June 27, 2019 / 5:40 PM / a year ago

Goldman Sachs lowers rate paid for some Marcus savings accounts

NEW YORK, June 27 (Reuters) - Goldman Sachs Group Inc lowered the annual percent yield or return paid to some holders of its popular Marcus high-yield savings accounts on Thursday.

Goldman Sachs notified some customers by email that their annual percent yield would fall to 2.15%. The rate the bank had advertised as paid to customers of Marcus high-yield accounts was as high as 2.25% in recent months.

"We aim to always provide competitive rates on all our savings products," Goldman Sachs spokesman Andrew Williams wrote in an emailed statement.

"As rates on certain products change based on market conditions, we will continue to provide consistent value to our customers across all of our products."

The high-yield savings accounts offered through Marcus are among the first retail bank products offered by the legacy Wall Street investment bank, and have had broad adoption among customers new to the bank.

Marcus has more than $46 billion in online retail deposits from U.S. and UK customers, bank executives said in April. (Reporting by Elizabeth Dilts Editing by Tom Brown)

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