Author Topic: Goldman Sachs 1.20% savings account?  (Read 890 times)

Holyoak

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Goldman Sachs 1.20% savings account?
« on: July 12, 2017, 09:03:29 AM »
Politics and emotions aside please, anyone open a savings account with them, and can comment on how you like it so far, how is CS, ease of transfers/withdrawals, etc.  Thanks.

https://www.gsbank.com/savings-products/online-savings.html?cmpid=ag-gsb-NO7148379&brlid=br2380221499871773711lid

TSR Capital

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Re: Goldman Sachs 1.20% savings account?
« Reply #1 on: July 12, 2017, 11:19:43 AM »
I've had both savings and a CD with them for awhile.  No issues.

NotJen

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Re: Goldman Sachs 1.20% savings account?
« Reply #2 on: July 12, 2017, 11:28:09 AM »
I have also had a savings account with them for a while.  Very easy to use, no issues.

They recently updated my savings rate from 1.05% (I think) to 1.20%.

It looks like there are some savings accounts at 1.3% out there - if I were looking for a new account, I might go with one of them, but the difference isn't enough for me to switch.
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PizzaSteve

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Re: Goldman Sachs 1.20% savings account?
« Reply #3 on: July 12, 2017, 11:33:29 AM »
Successor to GE Capital Bank (buyout as GE divested financial services).  Have had an account several yrs.  Very basic services. I link it to my main bank checking to stash cash, since their so called high yield savings sucks .  No problems ACH ing money, though takes a few days.
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dcamnc

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Re: Goldman Sachs 1.20% savings account?
« Reply #4 on: July 12, 2017, 08:07:27 PM »
I have their savings, use it as a side bank to stash my future taxes owed in. I've only transferred in, not out. No issues so far.

Holyoak

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Re: Goldman Sachs 1.20% savings account?
« Reply #5 on: July 13, 2017, 10:23:59 AM »
Thanks everyone. 

Looks pretty simple; give them account and routing numbers, and go from there.  For folks who have moved $$$ from the GS account, to say the account that funded it, was it generally a smooth experience?  I ask because I want to put my home buying $$$ into the higher yield GS account, but when I buy the home, I want the $$$ transferred into the local funding account.

NotJen

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Re: Goldman Sachs 1.20% savings account?
« Reply #6 on: July 13, 2017, 01:06:37 PM »
Yes, very smooth transferring money out.  The latest transfer took 1 day to complete, but this probably varies depending on the receiving bank (Requested transfer 7/10, $ was credited my acct on 7/11).
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Holyoak

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Re: Goldman Sachs 1.20% savings account?
« Reply #7 on: July 13, 2017, 01:46:28 PM »
Thanks NotJen...  Looks like this is a no brainer to try this GS account, and bump my interest up a zillion, from PNC.

the_fella

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Re: Goldman Sachs 1.20% savings account?
« Reply #8 on: July 16, 2017, 08:22:04 AM »
I don't use them. You can often find much better rates with savings accounts linked to prepaid cards. I have one with Netspend that pays 5% on balances up to $1,000. I have another with Insight Prepaid that pays 5% on balances up to $5,000. It also pays this on any interest earned by the initial $5,000, which is fairly unique.

Icecreamarsenal

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Re: Goldman Sachs 1.20% savings account?
« Reply #9 on: July 16, 2017, 03:58:27 PM »
Thanks for the heads up, wasn't aware of this.

step-in-time

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Re: Goldman Sachs 1.20% savings account?
« Reply #10 on: July 17, 2017, 05:44:21 AM »
Also have one for many years, very happy. Something that hasn't been mentioned is that you can designate a beneficiary on your account, which is not always the case with other banks.

lifeminimalized

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Re: Goldman Sachs 1.20% savings account?
« Reply #11 on: July 17, 2017, 06:53:14 AM »
If your just chasing the highest rate GS is not the answer. Dollar Savings Direct is 1.40% APY right now.

Kernel Fielding

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Re: Goldman Sachs 1.20% savings account?
« Reply #12 on: July 17, 2017, 04:32:58 PM »
If your just chasing the highest rate GS is not the answer. Dollar Savings Direct is 1.40% APY right now.

Dollar Savings Direct is part of Emigrant Bank (as is My Savings Direct), and my experience with MSD has been that they offer promotional higher savings account interest rates to draw in customers, but then after a few months, they lower the interest rate. MSD's current interest rate is at 1.00% APY. Not positive if they would also do this with DSD, but if past behavior is any indication, well, they have lowered their interest rates in the past. Caveat emptor.
 
On the other hand, GS Bank (who were previously GE Capital Bank) seem to keep their savings account interest rate stable. I'm keeping part of my emergency fund there.