ML-Implode News - â€‹Want to bank at Goldman Sachs? Now the little guy can

There are a few points to keep in mind with new bank, GSOnline.com. First, it's only offering savings accounts, which means it's not going to replace a consumer's day-to-day checking account. Second, while Goldman offers a competitive annual percentage yield of 1.05 percent, there are banks that offer even higher interest rates on savings accounts.
"It's certainly competitive with other online savings accounts," said Greg McBride, chief financial analyst at Bankrate.com. "Their offering is one of four that are paying that same yield and available nationwide. There are five others that pay higher yields. It's new for them, but it's not new ground."
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It may seem like an abrupt about-face for Goldman, which is known for backing high-flying IPOs and financing mergers and acquisitions. The rollout of savings accounts for the hoi polloi comes as the investment bank is feeling pressure to diversify its revenue following recent hits to its core investment banking business and declining return on equity, according to The Financial Times.

Goldman's online banking venture has ties to the company's purchase of $17 billion in deposits from GE Capital, which was approved by federal regulators earlier this year.

Smacks a little of desperation!

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â€‹Want to bank at Goldman Sachs? Now the little guy can