Goldman Sachs goes mass market with $1 deposit internet bank account
Goldman Sachs is seeking to court business from mere mortals in addition to the super rich with the launch of an internet bank that carries a $1 minimum deposit.
The investment bank has previously been best known for courting depositors with sums ranging into the tens of millions but in an effort to broaden its appeal, Goldman is targeting the mass market with GS Bank.
Armed with a dollar bill US citizens can sign up for an account earning an annual yield of 1.05 per cent.
The low bar to entry was spurred by Goldman’s recent acquisition of GE Capital Bank as the institution seeks to branch out from traditional investment banking – a sector that has struggled in recent years.
GS Bank remains relatively small fry in relation to its peers however, with total deposits sitting at just $114bn, way below the levels reached by more traditional consumer oriented banks such as Wells Fargo and Bank of America.