Goldman Sachs set to launch high interest deal

Goldman Sachs plans to woo British savers with a high interest account.

The Wall Street giant – famed for its money-spinning investment banking business – launched retail banking operations in the US last year under the marcus brand.

It now intends to expand the retail business overseas by moving into the UK by the middle of next year.

In a boost for prudent British families who have suffered years of dismal returns, a senior Goldman banker said the plans include offering better savings rates than many of its rivals.

‘ much like in the US, we’re aiming to offer customers easy- to- use and higher-returning savings options than they might have elsewhere,’ said Stephen Scherr, head of strategy at the bank.

The bank has hired former TSB director des mcdaid to head up the team in Britain.

It is understood that Goldman Sachs would continue to run marcus – named after the bank’s founder marcus Goldman – as an online- only business if it expanded into the UK, and is unlikely to consider running bricks-andmortar branches.