Marcus by Goldman Sachs has stopped accepting applications for its UK savings account, starting from 10 June 2020.
The firm said that, since the online service was rolled out in September 2018, it has seen over 500,000 people open an account depositing more than £21bn ($26.7bn, €23.6bn).
But in order to manage its rate of deposit growth, Goldman Sachs decided to stop accepting new clients.
Existing customers will not be affected, the company said.
Potential and current clients can, however, access Goldman’s 1 Year Fixed Rate Saver, in the interim.
‘Depending on market conditions’
“The decision to pause new applications has been made in order to manage our deposits in line with our business plan, and so that we can continue providing competitive rates to our existing online savings account customers,” the firm said.
“We remain fully committed to our customers and the UK market, and hope to reopen the online savings account in the coming months, depending on market conditions.
The managing director of Marcus by Goldman Sachs, Des McDaid, said: “We are temporarily not accepting new applications for our Marcus online savings account in order to manage our rate of deposit growth.
“This step will allow us to continue providing great value to our existing customers. We remain committed to expanding our UK retail business in the future.”
