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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.
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.
The interest rate?
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.
I'd be looking at the fine print as far as taxation goes before parking any money there.
My credit union has a higher interest rate than the 1.05% currently being offered by GS Bank.
Goldman Sachs offers bank account only to a globally wealthy elite.
Oh, really? With a simple name change from GE Capital Bank to GS Bank, I'm now a member of the globally wealthy elite. Nice! Do I get a brass ring with that?
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.
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!
feed the big one's again... Go to your local Credit Union and leave your $$'s near where you live!
Not tonight, sweetie. I gotta headache...
Just read the Levin report... It's only 650 pages.
“He’s not deformed, he’s just drunk!”
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.
Notice how the liar refuses to name the credit union.
Notice how many ACs didn't bother to ask.
https://www.patelco.org/Checking-And-Savings/Savings/Money-Market/#MoneyMarket
They only pay 1/5 of a percent, except for tiny deposits.
On those tiny deposits, I'm getting paid a lot more interest.
You just proved the GP correct.
GP didn't say how much money was in the account.
Do you know how I know you're not an engineer?
As the asshole who works in the IT department, do you think I care about your question?
(Hint: Oh, hell no!)
That would seem to depend on how much you've got liquid in the bank. If you've got under 2k in the bank, sure, your CU may just be better, ditto under 5k, but anymore and a GS account starts to look more attractive.
Help Brendan pay off his student loans
Here is a great video of how the new bank will work...
https://www.youtube.com/watch?v=-DT7bX-B1Mg
Which proves you a liar.
Uh, no. I'm getting paid more interest at my credit union than GE Capital/GS Bank for the modest amount I have on deposit. No one asked about the interest rate for the maximum deposit.
Did you forget to hit post as AC before posting a lie so easy to get caught in?
I never ever post as AC.
That would seem to depend on how much you've got liquid in the bank.
Precisely. Although I only keep enough in savings to cover several months of expenses at different institutions. I would rather put my money into under-valued, dividend-paying stocks with well-established track records.
Maybe he has a time machine and traveled back to 1980.
When the banks were terribly boring, savings account paid 5.00% interest (give or take), and the wolves of Wall Street were kept far, far away from Main Street.
Or, are you that bad at math?
Did anyone state how much money was in the account? My statement stands true — for small deposits.
It's somewhat interesting that everyone is looking at the interest rate for the maximum deposit. I've heard about this behavior. Always scrambling to find the best interest rate, lurching from institution to another, and probably spending more effort than it was worth. Must be a sad way to live.
That's terrible. They only pay 0.25% on $50k and over. GS pays more than four times that much!
For the small amount I have on deposit, I'm getting more interest than GS.
https://www.coastal24.com/chec...
I don't respond to AC's.
That shows .2% interest you damn liar.
You're looking at the wrong end of the chart. My statement stands true — for small deposits.
That shows .2% interest you damn liar.
You're looking at the wrong end of the chart. My statement stands true — for small deposits.
Why would you care about the rate for only a small portion of your account instead of looking at the actual rate?
Go take a maths class.
$7,000 (blended APY): 2.00% > 1.05%
QED
If you have enough money to pay for your crimes, you just pay your way out of the US justice system with settlements.
Unless that's not the case, and you've done something criminal while working, and you get charged with a crime and you go to jail. Which happens regularly even amongst very well-off circles. Why? Because when individuals do crimes, especially in industries that leave a huge paper trail, the evidence doesn't go away. So, instead of generalities, name the names of the people at GS who committed specific crimes, and name the crimes that the DoJ decided not to charge those individual people with. You know, since you haven't been under a rock, you'll have that list of DoJ-knew-who-committed-crimes-but-elected-not-to-charge people somewhere handy. Do tell.
Don't disappoint your bird dog. Go to the range.
In other words, you're faking it, and you know it.
Don't disappoint your bird dog. Go to the range.
Ohhhh, no, never with you... You got what you wanted...
“He’s not deformed, he’s just drunk!”
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.
Which is where you enter the territory some will accuse you of being a paid shill... as where only in a narrow band for balance, which is also dependent on resulting deposits and debts is your particular credit union better than the mentioned bank above or other cited credit unions.
For your particular set of conditions, yes, your credit union may be best, and I might claim that (for my particular hair & scalp (a similar condition you only offered after being challenged repeatedly)), my shampoo is best... yet neither however gives either of us credibility to declare that ours is best for all cases... something you apparently keep trying to do.
Help Brendan pay off his student loans
GS is one of those examples where the whole hierarchy was involved, so as there couldn't be a sacrificial goat they bought there way out of it. Pick any of the top level GS execs during the fraud commited by GS and you have examples of those that belong in Jail.
We have Indian casinos nearby. /sarc?
For all intensive purposes, "whom" is no longer a word. That begs the question, "who cares"?
Yes, but your credit union won't pay Slashdot to have their ad featured as a news story. So tough for them.
Because that's the actual rate for my small deposit.
My bank pays a million percent interest on accounts with zero balances.
Tried Canadian CUs? http://www.meridiancu.ca/Pages...
Something for those 323,995,528 * 0,99 = 320,755,573 million temporarily embarrassed millionaires to aspire to. <--- That was 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 -----------------------------------
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.
In addition, target investigations do not work well against systemic problems. If a company decides to skirt close to the edge of the law (using tactics such as regulatory capture) and fuck everyone over, the net result is a negative on society but the culprits can get by with a little hand waving and cash to grease the wheels.
Also, occasionally the DOJ will pull a name out of a hat and make an example of some execs. Normally only when the stink gets so bad it can't be swept under the rug. This keeps the peasants appeased, meanwhile it is business as usual.
Silence is a state of mime.
That would be with Lloyds then.
You get 4% if (and only if) you have between £4000 and £5000 in the account. You get no additional interest for balances above £5000.
Santander 123 gives 3% for balances up to £20000 which is better overall.
However, if you have more than £20000 then good luck in finding somewhere sensible to put it. A quick look shows that the best I can find is 1.45% with RCI Bank (who?!). Better than 1.05% but not dramatically so.
wot no sig
Aaaand. . . it's gone!
Sdelat' Ameriku velikoy Snova!
GS:
Aaand it's gone...
His original comment was valid because pretty much nobody should be keeping large amounts of money in checking or savings accounts (unless they're saving up for a down payment on real estate). Beyond what is necessary for your liquidity needs, everything else should be invested, not merely "saved." The point is that even creimer's 3% return is chump change compared to the 7% (after inflation) average long-term returns from the stock market.
"[Regarding the 'cloud,'] ownership was what made America different than Russia." -- Woz
The irony here is that you are clearly better at math than the ACs that keep attacking you. Only a chump keeps large amounts of money in a bank account; what the AC fails to understand is that anything beyond the 2% Patelco tier ought to be invested in the stock market (returning 7%+) instead. (Thanks for the tip about that credit union, by the way.)
"[Regarding the 'cloud,'] ownership was what made America different than Russia." -- Woz
What should have happened is every employee above a certain pay grade should have been brought up on RICO charges and the corporation itself should have lost its charter and been dissolved.
"[Regarding the 'cloud,'] ownership was what made America different than Russia." -- Woz
He's saying that GS bank is limited to the global elite because most Americans are the global elite. We often talk about the US 1% having obscene amounts of money, but globally-speaking, everyone making more than $35K is the 1%.
"[Regarding the 'cloud,'] ownership was what made America different than Russia." -- Woz
It's always fun to watch you being too busy to post the information you pretend to have to back up your snark, but never too busy to post vague hand-wavy ad hominem blather. At least you're predictable.
Don't disappoint your bird dog. Go to the range.
At only 1.05% it doesn't sound like a very good Ponzi scheme.
Excuse me, but please get off my Pennisetum Clandestinum, eh!
Hmm... Some other countries pay double interest rate for saving than GS. ;)
By the way, if you are far from retirement and do not need to worry about liquid asset (cash), it would be better off in a long run to invest money than put in a saving account. Just a thought...
I keep about 6 months living expenses in a plain-ol savings account (earns %0.8 interest) for accessibility and safety. Sure I could dump that money in with the rest of my investments and risk eating a loss if I need it at the wrong time, but I prefer the peace of mind of knowing I have that money available and can use it worry free if required.
The link is good enough. You got what you came for. Now come back later, maybe after you read it. I'm not going to spoon feed it to you. All indications are that you'll just wave it off like you did every other time, you're a typical reactionary troll and just not worth the trouble. So take it or leave it, hardly matters to me.
“He’s not deformed, he’s just drunk!”
Yep, you an me both.... my first account was in 1982, at what is now Key bank... paid 5.25 percent IIRC.
C|N>K
Also long as I use my debit card a dozen times a month, mine pays better as well. https://www.myconsumers.org/pe...
To present some trivial personal anecdote in a way that could only serve to mislead others?
How did I mislead others? When I posted my comment about interest rates, I was immediately called a liar because I didn't post a link. After I posted a link, I was again called a liar because the interest rate for $50,000+ was significantly less than the Goldman Sachs. The problem is no one specified a dollar amount at the beginning of the thread. For $21,999 or less, my credit union pays more interest (blended APY). Goldman Sachs is a better deal for account with more than $22,000.
His original comment was valid because pretty much nobody should be keeping large amounts of money in checking or savings accounts (unless they're saving up for a down payment on real estate).
My late father used to keep $50,000 in his checking. That is until Sprint debited $5,000 from checking account for his $50.00 bill. Twice. After that, he kept only $2,000 in checking and kept the rest in a CD ladder. When short-term CDs started paying less than a saving account, he got tired chasing after the rates and dumped everything into a savings account.
[...] credibility to declare [...]
That's funny. If I wanted creditability, I wouldn't be posting here. Slashdot exists to keep me amuse while I'm waiting for a script to complete at work. Thank you for your participation.
Yeah, but this is a real bank so they don't do everything ass backwards.
When the bank comes to you with a paddle, you bend backwards, take a whack in the balls, and ask for another?
That's why instead of giving creditors your ACH information so they can "pull" payments from your account, you should use your bank's online bill pay feature to "push" the payments. Sometimes that isn't a good option (e.g. when the bill is variable but the creditor refuses to send e-bills, or when they give a discount for signing up for their auto-pay system), but otherwise you should use it.
"[Regarding the 'cloud,'] ownership was what made America different than Russia." -- Woz
So in other words, your ability to make your point is SO bad, and the point you're trying to make is so weak that you could type another couple dozen words of ad hominem, but still couldn't muster the energy to type out a first and last name, and the simple name of the statute under which you think that person should have been charged, but which the DoJ elected not to use. First name, last name, law broken. Easy. Nope, you'd rather misdirect, and avoid substance.
Don't disappoint your bird dog. Go to the range.
I suspect that on average the opportunity cost of leaving your six months of expenses uninvested exceeds the risk-adjusted cost of taking a loss during a poorly-timed emergency. Not to mention, there's no reason you couldn't temper that possible loss by investing in something like a balanced index fund (as opposed to a total stock market fund).
Besides, for me, six months of expenses would only be $12,000 or so anyway. (I'm on the "live inexpensively so I can retire super early" plan.) Even so, I've opted for springy debt instead.
"[Regarding the 'cloud,'] ownership was what made America different than Russia." -- Woz
Why do you ramble on like this? You already won.
“He’s not deformed, he’s just drunk!”
That's why instead of giving creditors your ACH information so they can "pull" payments from your account, you should use your bank's online bill pay feature to "push" the payments.
The only two items I have deducted from my checking account is gym membership and rent. Both are in the no choice category. Everything else is deducted from a credit card with 2% cash back.
Oh, just to watch you mumble and be all the more on the record being unwilling and unable to back up your off-target assertions and characterizations. Perhaps in the vague hope that one day you'll consider slinging that kind of stuff with some actual facts attached to it, instead of hoping to score cheap points with low information readers who fall for your kind of postings. And, as a side benefit, hoping to point out that words have meaning. You're quick to throw around the word "thief" without explaining which human beings you say have actually stolen something, and without explaining who at DoJ has information about a theft but is unwilling to charge the person who stole [whatever it is you failed to identify as having been stolen in 2008 from your unidentified victims, etc].
Basically, you trot out hollow, context-free stuff like that all the time, and it's just fun to watch you leave a trail of confirmation that you know you're doing it. It's just fun when people who know they're posting without any intellectual integrity thump their chests and agree that that's how they carry on, and that they're proud of it. Good on you. The first step is admitting it. Your willingness to be annoyed and still typing for several posts straight gives lie to your empty hand waving about not having time to provide a single name and the theft charge that named person somehow dodged at DoJ. Nobody has "won" anything unless you stop doing that.
Don't disappoint your bird dog. Go to the range.
I admit it's mostly a psychological thing for me, objectively you're probably 100% right.
That said, I have certainly been considering moving a big chunk (at least half) of it into a low to mid risk index fund (I'm Canadian and lean towards tangerine for that kind of thing).
In general I'm in the Canadian couch potato crowd (primarily relying on index funds and self balanced ETF allocations). I've played with investopedia enough to learn that individual securities trading is probably a terrible idea for me.
And since it's life story time, I'm on the "live within my means, balance between mid and long term goals and enjoying life while young and healthy, retire comfortably within a reasonable timeframe" plan, but I have respect for the live frugal retire well and early plan.
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...
Oh it's not a Ponzi scheme. That's the introductory rate. After 6 mo, it goes to -1.05% with the proceeds going to Hillary 2016.
3% of that was inflation though.
Still better, but not as dramatic as it looks. Banks have definitely benefited from the everyone kinda needs an account to exist now, low interest, lots of small deposits model.
http://data.bls.gov/cgi-bin/cp...
Wow, sent an e-mail as suggested when clicking on "use classic" banner, and got a fast response that addressed my msg
:-) As always, you are right... I guess I'll never get the hang of these charades you like to play.
“He’s not deformed, he’s just drunk!”
Hey look! More snark and still nothing to back up your claims! Neato. It's always someone else's "charades" when you've been asked to back up what you say, right? Yup.
Don't disappoint your bird dog. Go to the range.
It was there. Everything is backed up. I hope you are...
“He’s not deformed, he’s just drunk!”