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Published: Apr 11, 2024 5 min read
Illustration of APY getting cut
Rangely García for Money

The writing is on the wall: Online banks are ready to stop paying you so much to save.

After years of competitive annual percentage yields, or APYs, many financial institutions are starting to wind down their offers due to the economic environment.

Following recent decisions by Ally and Discover to slash the APYs on their high-yield savings accounts to 4.25%, Marcus, the consumer bank of Goldman Sachs, announced it's decreasing the APY on its own high-yield savings accounts from 4.5% to 4.4%. It’s the first time the bank has lowered, rather than raised, this APY since 2021.

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“Our current rate places us ahead of the majority of our peers and is eight times the national average,” a Marcus spokesperson told Money in an email. “We will continue to focus on providing value to our customers and growing our Marcus deposits business, which is a priority for the firm.”