Goldman Sachs launches online savings platform for the masses

Goldman Sachs launches online savings platform for the masses

Goldman Sachs is looking to expand its customer-base beyond the super-rich through the launch of an online retail bank where average Americans can open a savings account with just a $1 deposit.

The move comes thanks to Goldman's recent acquisition of GE Capital Bank's online deposit platform, which has about 145,000 users and $16 billion of deposits.

As it seeks to develop revenue streams beyond those that earned its 'vampire squid' moniker, the investment bank is offering generous 1.05% annual interest rates on its new GS Bank savings account. The platform is also offering certificates of deposit.

Facing lost trading revenues, Goldman is also preparing to enter another retail market, taking on the likes of Lending Club and Prosper through the launch later this year of its online lending platform, Mosaic.

Comments: (1)

Jonathan Bowles
Jonathan Bowles - ImpactApp - Odiham 01 May, 2016, 20:29Be the first to give this comment the thumbs up 0 likes

whilst the interest rate is competitive in the market place i believe more needs to be done to support depositors.

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