The “similar topics” sidebar that came up as I typed this question shows a lot of threads from 2009/2010 talking about how Goldman Sachs is/was evil.
How about nowadays? Does anyone use them? I ask because Apple is starting a program wherein if you use Apple Pay, you’ll get generous cash back (2 to 3%) which is paid directly into a Goldman Sachs savings account. This account currently pays a nice 2.15%, which is many times better than our Wells Fargo’s zero point nothing percent.
We should be paying off our mortgage in late spring of 2023, and then we’ll be free to choose another bank. This Apple Pay/cashback thing is very attractive, because we use Apple Pay all the time. But I thought I’d ask if anyone here banks with Goldman Sachs and how they like them.
Sorry, I don’t, but it strikes me that they could be like a reformed alcoholic – very careful not to get caught (hic!) drinking.
I was never so happy to sever a business arrangement than I was when we re-financed our Wells Fargo mortgage and I could move my other accounts to a credit union. So congratulations on that anyway.
They’re not traditionally a retail bank that average consumers would transact with, but in 2016 they started offering retail products under the GS and Marcus brands. I suppose they realised that customer deposits can be a cheap source of funds for a bank. But their reputation of being evil doesn’t come from these retail activities; it comes from the investment banking and proprietary trading business that has traditionally been their focus since the company was founded in the 19th century. So even though I don’t bank with them myself, I’d say that if you do as a retail customer, you’re unlikely to notice anything that’s markedy different from any other competitor. It is, of course, another question whether you’d still want to avoid them in case you find their other activities unethical.
As an update, just just this week Goldman sachs announced that it would give up its intentions to expand its retail customer business.