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Goldman Sachs Bank USA Review: Savings and CDs

Banking, Banks & Credit Unions, CDs, Savings Accounts
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GS Bank Review: Savings and CDs

GS Bank
NerdWallet’s rating: 3.5 / 5.0

3.5 stars out of 5

GS Bank
Learn more
at Goldman Sachs Bank USA
Goldman Sachs now 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, Goldman Sachs Bank is one to check out.

The bottom line

  • Goldman Sachs Bank is best for setting aside cash to earn interest.
  • There’s no checking account, ATM network or mobile app available.
  • 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 accounts5.0 stars out of 5
Certificates of deposit (CDs)4.5 stars out of 5
Customer experience2.5 stars out of 5
Overdraft feesNone
Overall3.5 stars out of 5

Read on for more details about the bank’s savings account, CDs and customer experience.


5.0 stars out of 5
5.0 / 5.0
Goldman Sachs Bank, 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 there’s no way to withdraw cash or deposit checks via a mobile app or at an ATM. Having an external bank account, such as a checking, savings or money market account elsewhere, is the main way you can move money into and out of a Goldman Sachs Bank account.

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

  • 1.05% APY for all balances.
  • No minimum deposit to open.
  • $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 for deposits, such as checks.

Certificates of deposit

4.5 stars out of 5
4.5 / 5.0

For longer-term savings goals, getting a Goldman Sachs Bank CD is a better option than its savings account. You can choose a term from six months to six years and get a solid return. Although a few banks have higher CD rates, Goldman Sachs’ are among the best.

  • 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 balance of $500.
  • 10-day CD Rate Guarantee lets you receive the highest rate offered within 10 days of opening.
  • Early withdrawal penalty applies.
  • CD automatically renews if no change is made during 10-day grace period after CD term expires.

Customer experience

2.5 stars out of 5
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 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, but it lacks checking accounts and other features that some other online banks have, including a mobile app and 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.

Spencer Tierney is a staff writer at NerdWallet, a personal finance website. Email: 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