Goldman Sachs recently opened an internet savings bank called GS Bank (clarification from reader rrgg in the comments: they bought a bank from GE Capital and rebranded it). I don’t have much use for them at the moment, but if you’re in the market for this sort of thing, you could certainly do worse. Their online savings account is paying 1.05%, which is decent (see the Deposit Accounts website for a comprehensive listing of your savings accounts options). There are no transaction fees and no maintenance fees. They’re also paying 2% on a 5-year CD, though the early withdrawal penalties aren’t as forgiving as they are with, say, Ally Bank.Some of you may wonder, as I did, whether you can fund accounts with a credit card: unfortunately, you cannot. And besides the CDs and savings accounts, there is nothing more to see. That’s all they have.I don’t write about every internet bank that comes along–in fact, I rarely write about them at all–but this is Goldman Sachs, and it’s interesting that they are doing this. They just got a new CEO:
“In his new capacity, Stephen will lead the firm’s efforts to identify and implement new lending and deposit funding opportunities in ways that are accretive to the firm while leveraging the firm’s strength in technology and risk management,” Goldman Sachs CEO Lloyd Blankfein and President Gary Cohn wrote in the memo. “He will oversee the online lending platform being developed under the leadership of Harit Talwar, as well as our newly-acquired online deposit platform.”
An online lending platform is being developed! The article says it will debut later this year. Could we see a mass market Goldman Sachs credit card coming soon? The article says they have no plans to do credit cards right now.Whatever happens, it is my sincere hope that they have a horribly executed promotion or sign-up bonus at some point, and that we all get in on the action. Because jumping on that deal would be God’s work.