Goldman Sachs has launched GS Bank, an online bank as it aims to expand from its Wall Street base to the mass market. With online-only banking, it looks to attract families and small business. It allows customers to open account with a $1. The new online facility comes on the heels of Goldman’s acquisition of GE Capital’s online deposit platform, after which it assumed around $ 16 billion of deposits from some 145,000 customers. It also offers a relatively robust interest rate of 1.05%, much higher than the 0.01% available other retail banks. It offers is a five-year certificate of deposit at 2.0%, also much higher than the going rate at other large banks.
