American banking giant Goldman Sachs has reintroduced its Marcus savings account to new UK investors with an interest rate of 0.5%.
The online savings account was launched in September 2018, and quickly became popular for its above the market interest rates on savings.
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Since its launch in 2018, Marcus has attracted nearly £21bn ($27bn) in total deposits from over 500,000 savers.
The 0.5% rate offered by the company is more than double of the existing interest rates for easy-access accounts in the current market, which is 0.17%.
Marcus had to close its savings accounts for new customers in June last year citing the regulatory limits of £25b in deposits.
British ring-fencing rules states that companies with more than £25b deposits have to become new entity from its parent company.
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By GlobalDataSame time last year Marcus offered 1.45% rate, which was gradually decreased and stood at 1.05% rate by the time it suspended for new savers in June.
In December last year, Marcus had partnered with Guaranteed Rate to provide unsecured loans for Guaranteed Rate customers looking to finance their home improvement projects.
Marcus has provided Goldman Sachs billions of dollars of deposit-based funding to utilise for its investment banking activities and helped it diversify into the consumer banking business.
