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Goldman Sachs offering consumer savings accounts and CDs
Old 04-26-2016, 08:11 AM   #1
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Goldman Sachs offering consumer savings accounts and CDs

I first thought it was something straight out of The Onion, but it's real: Goldman Sachs now has savings accounts and certificates of deposits available to the consumer. Rate for the online savings account (no minimum deposit) is 1% and CD rates vary from 0.7% (6 mo) to 2.0% (5 yr).

https://www.gsbank.com/gsbank/app/oao?prod=SAV
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Old 04-26-2016, 08:21 AM   #2
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CD is less than a straight savings account?
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Old 04-26-2016, 08:23 AM   #3
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CD is less than a straight savings account?
Yes, until you get to a 12 month or longer term.
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Old 04-26-2016, 09:29 AM   #4
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Attractive online savings rate.... not sure if I care to switch for 10 bps but if I was starting new I would .
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Old 04-26-2016, 09:29 AM   #5
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GS acquired GE Capital Bank. If you go to the old website, it redirects you to the new GS Bank website.

Old GE Capital Bank website: https://www.gecapitalbank.com/

Discussion on Bogleheads: https://www.bogleheads.org/forum/vie...ewpost=2882227

Not to be confused with GE Capital Retail Bank changing to Synchrony Bank.
Quote:
Why is my account now with Synchrony Bank instead of GE Capital Retail Bank?
On June 2, 2014, GE Capital Retail Bank changed its name to Synchrony Bank.
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Old 04-26-2016, 09:39 AM   #6
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I went through the conversion from GE to GS. They shutdown everything for one day (or maybe just overnight) to make the switch. The timing was awful (April 15th) but it was seamless for me. I am skeptical that GS will be user-friendly to small consumer accounts like mine. It looks like they still don't offer IRAs so I expect I'll be going to some other online vendor in the near future.

Edit to add: This was GE Capital Retail bank. GE had another entity with a similar name that was spun off into Sychrony Bank
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Old 04-26-2016, 10:25 AM   #7
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We are currently getting 1.58% on the first $10k from our Federal Credit Union. One has to use their debit card 12 times per month and have 1 ACH transaction per month.

After the first 10k the rate goes down to 0.16%. So 1% at GS sounds good in comparison, but I don't keep enough above 10k in the account to make it worthwhile.

So maybe a full review for others is to compare the GS account with a survey of your local Credit Unions.
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Old 04-26-2016, 10:32 AM   #8
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I went through the conversion from GE to GS. They shutdown everything for one day (or maybe just overnight) to make the switch. The timing was awful (April 15th) but it was seamless for me. I am skeptical that GS will be user-friendly to small consumer accounts like mine. It looks like they still don't offer IRAs so I expect I'll be going to some other online vendor in the near future......
I moved all my $$ out from there just prior to the switch, except for $1.00
I went with another quality online bank.
I didn't want to risk a mistake by GS to put my cash in limbo land.
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Old 04-26-2016, 12:44 PM   #9
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I moved all my $$ out from there just prior to the switch, except for $1.00
I went with another quality online bank.
I didn't want to risk a mistake by GS to put my cash in limbo land.
Where did you go?
I think Ally is next in line for me since I do need IRA CD access.
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Old 04-26-2016, 02:38 PM   #10
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I moved my money out of GE Capital before the switch. It went to Synchrony (formerly GE Capital Retail) and to Barclay's Dream Account. Both pay 1.05 percent. GE was on a bank acquisition spree before they decided to divest the financial side of the business.

Not interested in doing business with Goldman Sachs, even for the small amount of money involved. The GE Capital CSR that closed my account seemed to be doing a lot of account closures when I called, based on the monotone, read from the script speech I got.
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Old 04-26-2016, 02:57 PM   #11
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I moved my money over to Ally before the switch to GS. Just didn't want to be bothered with the change.


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Old 04-26-2016, 03:00 PM   #12
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CD is less than a straight savings account?
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Yes, until you get to a 12 month or longer term.
I guess the CD would give you an opportunity for an early withdrawal penalty that a regular account would not. Not bad for 0.3%
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Old 04-27-2016, 12:13 AM   #13
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Where did you go?
I think Ally is next in line for me since I do need IRA CD access.
That's the one I picked.
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