NEW YORK--(BUSINESS WIRE)--Goldman Sachs Bank USA’s (“GS Bank”) online deposit platform has raised its Online Savings Account rate from 1.05% Annual Percentage Yield (“APY”) to 1.20% APY*, allowing customers to earn more interest than ever before. While the previous APY was already above the current national savings average*, GS Bank is further elevating its commitment to help customers grow their savings by offering an even better savings rate for existing and future customers. Customers can simplify their savings and reach their financial goals faster by consolidating savings with GS Bank, receiving access to great rates and customer service.
The online savings account requires no minimum deposit to open and only a $1 balance to receive access to the improved APY. GS Bank’s online platform also offers certificates of deposit, from six months to six years, with a minimum deposit of only $500.
Over the past year GS Bank has seen an overwhelmingly positive response from consumers. By delivering on its promise of exceptional customer service and increasing the APY, GS Bank can continue to offer better savings to customers and put the gains directly into their accounts.
GS Bank's online deposit platform is one of two offerings from GS Bank within its new consumer digital business. The other is Marcus by Goldman Sachs™, an online platform offering personal loans. These products combine the benefits of online consumer banking with the firm’s 147- year history of financial expertise, risk management and customer service. For more information about GS Bank and its savings products, please visit www.gsbank.com or call 1-855-730-SAVE (7283).
* APY as of June 7, 2017. APY may change at any time without notice before or after the account is opened. $1.00 minimum balance is required to earn stated APY. A maximum of 6 withdrawals or transfers per monthly statement period are allowed. Maximum limits per depositor and/or per account apply. Member FDIC.
** The National Average is based on the APY average for high yield savings accounts with a minimum balance of at least $2,500 offered by the top 50 U.S. banks (ranked by total deposits) as reported by Informa Research Services, Inc. Calabasas, CA, Informars.com. Rates are only as accurate as the information reported to Informa by the banks.
ABOUT GS BANK
GS Bank is a New York State-chartered bank that is a wholly-owned, direct subsidiary of The Goldman Sachs Group, Inc. GS Bank is a member of the FDIC and Federal Reserve System and is subject to the regulation and supervision of the Federal Reserve, the New York State Department of Financial Services and the Consumer Financial Protection Bureau. GS Bank’s deposits are insured by the FDIC up to the maximum amount permitted by law.
The Goldman Sachs Group, Inc. is a leading global investment banking, securities and investment management firm that provides a wide range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world.