Goldman’s Marcus Raises Rates on Savings Accounts

Goldman Sachs’s Marcus is raising rates on their savings product by 20 basis points to 2.25 percent in a bid to gain more deposits; they also raised rates on their 1 year certificate of deposit product by 10 basis points to 2.75 percent; Bankrate believes the rates might reach 3 percent by the end of 2019 as a price war gets underway for deposits; Marcus has been able to amass more than 2 million customers and over $27bn in deposits since launching about two years ago. Source.

  • Todd Anderson

    Todd is the host of PitchIt: the fintech startups podcast, a weekly interview show featuring emerging fintech founders and leading venture capitalists. He is responsible for leading the content team which covers fintech through daily & weekly email newsletters, editorial, virtual events, and in-person conferences. He has been covering fintech, banking, and venture capital for more than 15 years, including speaking regularly at industry events.