wolf of wall street boat
Image: © Craig Duffy via Flickr

‘Vampire’ bank Goldman Sachs wants you to save money in its new account

But tbf, they'll give you a *really* good interest rate

But, tbf, they’re willing to give you a really good interest rate for it

What it means: Quite a lot of people really don’t like Goldman Sachs, a big investment bank and top dog of Wall Street. Investment banks are banks for big companies and the uber-rich, and Goldman Sachs is the second biggest one (by revenue) in the world.

People don’t like investment banks because they think they help the rich get ahead at the expense of everyone else, blame them for the financial crisis, and/or think they’re staffed by shape-shifting alien lizards. (That last one is less funny when you realise it has its roots in anti-Semitism).

But Goldman Sachs has now set up a retail bank, which is the sort everyday, non-uber-rich people use. It’s called Marcus, and it’s about to open in the UK with an easy access account that pays 1.5 percent interest on savings up to £250,000. Easy access just means you can get your money out at any time, and the interest rate is an extra bit of money the bank will give you each year as a thank you for stashing your savings there.

1.5 percent, incidentally, is by far the best easy-access account interest rate most Brits can get. (HSBC, the UK’s most popular high-street bank, pays barely one-tenth of that). And lots of people are hopeful that Marcus’ high interest rate will make other banks worry they’ll lose customers if they don’t put up their own interest rates.

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Reader Comments

  • RW

    Your right to a degree. You mentioned “the wandering Jew”.

    I elaborate that the Jewish people, historically have tended to migrate almost exclusively to locations that are economically and culturally vibrant already. I would speculate that Jews have thrived in these places and have often improved the bounds of their economies and knowledge base.

    You can also ask; how many massive entertainment conglomerates, Nobel winners or billionaires has Isreal developed? If Jews are so capable, why isn’t Tel Aviv the Rome of our time?

    Jews are successful because they value education, maintain a strong social cohesive, they actively monitor and have a good sense for Zeitgeist wherever they are and they carefully choose the places they settle and congregate themselves heavily in these choice locations.

    But most importantly (haulocaust increased the importance of this aspect), they actually designed their culture for success. They not only attend Harvard, they use what they learned to better the group as a whole. With as much, they studied intricate networking systems, adapted to it and in many cases improved upon them. (See how Japan acquired Aegis warships and made them better).

    Of course there is nothing wrong with any of this. It’s when you elaborately gain disproportionate power in any society where you would stand out, you must take care when attempting to make a society better (Civil Rights movement) and rewriting that society all together (mass immigration). Ask blacks in China, Mexico, Philippines or India how much opportunity they have? Go to businesses owned by their American diaspora and see how many blacks they hire. Go to Silicon Valley and see how many East or South Asian tech workers wish they could work with more black people. California might work as a state, but as a nation, I think your rolling the nuclear dice here. I hope we can succeed as a tolerant pluralistic superpower but at this stage in human societal development, it’s a pipe dream.

    And if Jews really are the icon for success, they would see that fundamental human successes happen over generations. Just look at the rest of the planet? Are we ready?