147-Year-Old Goldman Sachs Celebrates First Year in Retail Following the Launch of Goldman Sachs Bank USA’s Online Deposits Platform

Sigue a La Raza en Facebook

NEW YORK–(BUSINESS WIRE)–Goldman
Sachs Bank USA’s
(“GS Bank”) online deposit platform’s visitor
activity, deposits and new accounts have grown significantly throughout
the first year as a result of how strongly the Goldman Sachs’ brand is
resonating with main street America. Following the acquisition
of the online deposit platform from GE Capital Bank
(“GECB”) a year
ago, the business has added $4 billion in online deposits without
significant marketing. The growth is attributed to consumers looking for
value, superior customer service and the association with the Goldman
Sachs brand.

The online deposit platform offers an online savings account with a
1.05% Annual Percentage Yield (“APY”)*, which is currently above the
national savings average** , allowing GS Bank to offer customers a
savings advantage over many traditional banks. The online savings
account also requires no minimum deposit to open and only a $1 balance
to receive access to the APY. GS Bank’s online platform also offers
certificates of deposit, from six months to six years, with a minimum
deposit of only $500.

“We believe our growth over the past year is a strong indication of how
well our offering is resonating with consumers,” said Stephen Scherr,
CEO of GS Bank and Goldman Sachs Chief Strategy Officer. “We look
forward to continuing to give our customers access to the rates, tools
and services that help them save.”

In the past year, GS Bank’s Online Savings Account has been named “Best
Stand-Alone Account for Savings” by MONEY®
Magazine
*** ‘Best Banks’ 2016 for having no maintenance fees and no
minimum balance, as well as listed as one of the “Best Deals in Online
Banking 2016—Hassle Free Savings” by Kiplinger’s
Personal Finance**** ‘The Best List’ 2016. GS Bank’s online deposit
platform is one of two offerings from GS Bank within its new consumer
digital business. The other is Marcus
by Goldman Sachs™
,
an online platform offering personal loans.
These products combine the benefits of online consumer banking with the
firm’s 147- year history of financial expertise, risk management and
customer service. For more information about GS Bank and its savings
products, please visit www.gsbank.com or
call 1-855-730-SAVE (7283).

* APY as of April 25, 2017. APY may change at any time without notice
before or after the account is opened. $1.00 minimum balance is required
to earn stated APY. A maximum of 6 withdrawals or transfers per monthly
statement period are allowed. Maximum limits per depositor and/or per
account apply. Member FDIC.

**The National Average is based on the APY average for high yield
savings accounts with a minimum balance of at least $2,500 offered by
the top 50 U.S. banks (ranked by total deposits) as reported by Informa
Research Services, Inc. Calabasas, CA, Informars.com. Rates are only as
accurate as the information reported to Informa by the banks.

***MONEY is a registered trademark of Time Inc. and is used under
license. From MONEY Magazine, November 1, 2016. ©2016 Time Inc. Used
under license. MONEY and Time Inc. are not affiliated with, and do not
endorse products or services of Goldman Sachs Bank USA.

****From Kiplinger’s Personal Finance, December 2016 ©2016 The Kiplinger
Washington Editors. All rights reserved. Used by permission and
protected by the Copyright Laws of the United States. The printing,
copying redistribution, or retransmission of this Content without
express permission is prohibited.

ABOUT GS BANK

GS Bank is a New York State-chartered bank that is a wholly-owned,
direct subsidiary of The Goldman Sachs Group, Inc. GS Bank is a member
of the FDIC and Federal Reserve System and is subject to the regulation
and supervision of the Federal Reserve, the New York State Department of
Financial Services and the Consumer Financial Protection Bureau. GS
Bank’s deposits are insured by the FDIC up to the maximum amount
permitted by law.

The Goldman Sachs Group, Inc. is a leading global investment banking,
securities and investment management firm that provides a wide range of
financial services to a substantial and diversified client base that
includes corporations, financial institutions, governments and
high-net-worth individuals. Founded in 1869, the firm is headquartered
in New York and maintains offices in all major financial centers around
the world.

Contacts

Goldman Sachs
Media
Andrew Williams, +1 212-902-5400