{"id":223065,"date":"2016-06-08T16:15:09","date_gmt":"2016-06-08T23:15:09","guid":{"rendered":"http:\/\/getrichslowly.org\/blog\/?p=223065"},"modified":"2018-11-30T22:47:46","modified_gmt":"2018-12-01T06:47:46","slug":"review-goldman-sachs-bank","status":"publish","type":"post","link":"https:\/\/www.getrichslowly.org\/review-goldman-sachs-bank\/","title":{"rendered":"Review: Goldman Sachs Bank"},"content":{"rendered":"
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Switching banks can be a giant pain, something to schedule in between taxes and a root canal. That’s why some of us stick with a bank long after the relationship has stopped working in our favor. In an effort to help you explore and compare banking options, we’ll be presenting unbiased reviews in this space as often as we can. You can be part of the conversation, too: Do you love your bank? Hate it? Which bank or credit union should we review next? Let us know in the comments or reach us directly at editors@getrichslowly.org<\/a>.<\/em><\/p>\n

The name Goldman Sachs isn’t usually associated with everyday banking for the 99%, but that may be changing. GE Capital is now Goldman Sachs Bank, also known as GS Bank or GSB. Here’s what you need to know:<\/p>\n

<\/span>What is Goldman Sachs Bank?<\/span><\/h2>\n

It is a new consumer online banking initiative from the long-established investment banking behemoth Goldman Sachs & Co. Having acquired the online banking platform of GE Capital, along with that bank’s $16 billion in deposits, GSB makes this offer to potential customers: Deposit your money in an FDIC-insured online savings account or certificate of deposit at GS Bank and appreciate the perks of no minimum deposit and no transaction fees.<\/p>\n

<\/span>Minimums and interest rates<\/span><\/h2>\n

For those who prefer to bank online, GSB offers a savings account with no minimum deposit required to open an account. A recent APY of 1.05 percent proved very competitive with the best online bank rates among popular online banking competitors. That rate is far more attractive than the average U.S. bank savings rate of 0.06 percent. The bank also imposes a limit of six withdrawals per statement cycle as required by law. Interest is compounded daily on your deposits, and the accrued interest is paid monthly.<\/p>\n

<\/span>Certificates of deposit<\/span><\/h2>\n

GS Bank also offers competitive rates on certificates of deposit with terms of six months to six years, but its CD rates are not among the best online bank rates for CDs.<\/p>\n

See latest CD rates.<\/a><\/span><\/p>\n

For instance, GSB recently offered a 1 percent APY on a 12-month CD, which fared poorly against an online competitor with a 1.25 percent APY one-year CD. But you might be rewarded to look further because the 2.0 percent rate on GSB’s five-year CD is its most competitive.<\/p>\n

<\/span>Fees and services<\/span><\/h2>\n

Goldman Sachs Bank is highly competitive on fees, levying no transaction fees or monthly maintenance fees. But in terms of online services, it tends to fall short. Unlike the best online banking options, for example, online bill pay and mobile check deposits are not offered by GSB. The same is true for check-writing, ATM services or overdraft protection. Those banking with Goldman Sachs can only access funds by transferring them to another bank.<\/p>\n

Some who have tried the GSB customer service toll-free number have found personal service through that portal is not yet among the bank’s strengths.<\/p>\n

GSB limits savings deposits to $250,000 for new customers. For joint accounts, the limit is $500,000. GSB officials report the quarter-million-dollar ceiling is designed to increase deposits from more average Joes, and thus create diversity in deposits.<\/p>\n

The following features apply to both GSB savings accounts and GSB certificates of deposit. There are no transaction fees. Up to six beneficiaries can be added to each account, beneficiaries must be individuals and not trusts, and Social Security numbers of beneficiaries are required. There is no charge for sending or receiving wire transfers.<\/p>\n

<\/span>Features of savings accounts<\/span><\/h2>\n

In addition to those already mentioned, GSB savings accounts have these features:<\/p>\n