|Account Type||APY||Account Name||Min||Max|
|Savings||1.30%||Online Savings||-||-||Details »|
|CD||1.65%||12 Month CD||$500||-||Details »|
|CD||2.00%||3 Year CD||$500||-||Details »|
|CD||2.40%||5 Year CD||$500||-||Details »|
As of 2008, GS Bank, a DepositAccounts.com advertiser, is a commercial bank regulated by the Federal Reserve Board and insured by the Federal Deposit Insurance Corporation (FDIC). Thanks to its transition from an investment bank to a commercial bank, GS Bank offers deposit products to both individuals and institutions, including interest-bearing online savings accounts and Certificates of Deposit (CDs). GS Bank’s online savings accounts feature no minimum initial deposits to open. GS Bank’s CDs feature relatively low initial deposit requirements, as well as customizable monthly interest disbursements. That is, although interest will automatically be added to the principal of the CD, customers can choose to transfer the interest to their GS Bank savings account, or to an external bank account. Customers can also withdraw their interest penalty-free at any time. CD terms range from 6 months to 6 years.
All of GS Bank’s deposit accounts feature convenient access to online banking, banking by phone, bank transfers, and wire transfers. Although GS Bank is now an internet-only bank, funds can also be deposited via mailed checks. In addition to these depository banking products, GS Bank also offers personal loans through its “Marcus by Goldman Sachs” brand.
GS Bank (Goldman Sachs Bank) was established in 1990 as The Goldman Sachs Trust Company. The bank is owned by the Goldman Sachs Group, Inc., a multinational firm founded in 1869 and headquartered in New York, NY.
I've been with GS Bank for a few years now, albeit not by choice--my account with the old online-only GE Capital Bank got turned over to them. I was wary at first, but I decided to keep my savings account with them, to see how it fared. They've far exceeded my expectations. First, they raise their interest rates quite regularly--to my recollection, a whole .10%-.20% in the last year. That's still far more than most brick and mortar banks offer at all. I've never paid them a penny in fees. Crucially for an online-only bank, their website is excellent. I can't stress that enough. It works as well on mobile as it does on my desktop, and I've never had an error, problem, 404, outage, anything. Considering that website is the only link between me and my money, it needs to work perfectly--and it does. Adding new external accounts is very easy; the test deposits have always been really fast (usually the next business day). Their customer service is excellent. I travel abroad quite often and they have a dedicated international number. Their service center is also open for 16 hours a day, so I never have to worry about not being able to call in time (on the few occasions I've had to call). I'm so impressed with them I opened my first CD with them last month. If they keep operating this way, I'll be a loyal customer for a long, long time!
Online banking with GS Bank has been a dream. They offer the highest online savings yield I've seen (1.20%) with no limits on monthly deposits, no fees, and a total account limit of a whopping $1 million, which was just recently increased from $250,000. I actually switched my online savings account from Barclays Dream Account to the GS Bank account a few months ago. The reason I did that because GS Bank had no monthly deposit limit, whereas Barclays had a $1000 monthly deposit limit. That was an issue for me because I like to save at least $2000 a month, so the Barclays account limited my savings target. GS also had a higher yield without any restrictions, whereas Barclays had a yield of 1% with bonuses for consecutive deposits for 6 months and no withdrawals for 6 months. That's too long for me to see a higher yield. Let's just say I've been super happy I made the switch, and I wish I had done so a lot sooner!
I have an online savings account with Goldman Sachs Bank. It pays a great interest rate, which is on par with CD's at other banks. However, you have complete flexibility to move money in and out of the account. The company pays interest monthly, and the account is very easy to set up. I recently purchased a house, so I had to put together a large amount of cash. However, I wanted to earn a little interest on that cash, so I put the money into my GS bank online savings account. I made a bit of interest before I needed the cash, and then was able to easily move the money out when it came time for my down payment. I would definitely recommend this bank to anyone looking for a higher yield online savings account.
I signed up for GS Bank due to their above average interest rate. We have regretted the decision since and I want to make sure other customers don't make the same mistake. GS Bank had no issue taking a very large deposit that was transfer from my local bank. After a few months of banking with them I couldn't get GSBank to download transactions to my financial software( it worked for a few weeks ), I decided that it wasn't worth it. My nightmare started when I try to transfer the same large amount out of the bank to the linked account that was already validated by trial balance. GSBank cancelled my withdraw due to what they claim was a fraud alert on their system. Note that their system had no issue taking my large deposit but trigger an alert when we decided to withdraw the fund. They claimed that only way to release the fund is for us to send in my bank statement from my local bank. I didn't think it is right for one bank to ask for statement of another another instruction and asked for other options to verify the account (they could even check my credit profile and know I have relationship with the local bank). When I asked to speak with a fraud specialist, they won't transfer me directly to resolve this issue. Overall a terrible customer experience.
|FDIC Certificate #||33124|
|Return on Assets - YTD||0.93%|
|Return on Equity - YTD||5.82%|
|Annual Interest Income||$1.67B|
|Assets and Liabilities|
|Assets||Q2 2017vs Q2 2016||$151.2B$160.7B|
|Loans||Q2 2017vs Q2 2016||$50.68B$47.55B|
|Deposits||Q2 2017vs Q2 2016||$105.9B$113.7B|
|Equity Capital||Q2 2017vs Q2 2016||$24.83B$23.89B|
|Loan Loss Allowance||Q2 2017vs Q2 2016||$271.0MM$236.0MM|
|Unbacked Noncurrent Loans||Q2 2017vs Q2 2016||$333.0MM$278.0MM|
|Real Estate Owned||Q2 2017vs Q2 2016||$24.0MM$0|
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Always verify rates and promotions with the bank or credit union. We are not Goldman Sachs Bank USA; we are a rate comparison website and cannot provide official rates or promotions.
|APY||MIN||MAX||ACCOUNT NAME||VIEW DETAILS|
|APY||MIN||MAX||ACCOUNT NAME||VIEW DETAILS|
|2.45%||$500||-||6 Year CD|
|2.40%||$500||-||5 Year CD|
|2.00%||$500||-||3 Year CD|
|1.90%||$500||-||4 Year CD|
|1.75%||$500||-||24 Month CD|
|1.70%||$500||-||18 Month CD|
|1.65%||$500||-||12 Month CD|
|1.35%||$500||-||9 Month CD|
|0.60%||$500||-||6 Month CD|
Goldman Sachs Bank USA is an Internet only bank and does not have branch locations. Its headquarters is located at 200 West Street - New York, NY 10282