According to Jinshi, Goldman Sachs' consumer banking business Marcus has cut the interest rate on its high-yield savings account for the first time in more than three years. The bank's flagship product currently has an annualized yield of 4.4%, down from 4.5% in March. This is the first reduction since Goldman Sachs cut its interest rate from 0.6% to 0.5% in November 2020. After the Federal Reserve's most aggressive tightening cycle in about 30 years, financial institutions are wary of when they can lower personal interest rates. As the central bank raises short-term interest rates, high-yield accounts have to do the same to win depositors' deposits.
