Goldman Sachs Celebrates First Retail Year and Its Online Deposit Platform

By PYMNTS

After a full year in service, Goldman Sachs Bank USA is celebrating its first full year in retail and its online deposit platform’s success.

Since its inception a year ago, the online deposit platform, which Goldman Sachs purchased from GE Capital Bank, has garnered $4 billion deposits without a major marketing push. With no minimum deposit required and a 1.05 percent Annual Percentage Yield, the bank is set to see continued advances in the financial arena.

Goldman Sachs Bank’s chief strategy officer and CEO, Stephen Scherr, commented on the bank’s past year growth. He said “We believe our growth over the past year is a strong indication of how well our offering is resonating with consumers. We look forward to continuing to give our customers access to the rates, tools and services that help them save.”

In addition to the bank’s enormous online deposits made within the past year, Goldman Sachs Bank’s Online Savings Account was named “Best Stand-Alone Account for Savings” by MONEY Magazine and “Best Deals in Online Banking 2016 – Hassle Free Savings” by Kiplinger’s Personal Finance.