Goldman Sachs Review 2020

Positively, every bank brings particular products for the consumer, which provide value in terms of financial convenience. Therefore, a bank account is necessary to handle personal and business finances. However, every bank has different terms of service and fees.

Thankfully, in this global age, we can know every detail without going to the bank. In short, you can browse through the internet to find actual banking experience from other users. That’s why we are writing this post.

Actually, we will show you the pros and cons of every account of Goldman Sachs. So, you can know what benefits you or not. Keep reading further.

About Goldman Sachs

In fact, Marcus Goldman incorporated Goldman Sachs in 1869, which was initially a financial institution. Together with all business, Goldman Sachs evolved as an investment bank over the years. Particularly, it provided banking services to the public since its inception.

During the financial crisis, the bank appeared as a holding company, which bailed out many businesses. Generally, the bank also provides personal and business loans. Therefore, it is one stop that can provide finance to the business on competitive conditions. Above all, it also provided a line of credit for many working men in the US.

Overall banking

The overall banking experience is positive for many users. Also, it has loan programs for account holders, which allow then to get funds in a time of crisis. Although APR rates are steep. But the availability of funds is convenient than ever. Above all, Goldman Sachs is a good option when it’s raining cats and dogs outside.

In summary, anyone with an income source can become an account holder, which leads to personal loans. For instance, if you are a salaried person, then you can get an amount equal to your salary as a personal loan.

Thankfully, for a business venture, Goldman Sachs provides finance options on collateral. Therefore, a business can work directly with the bank’s finances on competitive terms.


  • For all savers, the bank offers competitive interest rates, which are on savings account and CDs.
  • The minimum deposit limit is relatively low on savings account and CDs.
  • Particularly, Goldman Sachs has a mobile app, which has more features as compared to other banks.
  • There are rewards for savers, which provide a high yield.


  • The account holder has to pay fees for using ATM service, which applies to all on-network and off-network ATMs.
  • Goldman Sachs offers a few products, which is a downside.
  • There is no checking account available.

Savings accounts

You can open a savings account with $1 and start earning right away. In particular, Goldman Sachs has high APY than other banks. Therefore, a savings account holder can earn better on his savings, which can be withdrawn periodically.

Goldman Sachs provides consistent payout. That’s why a saver can expect consistency in his investment.


  • You will get a competitive yield with consistent earning on your savings.
  • The bank has a unique policy to provide high APY with a minimum balance, which is $1. That’s why a saver can earn high interest on minimum deposits.
  • The savings account has the highest APY, which is multiple times more than the national average.


  • Although APYs are higher, you can also get the highest APYs from other banks.
  • The maximum limit for a savings account is $1 million, which becomes a problem for a big investor.
  • There is no ATM card or the debit card associated with the savings account.
  • Other banks also have top-tier programs, which are not available from Goldman Sachs.

CD rates

The bank offers CDs on various terms. Therefore, you can open a CD with a minimum amount, which starts at $500. Thankfully, there fewer penalties, which benefit the account holder.

On all CD, you can withdraw interest without a penalty. Therefore, a saver can see it as the most befitting CD in the market. Moreover, if there is a change in rates, then you can benefit from it within 10 days of opening your account.


  • You will enjoy daily compounded interest, which is rare from other CDs.
  • You will avail of CDs without an early withdrawal penalty.
  • You can initiate a CD with the lowest amount.


  • Although yields are good. However, you can also get higher yields from other banks.
  • Penalty-free CDs have a low yield, which is a cliché.
  • You have to link your account with the CD.

Bank experience

The bank launched an iOS app recently, which allows the user to handle a savings account, CDs, and online banking. In fact, the app has a set of features, which are truly unique. That’s why account holders have a better option in digital banking services. Above all, the app allows you to check balance, transfer funds, and make loan payments. In short, a user can pretty much do everything through a mobile app.

Meanwhile, the customer support is top-notch and exceptional. Therefore, you can contact the help desk seven days of the week. Above all, the bank has a panel of saving specialists, who are available for chat. This way, an account holder has complete guidance available.

A few years ago, the bank bought Clarity Money, which is a company for financial tracking. Therefore, you can track all your finances, whether they are from any account.

The Clarity Money app is also a versatile option, which allows you to open accounts through a digital link.

Thankfully, all staff behavior is also helpful for the user, which is rated 4.9 out of 5 stars. This rating is known from reliable data collection agency.

Fortunately, the terms of personal loans are not too steep. Therefore, any account holder can depend on the bank during rainy days. Although APRs are higher, funds are available in minimum time.

For a businessman, the bank provides financing options on collateral assets. Therefore, if you have some assets, then your finance line will be live with Goldman Sachs.

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Last words

We have described all the pros and cons of different accounts of Goldman Sachs. Now, you know what you will get into with an account at Goldman Sachs. Have a good day, and work towards your success.






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