While the Fed kept interest rates steady at their meeting this month both Marcus and Ally Financial have decided to cut interest rates on their savings accounts; the cut is small, just 10 basis points, Marcus going to 2.15% from 2.25% and Ally going to 2.1% from 2.2%; they clearly expect the Fed to cut interest rates soon and are moving preemptively; Marcus suggested that concerned customers could explore their high-yield certificates of deposit. Source.
Peter Renton is the chairman and co-founder of Fintech Nexus, the world’s first and largest digital media and events company focused on fintech. Peter has been writing about fintech since 2010 and he is the author and creator of the Fintech One-on-One Podcast, the first and longest-running fintech interview series. Peter has been interviewed by the Wall Street Journal, Bloomberg, The New York Times, CNBC, CNN, Fortune, NPR, Fox Business News, the Financial Times, and dozens of other publications.