Last year many consumers were able to earn around 2% on savings accounts from the leading banks; since then rates across Ally, Barclays, Marcus and others have fallen dramatically due to the coronavirus; Marcus is being forthcoming and transparent to customers in their marketing materials, stating that they understand the continued rate drops are not welcome news; they then go on to promote their 7-month no penalty CD which currently stands at 1.55%; still Marcus and others offer much higher rates than the likes of Bank of America and JP Morgan Chase; Bloomberg shares more about the current interest rate environment and how various banks have reacted. Bloomberg
