Goldman makes move into retail banking

Goldman Sachs Blink

Goldman Sachs has opened its vault to the 99%.

The New York Post reports that now you can park your money with Lloyd Blankfein’s investment bank as Goldman started taking online deposits as low as $1 for savings accounts on Monday — a bit lower than the $10m minimum required for its private banking clients.

The new retail banking arm, called GS Bank, is offering some sweet interest for early movers.

For new deposits, Goldman will give 1.05% annual yield and 2% on a five-year CD.

The move into retail banking came about eight months after the lender announced it would acquire GE Capital’s online deposit arm, giving the company about $16bn in accounts and certificates of deposit.

To access the complete New York Post article hit the link below:

Goldman Sachs finally moves into retail banking

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