Goldman Sachs will allow clients to access deposits from $1

American Bank Goldman Sachs will give its customers the opportunity to access via the Internet savings account in the amount of $1, writes the Financial Times. As the newspaper notes, the decision to tap this segment of the market was made against the wishes of the Bank’s management to find new avenues for additional funding.

FT emphasizes that the weak first-quarter results, it is shown the leading banks of the USA, highlighted the challenges faced by their investment divisions, found themselves under pressure from volatile markets and tighter legislation. In particular, Goldman Sachs was the lowest equity returns over the quarter on an annualised basis over the last four years — just 6.4%.

New service Deposit of $1 is offered on the platform that the Bank received after the acquisition of savings accounts for $16 billion from GE Capital. As a result, in Goldman Sachs moved 145 thousand depositors, and the Bank is trying to attract more individual customers by offering annual Deposit rate in the amount of 1.05%, which, as noted by the FT, much more favorable than the largest network of banks, such as Citibank, JPMorgan Chase and Bank of America.

According to the Director of strategy at Goldman Sachs Stephen Scerra, a new service introduced in order to broaden the sources of Finance GS Bank, which previously relied on wholesale funding sources and “brokerage deposits” refers to placing brokers in Bank accounts at high interest rates.

Expert in banking website to manage personal Finance NerdWallet Dewang Goldstein told the FT that it is not certain that depositors will rush in GS Bank from other online banks, but believes that the Goldman brand can generate interest among customers, as it is strongly associated with the American dream of wealth.