Goldman Sachs is now a “bank”!!

Goldman Sachs has jumped into the retail banking business – we are talking small savings accounts starting at $1 for the not so rich and famous. Branching out into the regular customer business is a offshoot of the acquisition of GE Finance. Now this is not going to be a “regular” bank account – no ATMs, check writing facilities etc. And besides, you need a regular bank account with another institution to handle deposits and withdrawals via wires.

However, the savings accounts will pay 1% which is quite a bit higher than all the brick and mortar banks like Wells Fargo and Citi pay — 0.01%. This is not new – other internet only banks offer similar rates. While there are better ways of making a sure return, for those who must have their cash liquid and handy at all times, it beats hiding it under the mattress! goldman sachs savings bank

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