Advertiser Disclosure

Goldman Sachs Bank USA Review: Savings and CDs

Banking, Banks & Credit Unions, CDs, Savings Accounts
You can trust that we maintain strict editorial integrity in our writing and assessments; however, we receive compensation when you click on links to products from our partners and get approved. Here's how we make money.
GS Bank Review: Savings and CDs

GS Bank
NerdWallet’s rating: 4.0 / 5.0

 

GS Bank
Learn more
at Goldman Sachs Bank USA
Goldman Sachs lets anyone bank with it, not just Wall Street. Goldman Sachs Bank USA, one of the newest online-only banks, won’t fulfill all of your banking needs: There are no branch offices, no checking accounts, no ATMs. But if you’re looking for top-of-the-line savings rates, this bank is one to check out.

The bottom line

  • Goldman Sachs Bank USA is best for setting aside cash to earn interest
  • There’s no checking account, ATM network or mobile app
  • You need an external account for transferring money, so expect delays when making any transaction

» MORE: NerdWallet’s best checking accounts

Our Ratings
Checking accountsNone
Savings accounts
Certificates of deposit (CDs)
Customer experience
Overdraft feesNone
Overall

Here are more details about the bank’s savings account, CDs and customer experience.

Savings


5.0 / 5.0
Goldman Sachs Bank USA, created after Goldman Sachs bought General Electric Co.’s GE Capital Bank in 2015, gets top marks as a spot to park your money at a high savings rate. The downside? Transferring money into or out of your account can take a few days. That’s because it doesn’t offer a way to withdraw cash or deposit checks via an ATM or a mobile app. Having an external bank account, such as a checking, savings or money market account elsewhere, is the main way to move money in to and out of a Goldman Sachs account, but you can also set up direct deposits.

There are no fees for its savings account. But your other bank could charge you when you transfer money via an Automated Clearing House (ACH) or wire transfer.

ProsCons
  • 1.20% annual percentage yield (APY) for all balances
  • No minimum deposit to open account
  • $1 minimum balance
  • No branch or ATM network for in-person banking
  • No mobile app for quick access
  • No savings goal-setting feature
  • If you're not doing an ACH or wire transfer, regular mail is your only other choice to make deposits, such as sending checks by mail

Certificates of deposit


5.0 / 5.0

For longer-term savings goals, using one of the bank’s CDs is a better option than its savings account. You can choose a term from six months to six years and get a solid return. A few other banks have higher CD rates, but Goldman Sachs’ rates are among the best.

ProsCons
  • High-yield rates: 1.40% APY for one-year CD, 1.90% APY for three-year CD, 2.25% APY for five-year CD
  • Low minimum deposit of $500
  • Its CD rate guarantee lets you receive the highest rate offered within 10 days of opening
  • Early withdrawal penalty applies
  • CD renews automatically if no change is made during 10-day grace period after its term expires

Customer experience


2.5 / 5.0
Since there’s no mobile app or branch network, your main way to interact with the bank and your accounts is online and by phone. For questions, there’s a comprehensive FAQs section on the website, and you can call customer support on weekdays or submit a message via a form online.

Boosts savings but lacks convenience

GS Bank
Learn more
at Goldman Sachs Bank USA
You can get good returns on your savings at Goldman Sachs Bank USA, but it lacks checking accounts and other features that some other online banks have, including a mobile app and a free ATM network. If you’re OK with stashing away cash for a while, this bank is a good choice. You don’t need to worry about fees or high balance requirements, so it’s easy to join the nearly 150-year-old investment firm’s first public bank.

Updated June 1, 2017.

Spencer Tierney is a staff writer at NerdWallet, a personal finance website. Email: spencer@nerdwallet.com. Twitter: @SpencerNerd.


Ratings methodology

NerdWallet’s overall rating is a weighted average of each category: checking, savings, CDs, customer experience and overdraft fees. Factors we consider, depending on the category, include rates and fees, ATM and branch access, account features and limits, user-facing tech and customer service. Several Nerds contribute to each financial institution’s ratings to ensure consistency and accuracy.

What the ratings mean:
5 stars out of 5 — Among the very best
4.5 stars out of 5 — Very good; only minor caveats for most customers
4 stars out of 5 — Good; issues that might make a difference to some customers
3.5 stars out of 5 — Fair; make sure strengths and weaknesses are a good match for you
3 stars out of 5 — Poor; proceed with great caution
2.5 stars out of 5 (or below) — Best to avoid