The stock market may be tanking lately, but at least savers are getting paid more to park their money.
Goldman Sachs is the latest bank to boost interest rates for savings products. Its Marcus consumer finance arm will pay online savings account users a 2.25 percent rate starting Friday, an increase of 20 basis points. The rate on its 1-year certificate of deposit rises 10 basis points to 2.75 percent.
Banks are jockeying for deposits because they're a cheap form of capital to make loans. But after three years of Federal Reserve rate increases, competition among online banks and smaller institutions has grown fierce, and some analysts worry that that could threaten the industry's profitability.