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Goldman Sachs launches GS Bank, an Internet bank with a $1 minimum deposit

11 points by intrasight 11y ago

spyspy 11y ago
Beside the high interest rate and getting to say you have an account with GS, there's really no upside to this. You don't even get checks. You have to wire money in and out.
- rdl 11y ago
  "An account with GS" is why I am opening one right now. I wouldn't underestimate.
- deleted 11y ago
  [deleted]
- bognition 11y ago
  A high interest rate is a serious upside. Its not uncommon for people to have a primary bank for day to day banking and a secondary bank for savings. The idea is to squirrel away money you don't need into an account you aren't looking at everyday. If its anything like other online banks then wiring money in and out is incredibly easy.
  - spyspy 11y ago
    I can squirrel away money at my current bank. It doesn't require opening a whole new account and I have the money when I need to, guaranteed - no transfer wait. Anything above a small safety savings should be in a money market account anyway. 1% interest is still losing out to 2% inflation.
    - bognition 11y ago
      sure, but for many people having a savings account that is out of sight out of mind helps prevent dipping into it when you don't need to
BukhariH 11y ago
I don't understand how anyone at Goldman could have greenlit this landing page and design. This product could be a huge deal for Goldman if they marketed it right. If it was a lot more user friendly. If it onboarded users better. Right now I can't imagine their landing page getting anyone excited enough to sign up.
- spyspy 11y ago
  Definitely no "prestige" feeling here.
emblem21 11y ago
Raising liquidity for future bail-ins to be compliant with Basel III.
cat-dev-null 11y ago
Those three (3) Hillary speeches must be absolute mana from heaven because her standard contract includes a client-paid stenographer, in addition to the $200k/ea. Only fools would give these access-buying, crooks a dime... unless they wish to continue subverting freedom with this plutopsephocracy.
deleted 11y ago
[deleted]

11 points by intrasight 11y ago

Beside the high interest rate and getting to say you have an account with GS, there's really no upside to this. You don't even get checks. You have to wire money in and out.

rdl 11y ago
"An account with GS" is why I am opening one right now. I wouldn't underestimate.
deleted 11y ago
[deleted]
bognition 11y ago
A high interest rate is a serious upside. Its not uncommon for people to have a primary bank for day to day banking and a secondary bank for savings. The idea is to squirrel away money you don't need into an account you aren't looking at everyday. If its anything like other online banks then wiring money in and out is incredibly easy.
- spyspy 11y ago
  I can squirrel away money at my current bank. It doesn't require opening a whole new account and I have the money when I need to, guaranteed - no transfer wait. Anything above a small safety savings should be in a money market account anyway. 1% interest is still losing out to 2% inflation.
  - bognition 11y ago
    sure, but for many people having a savings account that is out of sight out of mind helps prevent dipping into it when you don't need to

BukhariH 11y ago

I don't understand how anyone at Goldman could have greenlit this landing page and design. This product could be a huge deal for Goldman if they marketed it right. If it was a lot more user friendly. If it onboarded users better. Right now I can't imagine their landing page getting anyone excited enough to sign up.

spyspy 11y ago
Definitely no "prestige" feeling here.

emblem21 11y ago

Raising liquidity for future bail-ins to be compliant with Basel III.

cat-dev-null 11y ago

Those three (3) Hillary speeches must be absolute mana from heaven because her standard contract includes a client-paid stenographer, in addition to the $200k/ea. Only fools would give these access-buying, crooks a dime... unless they wish to continue subverting freedom with this plutopsephocracy.

deleted 11y ago

[deleted]