Savers switch to new account Marcus
BRITAIN’S BIG banks, which have long been able to shrug off competition from start-ups, have been spooked by an account launched just six weeks ago by Goldman Sachs that pays savers considerably more.
One of the banks admitted privately that it has seen a spike in savers switching to the new account, which has been named Marcus.
Others have launched new accounts or raised rates to try to nip the new account in the bud.
Savers have become accustomed to payouts of one per cent or less thanks to rock-bottom central bank rates, but the launch of Marcus with a 1.5 per cent rate on September 27 has shaken things up. Google searches for “savings account” hit a five-year peak in Britain in the week of the Marcus launch, according to a Reuters analysis of data from Google trends.