Author Topic: Anyone use Goldman Sachs online savings with 1.05% APY?  (Read 3137 times)

DeskJockey2028

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Anyone use Goldman Sachs online savings with 1.05% APY?
« on: March 24, 2017, 10:55:56 AM »
I'm just curious more than anything. Seems like a decent vehicle for a standard savings account with a decent yearly return.

My wife and I have been planning a mega-road trip for a year or two now and we're not really planning on going until we are retired. It'll be 2-2.5 months long and probably run us around $17,000 when all is said and done.

I've just opened up a GS online savings account and plan on spending the next 10-12 years basically saving this up. To some it may seem like a bit of a waste to shove it into a savings account but for me it's a way to save, get some decent interest and not worry about the ups and downs of the market for when we really need it. It may be more psychological than anything. I also look at it as a super emergency fund - if we every ran into anything that our regular 6 month efund couldn't handle, we'd also have that to draw on.

Thoughts?

https://www.gsbank.com/en.html
« Last Edit: March 24, 2017, 10:59:28 AM by DeskJockey2032 »

neo von retorch

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Re: Anyone use Goldman Sachs online savings with 1.05% APY?
« Reply #1 on: March 24, 2017, 11:00:56 AM »
I use it - I signed up when it was GE Capital, and kept it through the transition.

One thing that is nice is that deposits appear "instantly." I'm not 100% sure they immediately start calculating interest, but I think they do. So even if it takes 1-2 business days before the money leaves your checking account, it's already in savings.

tarheeldan

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Re: Anyone use Goldman Sachs online savings with 1.05% APY?
« Reply #2 on: March 24, 2017, 11:02:29 AM »
I don't have any experience with them specifically, but high-yield online savings accounts are plenty - I used Ally in past and liked them.

https://www.nerdwallet.com/blog/banking/best-high-yield-online-savings-accounts/

DeskJockey2028

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Re: Anyone use Goldman Sachs online savings with 1.05% APY?
« Reply #3 on: March 24, 2017, 11:05:24 AM »
Nice! I did notice that the sign up process is very easy. I have 2 other small accounts with them that I put cash into monthly. I'm basically using them to fund special gifts - like my wife's 50th birthday and our 20th anniversary will be in 2020 and I'd like to do something special for those two dates. I've not had those accounts long though.

Davids

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Re: Anyone use Goldman Sachs online savings with 1.05% APY?
« Reply #4 on: March 25, 2017, 05:50:03 AM »
I have been using ING, now Capital One 360, for years now. It is .75% and I know there are others higher but interest difference is so small with how much I have in there it is not really with switching for me.

alison_peta

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Re: Anyone use Goldman Sachs online savings with 1.05% APY?
« Reply #5 on: March 25, 2017, 06:43:34 AM »
I use GSbank. I like that I can have multiple accounts for different savings goals and they all show up on the same dashboard. My home bank requires a separate login for each account.

DeskJockey2028

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Re: Anyone use Goldman Sachs online savings with 1.05% APY?
« Reply #6 on: March 25, 2017, 06:46:46 AM »
I hadn't even thought of that, but now that I'm looking at it, it's a great feature.

I use GSbank. I like that I can have multiple accounts for different savings goals and they all show up on the same dashboard. My home bank requires a separate login for each account.

YttriumNitrate

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Re: Anyone use Goldman Sachs online savings with 1.05% APY?
« Reply #7 on: March 25, 2017, 06:51:19 AM »
I've used Barclays for several years to hold my emergency fund, and have been quite pleased. Before that, I had money at ING and Capital One, but it seemed like every year or so they would switch their accounts around and my emergency fund would no longer be in their highest earning account. With Barclays I have not had that problem. Admittedly, their user interface is a bit bare bones, and I don't know about their customer service...but those things aren't that important with account that will (hopefully) have no transactions in or out.

Slee_stack

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Re: Anyone use Goldman Sachs online savings with 1.05% APY?
« Reply #8 on: March 25, 2017, 07:09:53 AM »
I've used a handful.  The problem with all of them is that their 'best' or near best rate changes, usually within a year.

I stopped chasing the best 3 years ago.

I still have AmEx savings, DollarSavingsDirect, and CIT bank. 

I've had a couple others I can't remember.

All of them are about the same.  Some might be a bit quicker for transfers or have a nicer interface/website.

I currently primarily use CIT and its at 0.95% at present.  As long as transfers are available at 48hrs or less, that's good enough for me.

I've yet to encounter a situation where I need 'cash, right now!'

PatronWizard11

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Re: Anyone use Goldman Sachs online savings with 1.05% APY?
« Reply #9 on: March 25, 2017, 07:24:18 AM »
LMCU Lake Michigan Credit Union offers 3% up to $15,000 in their checking I believe

Cezil

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Re: Anyone use Goldman Sachs online savings with 1.05% APY?
« Reply #10 on: March 27, 2017, 09:26:10 AM »
I've used Barclays for several years to hold my emergency fund, and have been quite pleased. Before that, I had money at ING and Capital One, but it seemed like every year or so they would switch their accounts around and my emergency fund would no longer be in their highest earning account. With Barclays I have not had that problem. Admittedly, their user interface is a bit bare bones, and I don't know about their customer service...but those things aren't that important with account that will (hopefully) have no transactions in or out.

I have used Barclays as well for my emergency fund for years.  I'll agree that it has a rather blah user interface.  However, I feel bombarded at almost every other website I go to, so logging in to this account and seeing bare-bones is something I really appreciate.  I easily find my information/I hope this doesn't change.  I have also not used their customer service.  Hardly any activity, except monthly cash infusions per paycheck.  It's very easy to forget about this account (set and forget!), which is the purpose, so mission accomplished.

SuperSecretName

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Re: Anyone use Goldman Sachs online savings with 1.05% APY?
« Reply #11 on: March 27, 2017, 09:33:33 AM »
screw. them.

use ally for about the same rate.

DeskJockey2028

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Re: Anyone use Goldman Sachs online savings with 1.05% APY?
« Reply #12 on: March 27, 2017, 09:34:57 AM »
Why?

screw. them.

use ally for about the same rate.


DeskJockey2028

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Re: Anyone use Goldman Sachs online savings with 1.05% APY?
« Reply #14 on: March 27, 2017, 09:44:42 AM »
Ally was fined $80 mil for their discriminatory loan practices too.

https://www.consumerfinance.gov/about-us/newsroom/cfpb-and-doj-order-ally-to-pay-80-million-to-consumers-harmed-by-discriminatory-auto-loan-pricing/

I'd be willing to bet you cannot find a bank out there that hasn't been up to some shady stuff.

SuperSecretName

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Re: Anyone use Goldman Sachs online savings with 1.05% APY?
« Reply #15 on: March 27, 2017, 09:51:41 AM »
True.

But GS was selling CDOs at the same time that they were betting against them.  On a massive scale.

DeskJockey2028

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Re: Anyone use Goldman Sachs online savings with 1.05% APY?
« Reply #16 on: March 27, 2017, 09:56:35 AM »
Also true - my point being that you won't find a bank out there who hasn't done something slimy. That scale of slimyness depends on your own tolerance and what you consider slimy.

If I stayed away from all banks that were involved in stuff like either Ally or GS, all my money would be stuffed in my mattress or in a tiny credit union/local bank with lousy interest.

True.

But GS was selling CDOs at the same time that they were betting against them.  On a massive scale.

SweetRedWine

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Re: Anyone use Goldman Sachs online savings with 1.05% APY?
« Reply #17 on: June 06, 2018, 06:50:32 PM »
Hi @DeskJockey2028 , just wondered how your online savings experience had been with Goldman Sachs after a year?. I'm thinking of opening an online savings account and GS has one of the highest interest rates.

MrUpwardlyMobile

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Re: Anyone use Goldman Sachs online savings with 1.05% APY?
« Reply #18 on: June 06, 2018, 06:55:37 PM »
Itís an awesome online savings account and the APY is now 1.7%.  Itís a great place to put the cash you need for an upcoming purchase or your emergency fund.

DeskJockey2028

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Re: Anyone use Goldman Sachs online savings with 1.05% APY?
« Reply #19 on: June 06, 2018, 06:57:09 PM »
Yeah,  I'm loving it.  I've started a small Xmas fund there too.

Itís an awesome online savings account and the APY is now 1.7%.  Itís a great place to put the cash you need for an upcoming purchase or your emergency fund.

SweetRedWine

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Re: Anyone use Goldman Sachs online savings with 1.05% APY?
« Reply #20 on: June 06, 2018, 07:38:58 PM »
Thanks!

use2betrix

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Re: Anyone use Goldman Sachs online savings with 1.05% APY?
« Reply #21 on: June 07, 2018, 05:55:42 AM »
About 7 years ago I worked a 1099 job and put the money I set aside into the highest rate savings account I could find. At that time it was American Express and around 1.1%. I still keep my emergency fund savings in there. Looking now, it seems to be 1.6%, which is even higher if this article is correct.

https://www.magnifymoney.com/blog/reviews/american-express-savings-account-review-2163638900/

I have 3 savings account. Wells Fargo - which I do all my direct deposit, auto deduct, etc. through. The American Express for emergency fund, and then I opened a Charles Schwab checking for extended travel because they offer 100% reimbursement of ATM fees. This was huge when we spent several months in Asia. Zero ATM fees. Use it in the states too when thereís not a Wells Fargo around.