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Goldman Sachs offering consumer savings accounts and CDs
04-26-2016, 07:11 AM
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#1
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2002
Location: Texas: No Country for Old Men
Posts: 50,022
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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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Numbers is hard
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04-26-2016, 07:21 AM
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#2
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Mar 2007
Posts: 14,328
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CD is less than a straight savings account?
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04-26-2016, 07:23 AM
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#3
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2002
Location: Texas: No Country for Old Men
Posts: 50,022
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 Quote:
Originally Posted by travelover
CD is less than a straight savings account?
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Yes, until you get to a 12 month or longer term.
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Numbers is hard
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04-26-2016, 08:29 AM
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#4
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Give me a museum and I'll fill it. (Picasso)
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Join Date: Nov 2010
Location: Sarasota, FL & Vermont
Posts: 36,376
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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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If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
Slow and steady wins the race.
Retired Jan 2012 at age 56
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04-26-2016, 08:29 AM
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#5
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Thinks s/he gets paid by the post
Join Date: Jan 2014
Posts: 1,181
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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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04-26-2016, 08:39 AM
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#6
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Give me a museum and I'll fill it. (Picasso)
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Join Date: Aug 2004
Location: Laurel, MD
Posts: 8,327
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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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...with no reasonable expectation for ER, I'm just here auditing the AP class.Retired 8/1/15.
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04-26-2016, 09:25 AM
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#7
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Give me a museum and I'll fill it. (Picasso)
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Join Date: May 2006
Location: west coast, hi there!
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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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04-26-2016, 09:32 AM
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#8
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Give me a museum and I'll fill it. (Picasso)
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Join Date: Jul 2014
Location: Spending the Kids Inheritance and living in Chicago
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Quote:
Originally Posted by jazz4cash
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......
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I moved all my $$ out from there just prior to the switch, except for $1.00
I went with another quality online bank.
I didn't want to risk a mistake by GS to put my cash in limbo land.
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04-26-2016, 11:44 AM
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#9
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Give me a museum and I'll fill it. (Picasso)
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Join Date: Aug 2004
Location: Laurel, MD
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Quote:
Originally Posted by Sunset
I moved all my $$ 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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Where did you go?
I think Ally is next in line for me since I do need IRA CD access.
__________________
...with no reasonable expectation for ER, I'm just here auditing the AP class.Retired 8/1/15.
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04-26-2016, 01:38 PM
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#10
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Thinks s/he gets paid by the post
Join Date: Jan 2013
Posts: 3,413
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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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04-26-2016, 01:57 PM
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#11
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Give me a museum and I'll fill it. (Picasso)
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Join Date: Mar 2013
Location: Limerick
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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.
Sent from my iPhone using Early Retirement Forum
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04-26-2016, 02:00 PM
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#12
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Give me a museum and I'll fill it. (Picasso)
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Join Date: Mar 2007
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Quote:
Originally Posted by travelover
CD is less than a straight savings account?
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Quote:
Originally Posted by REWahoo
Yes, until you get to a 12 month or longer term.
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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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04-26-2016, 11:13 PM
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#13
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Give me a museum and I'll fill it. (Picasso)
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Join Date: Jul 2014
Location: Spending the Kids Inheritance and living in Chicago
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Quote:
Originally Posted by jazz4cash
Where did you go?
I think Ally is next in line for me since I do need IRA CD access.
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That's the one I picked.
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