Traditionally, Goldman Sachs has functioned like a run-of-the-mill investment bank with minimums to open an account in the range of $10 million, and returns not guaranteed.
Goldman is opening its doors to the masses today with the launch of GS Bank, an FDIC-insured, internet-based savings bank.
Anyone with an internet connection and a dollar can join, as that is what each account's minimum balance must be.
GS Bank's interest rates give customers an annual yield of 1.05 percent, a rate that trumps the average U.S. saving's bank yield of .06 percent APY.
GS Bank was a result of Goldman's acquisition of GE Capital Bank, the online retail bank previously run by General Electric's capital arm.
The move is to diversify revenue streams and strengthen liquidity. GS Bank currently has total deposits of around $114 billion.
In other news from the multinational banking firm, Goldman Sachs believes virtual-reality and augmented-reality "will be the next generation computing platform" worth $80 billion by 2025.
Another almost as nice place for your dollar.
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