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Goldman Sachs Launches GS Bank, An Internet Bank With A $1 Minimum Deposit (techcrunch.com)
An anonymous reader recaps a report from TechCrunch: Traditionally, Goldman Sachs has functioned like a run-of-the-mill investment bank with minimums to open an account in the range of $10 million, and returns not guaranteed. Goldman is opening its doors to the masses today with the launch of GS Bank, an FDIC-insured, internet-based savings bank. Anyone with an internet connection and a dollar can join, as that is what each account's minimum balance must be. GS Bank's interest rates give customers an annual yield of 1.05 percent, a rate that trumps the average U.S. saving's bank yield of .06 percent APY. GS Bank was a result of Goldman's acquisition of GE Capital Bank, the online retail bank previously run by General Electric's capital arm. The move is to diversify revenue streams and strengthen liquidity. GS Bank currently has total deposits of around $114 billion. In other news from the multinational banking firm, Goldman Sachs believes virtual-reality and augmented-reality "will be the next generation computing platform" worth $80 billion by 2025.
Give them convenience and let them run out the line a bit.
Why would I use this over any other bank? What comes to mind is 'cheap way for non-USians to have a US bank account', but without Visa or Mastercard debit available it'd be kind of useless.
Goldman Sachs!
Synonym with trustworthiness and financial stability. Just exactly where I want to put all my money in!
Subject: " diversify revenue streams and strengthen liquidity"
AKA steal your money with hidden fees on top of fees and then sell your zombie debt to a subsidiary for a loss to mask profits. Maybe as a new CZDO they can bundle and market to retirees along with reverse mortgages and high fee sub par rate annuities.
Oh, and the "strengthen liquidity" bit means take your savings to Vegas. Just kidding, they hit Atlantic City by chopper. Flights are for Macaw.
I moved my money out before the account got transferred from GE Capital to Goldman Sachs. I'm not sure if I will return the money to this account. I don't like my savings being used by the same corporation that was responsible for the Great Recession.
"Anyone with an Internet connection and a dollar" cannot open an account. By my estimate only around 4% of the population qualify to open an account due to the need for a US social security number, a US address and a US phone number as well as an internet connection. So perhaps a better headline would be: Goldman Sachs offers bank account only to a globally wealthy elite. Much more in line with their usual type of business.
I'd be looking at the fine print as far as taxation goes before parking any money there.
Does that mean we get to enjoy their offshore tax haven also?
I am left wondering though why anybody would want to let a thief (you do remember 2008, right?) keep their money.
“He’s not deformed, he’s just drunk!”
since ...GECB had a $0 minimum balance.
Also GECB let you keep $3million in total, max $1million per account. GS won't let you have more than $250k in total (unless you are grandfathered in).
It's a former Met Bank. DON'T GO!
It's a TRAP!
(Somebody had to say it.)
Yeah, these are the "masters of the universe" that tanked our economy, was bailed out for 10s of billions of dollars after their CEO became the treasury secretary, then outsourced 1,000 American jobs and gave their execs huge raises and paid "up to" a paltry $5 billion for defrauding their own customers.
No high level execs at Goldman Sachs went to jail,and the systemic problem is worse today than before the crisis.
Why would I give even even a penny to admitted criminals with a proven record of abusing their customers and being grossly selfish and irresponsible?!
Fuck those guys. Seriously.
They also believed Greece would be an economic powerhouse - at least that's what they told Greece when Goldman Sachs offered to manage some money for them. Guess how that turned out?
I'd even trust Bitcoin before Goldman Sachs - ok that's going a bit far, but what Goldman Sachs say is often very different to what they do.
Is still a joke. When the interest rate is lower than inflation your savings still loses value over time. Yes, it's better than nothing but if they really want to impress me make it yield at least the inflation rate. That way the money I put in today has the same buying power when I need it later.
You know a bit about stock racing, right? The cars have to be (loosely?) based on a regular factory production model.
Well, a certain lady senator has been pushing for some new financial industry rules. And with GS, being the kind of people they are, a bunch of filthy crooks, you have to assume the worst. They are offering this service to circumvent the rules to keep their game going.
Way back a long time ago, the U.S. Post Office use to offer banking services. Being a constitutional government agency, we should demand they reinstate that service. Definitely much more trustworthy. The money could hardly be in a safer place.
This November, let's clean House, take out the trash.
“He’s not deformed, he’s just drunk!”
I went to the Hitachi stand at a show in 1988 and tried out their 3D goggles - they believed virtual reality was the future and they have actually done something over the years to make it happen. Goldman Sachs on the other hand are predicting it after it's already in video game consoles FFS!
1% interest isn't even worth the time it takes to open an account.
feed the big one's again... Go to your local Credit Union and leave your $$'s near where you live!
Virtual reality's all well and good if you're just sitting around, but I'd say the real potential is in augmented reality. AR lets you stay mobile, and I think people are becoming increasingly accustomed to mobility.
If you have enough money to pay for your crimes, you just pay your way out of the US justice system with settlements.
http://www.corp-research.org/goldman-sachs
Here is a great video of how the new bank will work...
https://www.youtube.com/watch?v=-DT7bX-B1Mg
Which mill is it, that produces investment banks? The following was written 70 years ago (!):
In Soviet Washington the swamp drains you.
Oh fuck no! I don't need Gordon gecko fucking up my life.
https://www.youtube.com/watch?...
I'm honestly surprised nobody posted it before.
We used to have a Bill of Rights. Now, with the rights gone, all we have left is the bill.
I'm not giving out my personal information and granting the privilege of playing god over my credit score to a bunch of wall street assclowns. If you get right down to brass tacks I suppose all of us already have to some degree but I have no desire to pour napalm on that particular fire.
1.05% PER ANNUM?! I had to double check that wasn't per month. Is that really the rate you get in the US?
I'm in the UK and my standard current account (checking account to USians) gives me 1% on balances up to £1,000, 2% on £2000 and 4% on £4000 and above.
That is just my standard current account. I haven't bothered to shop around or look at savings accounts even.
-Matt
If you have a valid address on US, an US SSN and so on. Seems like free advertisement on Slashdot
We have Indian casinos nearby. /sarc?
For all intensive purposes, "whom" is no longer a word. That begs the question, "who cares"?
Something for those 323,995,528 * 0,99 = 320,755,573 million temporarily embarrassed millionaires to aspire to. <--- That was sarcasm.
Account Owners must be at least 18 years old and must be a U.S. citizen or legal resident.
Like all the others?
www.positivemoney.org
What? You didn't know that 97% of the money in existence was created by private banks, and is OWED to them as debts, which means that they own 97% of everything in the world, without having earned it? But surely the controlled media would have told you that. (sarcasm)
Where values of anyone are restricted to people in the USA....
Note: Account Owners must be at least 18 years old and must be a U.S. citizen or legal resident.
----------------------------------- My Other Sig Is Hilarious -----------------------------------
Meaning: They want to cover their arse using your money. But savings banks have to give that money back. They were better off as "a run-of-the-mill investment bank", where refunds are optional.
I think I see a reason: More cash in their hand means bigger day-trades in the business of arbitrage via computerized leverage; also called HFT. Ignoring the fact this will take stock exchange computers from billions of trades, to trillions of trades; the quantity of stock being moved in one direction, will distort the market value of that stock.
Goldman didn't look good in the movie the Big Short.
MIchael Burry, the fund manager who "discovered" how bad mortgage backed bonds were due to poor lending practices, bought hedges against these bonds from Goldman to the tune of at least a hundred million dollars. They thought he was an idiot and sold them willingly.
Yet when the default rate skyrocketed and should have made the hedges he bought greatly increase in value they kept acting like the hedges hadn't increased in value, basically ignoring the defaults in the bonds. I don't know what their actual role was but the movie portrayed them as acting extremely dishonestly. Maybe they were just going along with the systemic dishonesty of the larger bond market. Maybe they were desperately working to unload their own holdings in order to not get taken to the cleaners by Burry.
And I think they were accused of basically double-dipping -- selling mortgage backed securities in the front of the house while shorting them in their own profile. That's like an oncologist selling chemotherapy to the public while investing in hospice care personally.
Aaaand. . . it's gone!
Sdelat' Ameriku velikoy Snova!
GS:
Aaand it's gone...
just what the title says
What could possible go wrong?
It's not like they haven't coughed to actively and willfully screwing investors for their own gain. Oh wait...
If they can't be competitive with other online bank savings rates, who cares? Honestly. Whoa new bank that offers 0.01% interest, just what US consumers need
"Anyone with an internet connection and a dollar can join"
CORRECTION
Any AMERICAN with with an internet connection and a dollar can join", as an attempt to get an account from Australia did not work (we do not have Social Security Numbers)
We should put our money where it is safest, right?
Well, Goldman Sachs, just like Wells Fargo and JP Morgan have passed the greatest safety test of the past century, the survived and even mostly turning a profit during the greatest financial crisis that we have known for many years. They received TARP money because they were forced to take it.
Now, who would you want to deposit your money with, a company that passed this test or someone else which did not for whichever reason?
The great recession was caused due to financial ignorance and greed of the common people, the powers that be simply used this fact as it has always been.
Educate yourself to have a better life. Blaming the scapegoat will not.
Don't fuck with these cunts.
"Anyone with an internet connection and a dollar can join" ... AND a US social security number.