June 27, 2019 / 7:30 PM / 4 months ago

UPDATE 1-Goldman Sachs lowers rate paid on Marcus savings accounts

(Recasts with detail on timing of rate change)

By Elizabeth Dilts

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

Goldman Sachs notified customers by email that their annual percent yield would fall to 2.15% before the end of the day. 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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