Goldman Sachs entering UK Savings market

[planteria]

https://www.bbc.co.uk/news/business-45599096

"The bank also says it is "aiming to offer UK savers a consistently competitive interest rate".

But all that is just pre-promotion. When the bank's first savings account launches next week it will succeed or fail purely on the interest rate it offers.

When a pilot account was launched to staff last month, the rate offered was 1.5%.

If the same rate is offered to the public, that will be enough to catapult it to the top of the best-buy tables, ensuring instant demand from savers."

[planteria]

i'm now using GS for my 'Loan Stoozepot' - linked to ClubLloyds so a chunk at 1.5%.

[Sarah]

FT says stocks & shares ISA to follow:
https://www.ft.com/content/145467d6-da1 ... 216ebe1f17
https://www.investmentweek.co.uk/news/4 ... stment-isa

[planteria]

yes, as discussed elsewhere.. it's all about how competitive they are.
i still have a marcus account, but there's very little in my account as i've pushed funds into Midlands Co-ops.

[Sarah]

Marcus savings interest rate is now down to 1.35% for new customers; they appear to have discontinued the 0.10% bonus. I gave up waiting for a better incentive and joined last month, so still have 11 months bonus remaining, however it's another little squeeze on savers.

[planteria]

yes my 0.15% bonus is ending about now..
i only have c£100 with them nowadays.
local Co-ops paying 2.25% and 2%.

[planteria]

fwiw i closed my Marcus account a few weeks ago.
they were very professional on the way out, i'll give them that.

[Sarah]

Their existing customer rate drops to 1.20% on 7 May (already dropped for new customers). I still have the 0.10% bonus until the end of the year too, so I'll decide whether to keep or close it after that. They're still competitive at the moment.

[Sarah]

Marcus are dropping their easy access interest rate again on 12 October 2020.

It will be reduced from 1.05% to 0.70%.

This account hasn't been available to new customers for some time now. They only offer a 1 year fixed rate saver account instead, which currently pays 0.50%.

[planteria]

not worth maintaining an account with Marcus imo.