News in October that Santander plans to launch a nationwide deposit gathering platform in the US in the next 12 months has invited an inevitable comparison with Goldman Sachs’ move into the space.
The latter’s Marcus consumer lending arm has been offering retail deposit products in the US since 2016 and the UK since 2018.
Scott Powell, head of Santander US and Santander Consumer USA, has declared that the Spanish bank will offer better money market rates than its rivals for US deposits, which it is chasing to reduce its reliance on wholesale funding in the country.
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