Marcus, Goldman Sachs Group Inc.'s digital high-yield savings account, lowered its annual percentage yield for deposits to 1.90% from 2.00%, according to an email sent to customers.
Marcus cut the deposit rate to 2.00% from 2.15% in August after lowering it to 2.15% from 2.25% in June.
The new rate means Marcus will no longer offer one of the highest rates in the digital high-yield savings account market. Digital adviser Betterment LLC in July launched its own high-yield saving offering, which carries a current annual percentage yield of 2.11%, according to its website. Green Dot Corp. also launched its own offering, with an annual percentage yield set at 3% for up to $10,000 in savings.
Ally Bank has also lowered the yield for its high-yield savings account, with the current yield standing at 1.90%, according to its website.
The Federal Reserve this year has cut interest rates by 50 basis points, citing mounting headwinds facing the economy. Markets are also widely expecting another cut in October, based on CME Group Inc.'s FedWatch tool.
