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.
…and who’s getting the bill for all this? Money is such a core part of the economy, and a lot of economic power lies in the hands of those who print it, earn it, and spend it. But money’s not just as a tool for exchange; it’s taken on a value in itself, and there’s a whole economy around money alone…