Marcus by Goldman Sachs increased tonight the annual percentage yield (APY) on its savings accounts to 3.50%.

Visa has started testing stablecoin settlements on its platform and is building a “muscle memory” for settlements to allow for the exchange of crypto assets and fiat currencies. Visa aims to integrate blockchain technology into its platform to move funds faster and is experimenting with accepting settlement payments. Despite the recent failures in the crypto industry and a bear market, Visa remains committed to advancing in the digital currency space.

During the week starting on January 30 and ending on February 5th, CD rates generally stayed the same compared to the week prior, with minor changes in 3-month and 1.5-year CD terms.

Bask Bank has increased the maximum APY for its savings accounts to 4.25% APY for its Interest Savings account.

U.S. credit card debt has hit a new high of $930.6 billion, a rise of 18.5% from the previous year, according to TransUnion’s latest report. The increasing number of new credit accounts, largely driven by Generation Z, has led to a rise in delinquencies, with a higher percentage of subprime borrowers (credit score of 600 or below).

According to a recent analysis of Census data by the Harvard Joint Center for Housing Studies, 49% of renters in 2021 were considered cost-burdened, meaning that their rent consumed 30% or more of their income, the highest recorded level since data collection began in 2001. This is due to rising rent prices and declining incomes, particularly affecting renters with lower incomes. Data from Rent.com showed a 15% increase in median nationwide rent prices in 2021, outpacing the 3% increase in average weekly earnings for workers.

A new report predicts that the recent trend of rising inflation in the U.S. will lead to a reduction in consumer spending in 2023. This comes as a result of declining savings and retirement accounts, as well as increasing borrowing costs due to the Federal Reserve’s interest rate hikes. Despite this, there is still hope for consumer endurance, as both Visa and Mastercard have cited solid consumer spending as a reason for their higher-than-expected fourth-quarter earnings.

Sales of annuities in the U.S. increased 17% to $310.6 billion in 2022, the highest level since 2008, according to the trade group LIMRA. The sales boost may be due to a combination of a decline in the S&P 500, increased interest rates from the Federal Reserve, and the worsening performance of bonds.

According to Zillow, minimum-wage workers in the United States need to share a two-bedroom apartment with at least 1.6 to 5.1 other minimum-wage workers to afford rent while working a 40-hour workweek. Some of the more expensive cities are more affordable for minimum-wage renters due to high local minimum wages.

CIT Bank lowered the maximum APY on their CD accounts (13-month term) to 4.65% APY. Their high-yield savings and money market accounts remain the same.