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Goldman Sachs Is Basically The Arby’s Of Banks Now

Come one, come all!
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No shirts? No shoes? No problem! Lloyd Blankfein & co. are at your service. All you need is a dollar and a dream.

The financial firm most synonymous with Wall Street started offering savings accounts and certificates of deposit this month from the website of its banking arm, GS Bank. The firm will accept new customers with as little to save as $1, though they will need $500 to open a certificate of deposit….

The main selling point, in addition to Goldman’s cachet: high rates.The bank is touting a 1.05% yield on savings accounts, 1% on one-year certificates of deposits and 2% on five-year CDs.

And why not? High-yield is so in these days!

Goldman notes that the high-yield market keeps rallying despite gyrations in the oil market, giving it a reason to like high-yield corporates.

Goldman Sachs Drops the Velvet Rope for Savers [WSJ]


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