Goldman Sachs has expanded its reach by opening an online-only savings bank, named GS Bank, for the masses.
The new online bank will allow customers with as little as $1 in deposits to open an account, which is a deviation from the investment bank’s strategy that traditionally focused on the ultra-rich. Earlier, the minimum deposit required to open an account at the investment bank was $10m.
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The bank will offer customers an interest rate of 1.05%, which is higher than going rates at other US retail lenders.
The launch of GS Bank follows Goldman’s acquisition of GE Capital’s online deposit platform, marking its foray into retail banking.
Goldman acquired about $16bn of deposits from nearly 145,000 customers as a result of the acquisition.
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