with plans for “hybrid advice” earlier this year, while the likes of HSBC have attempted to lower the thresholds consumers need to pass to access its in-house advisers.