When it was launched in 2018, Goldman Sach’s retail saving provider Marcus offered an industry beating 1.5% interest rate, which has slowly been staggered down to the current 1.05%. However, the COVID-19 pandemic has hugely amplified the appetite to save, and more than 500,000 new accounts have been opened in recent months with a total sum of 21 billion GBP - pushing the product to it’s regulatory limit of 25 billion GBP. In light of stability and financial security requirement, the platform has decided to temporarily suspend new account growth, stating “It’s important that we manage how quickly we grow, at a rate that’s manageable to us. To do this, we’ve decided to temporarily stop accepting applications for our Online Savings Account.”
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