Investing
Goldman’s Marcus Hikes High-Yield Interest Rate to Highest on Record
Popular high-yield savings accounts has been upping its return this year, in line with the Federal Reserve’s rate increases.
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Goldman Sachs Group Inc.’s consumer bank Marcus just raised the interest rate for its high-yield savings account to the highest on record.
The bank’s flagship product will now return 2.5% each year, up from 2.35% previously, according to its website. As the Federal Reserve has tightened monetary policy this year to battle inflation, interest rates on savings accounts have jumped as well, with competitors vying to offer the most attractive returns.