Still, the national average interest rate is a fraction of what Goldman and other online banks are paying. That’s because big lenders like J.P. Morgan Chase and Bank of America have kept retail customers’ rates low, instead relying on sign-on bonuses to lure fresh deposits.
Goldman’s new rate is among the highest for accounts with no minimum balance or other requirements. For instance, CIT Bank pays 2.45 percent on savings accounts, but to earn that rate users need a $25,000 balance or monthly direct deposits, according to Bankrate.com.
In little more than two years, Goldman has attracted more than 2 million customers to Marcus by offering better-than-average interest rates on savings or personal loans. The business had $27 billion in deposits, according to a November presentation.
As part of its push into consumer finance after spending its 150-year history serving institutional investors, governments and the wealthy, Goldman is presenting itself as an unbiased advocate for ordinary consumers. The bank’s newest Marcus campaign encourages consumers to get “financially fit” by choosing one of four profiles, each with tips on saving money and boosting investments.