Goldman Sachs 1.20% savings account?

[Holyoak]

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]

I've had both savings and a CD with them for awhile.  No issues.

[NotJen]

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.

[gggggg]

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]

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]

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).

[Holyoak]

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]

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]

Thanks for the heads up, wasn't aware of this.

[Roots&Wings]

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]

If your just chasing the highest rate GS is not the answer. Dollar Savings Direct is 1.40% APY right now.

[Kernel Fielding]

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.

[Holyoak]

Well, I set up the account, and funding was pretty easy so far.  Still waiting on a pending transfer from another bank to complete, waiting on micro deposits to show up at another, and for micro deposits from Vanguard to show up, so I can have them linked to the account as well.  GS says you can have up to three linked banks, IIRC.  Layout is super simple and clear, website so far has worked smoothly w/o any serious hang-ups.  Only 'issue' so far, is I have many times checked to have my computer registered at login, and it will not keep it???  Might have to call CS, and get this figured out.

So far, so good, and I hope they don't play any games with teaser rates.

[Roots&Wings]

My computer never saves either for GS and a couple other sites. Minor annoyance, but if you figure this out, let us know!

Yeah, many savings accounts seem to limit external linked accounts to 3, but you can externally link more (i.e. I'm linked Vanguard to GS, but not GS to Vanguard because of 3 limit).

[Holyoak]

My computer never saves either for GS and a couple other sites. Minor annoyance, but if you figure this out, let us know!

Yeah, many savings accounts seem to limit external linked accounts to 3, but you can externally link more (i.e. I'm linked Vanguard to GS, but not GS to Vanguard because of 3 limit).

Hmm, seems I'm not alone with this bug, concerning registering.

I did exactly the same concerning Vanguard because of my three linked banks, and as usual, VG executed this task painlessly.