Goldman Sachs (GS.US) retail bank Marcus has lowered its high-yield savings account interest rate to below 4% for the first time since May 2023.

The Marcus account currently offers a 3.9% deposit bonus, down from the previous 4.1%, marking the fourth decline this year.

In recent years, high-yield savings accounts have flourished as interest rates rose and retail investors sought stable cash returns. However, with the surge in US stocks and the Federal Reserve entering a rate-cutting cycle, the appeal of high-interest deposit products has declined.