Goldman Sachs have launched a new online-only savings account, which is aimed away from the traditional super-rich customer base.
The digital account can be opened with a deposit as little as a dollar, in complete contrast to the $10 million minimum deposits required in years gone by for their traditional banking service.
The savings account has rate of 1.05 per cent, currently almost one full percentage point above every other big bank, seeing the company hone in on the world of online-only bank accounts.
These online banks are the only category of banking to have sustained growth over the past decade and the move follows Goldman’s acquisition of online bank GE Capital.
The firm’s net earnings for the first quarter was down 59.9 per cent year on year, at $1.14 billion (£788 million).
According to the Financial Times Goldman acquired just under 150,000 retail customers through the GE Capital deal that closed last week.
Explore this and more Goldman Sachs news here: www.goldmansachs.com