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Wall Street v high street: Goldman Sachs launches 1.5% online saver

US investment titan’s entrance into UK retail banking pressures British challenger banks to up their rates

The launch of an online savings account by Goldman Sachs has raised hopes of higher returns for Britain’s long-suffering savers, putting pressure on other banks to up their savings rates.

The Wall Street bank has entered the UK retail banking market with the launch of its Marcus savings account. It pays 1.5% interest a year, currently the highest rate on the market, although it includes a bonus of 0.15% for the first 12 months.

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