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
|Certificates of deposit (CDs)|
Here are more details about the bank’s savings account, CDs and customer experience.
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.
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.
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
Updated June 1, 2017.
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:
— Among the very best
— Very good; only minor caveats for most customers
— Good; issues that might make a difference to some customers
— Fair; make sure strengths and weaknesses are a good match for you
— Poor; proceed with great caution
(or below) — Best to avoid