NEW YORK (Reuters) – Goldman Sachs Group Inc (GS.N) reduced the annual return paid to holders of its popular Marcus high-yield financial savings accounts on Thursday.
Goldman Sachs notified customers by using the email that their annual percent yield could fall to two.15% earlier than the quit of the day. The fee the financial institution had advertised as paid to clients of Marcus excessive-yield accounts become as excessive as 2.25% in recent months.
“We goal to always provide aggressive charges on all our financial savings merchandise,” Goldman Sachs spokesman Andrew Williams wrote in an emailed statement.
“As charges on sure merchandise trade primarily based on market conditions, we can retain to provide the constant price to our clients across all of our products.”
The excessive-yield financial savings debts offered through Marcus are many of the first retail financial institution merchandise presented by the legacy Wall Street investment bank and have had huge adoption amongst clients new to the financial institution.
Marcus has more than $46 billion in on-line retail deposits from U.S. And UK customers, financial institution executives stated in April.
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