NEW YORK--(BUSINESS WIRE)--Goldman Sachs Bank USA’s (“GS Bank”) online deposit platform’s visitor activity, deposits and new accounts have grown significantly throughout the first year as a result of how strongly the Goldman Sachs’ brand is resonating with main street America. Following the acquisition of the online deposit platform from GE Capital Bank (“GECB”) a year ago, the business has added $4 billion in online deposits without significant marketing. The growth is attributed to consumers looking for value, superior customer service and the association with the Goldman Sachs brand.
The online deposit platform offers an online savings account with a 1.05% Annual Percentage Yield (“APY”)*, which is currently above the national savings average** , allowing GS Bank to offer customers a savings advantage over many traditional banks. The online savings account also requires no minimum deposit to open and only a $1 balance to receive access to the APY. GS Bank’s online platform also offers certificates of deposit, from six months to six years, with a minimum deposit of only $500.
“We believe our growth over the past year is a strong indication of how well our offering is resonating with consumers,” said Stephen Scherr, CEO of GS Bank and Goldman Sachs Chief Strategy Officer. “We look forward to continuing to give our customers access to the rates, tools and services that help them save.”
In the past year, GS Bank’s Online Savings Account has been named “Best Stand-Alone Account for Savings” by MONEY® Magazine*** ‘Best Banks’ 2016 for having no maintenance fees and no minimum balance, as well as listed as one of the “Best Deals in Online Banking 2016—Hassle Free Savings” by Kiplinger’s Personal Finance**** ‘The Best List’ 2016. GS Bank's online deposit platform is one of two offerings from GS Bank within its new consumer digital business. The other is Marcus by Goldman Sachs™, an online platform offering personal loans. These products combine the benefits of online consumer banking with the firm’s 147- year history of financial expertise, risk management and customer service. For more information about GS Bank and its savings products, please visit www.gsbank.com or call 1-855-730-SAVE (7283).
* APY as of April 25, 2017. APY may change at any time without notice before or after the account is opened. $1.00 minimum balance is required to earn stated APY. A maximum of 6 withdrawals or transfers per monthly statement period are allowed. Maximum limits per depositor and/or per account apply. Member FDIC.
**The National Average is based on the APY average for high yield savings accounts with a minimum balance of at least $2,500 offered by the top 50 U.S. banks (ranked by total deposits) as reported by Informa Research Services, Inc. Calabasas, CA, Informars.com. Rates are only as accurate as the information reported to Informa by the banks.
***MONEY is a registered trademark of Time Inc. and is used under license. From MONEY Magazine, November 1, 2016. ©2016 Time Inc. Used under license. MONEY and Time Inc. are not affiliated with, and do not endorse products or services of Goldman Sachs Bank USA.
****From Kiplinger's Personal Finance, December 2016 ©2016 The Kiplinger Washington Editors. All rights reserved. Used by permission and protected by the Copyright Laws of the United States. The printing, copying redistribution, or retransmission of this Content without express permission is prohibited.
ABOUT GS BANK
GS Bank is a New York State-chartered bank that is a wholly-owned, direct subsidiary of The Goldman Sachs Group, Inc. GS Bank is a member of the FDIC and Federal Reserve System and is subject to the regulation and supervision of the Federal Reserve, the New York State Department of Financial Services and the Consumer Financial Protection Bureau. GS Bank’s deposits are insured by the FDIC up to the maximum amount permitted by law.
The Goldman Sachs Group, Inc. is a leading global investment banking, securities and investment management firm that provides a wide range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and high-net-worth individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world.