Want to boast about having an account with Goldman Sachs but don't have the $10 million required for the minimum deposit? Well, now mere mortals can enjoy the American Dream, too.
The financial firm just introduced GS Bank, an online service that includes a savings account with no minimum deposit, no transaction fees and a 1.05 percent interest rate that is currently almost one full percentage point above every other big bank, NBC News reported.
The new strategy follows Goldman's acquisition of online bank GE Capital, and comes as part of the banking behemoth's restructuring in the face of stricter federal regulations, falling profits and calls for more diversified — and reliable — revenue sources.
Unlike other top five banks such as JPMorgan Chase and Wells Fargo, Goldman Sachs has never had a consumer base.