Goldman Sachs is to launch a consumer bank in the UK, with what is believed to be the highest interest rate in the country.

The proposition, called Marcus after a co-founder of Goldman Sachs, already operates in the US.

Here it offers interest of 1.5% to the firm’s 6,000 UK-based staff but it is not known yet if this will be offered to UK savers.

It is expected there will be a wider national rollout in the coming weeks, an internal memo revealed.

The interest rate “may be subject to change for the nationwide launch, depending on market conditions,” the company told staff. 

Marcus was launched in the US in 2016 and is named after the firm’s founder.

It offers personal loans and “high yield” online savings.

In the US the proposition offers “no-fee, fixed-rate loans from $3,500 to $40,000” and an online savings account with a 1.85% annual percentage yield.

The firm’s website read: “Marcus by Goldman Sachs relies on the strength and heritage of a 148-year-old financial institution to provide consumers with transparent and simple approaches to achieve financial well-being.”

It is not yet known whether the service will include Financial Planning or asset management elements.

Goldman Sachs has been approached for comment.