Comments on: Goldman Sachs Online Bank? http://www.bargaineering.com/articles/goldman-sachs-online-bank.html personal finance blog with anecdotes, advice and commentary. Tue, 24 Nov 2009 20:44:11 -0500 http://wordpress.org/?v=2.8.6 hourly 1 By: Juan http://www.bargaineering.com/articles/goldman-sachs-online-bank.html/comment-page-1#comment-292876 Juan Fri, 05 Dec 2008 00:23:12 +0000 http://www.bargaineering.com/articles/?p=3899#comment-292876 Maybe I'm an outlier (or just young, at 25), but I've developed a strong relationship with my online bank - Schwab. I hated the bank I grew up with - Chevy Chase - they'd charge me for everything, had me maintain annoying balances... Schwab's investor checking account has no fees, a good interest rate, and no minimum, and I plan on staying with them for life (or until they change it). I also ended up opening my first Roth IRA with them. Maybe I’m an outlier (or just young, at 25), but I’ve developed a strong relationship with my online bank – Schwab. I hated the bank I grew up with – Chevy Chase – they’d charge me for everything, had me maintain annoying balances… Schwab’s investor checking account has no fees, a good interest rate, and no minimum, and I plan on staying with them for life (or until they change it). I also ended up opening my first Roth IRA with them.

]]> By: Eric J. Nisall http://www.bargaineering.com/articles/goldman-sachs-online-bank.html/comment-page-1#comment-292867 Eric J. Nisall Thu, 04 Dec 2008 21:47:08 +0000 http://www.bargaineering.com/articles/?p=3899#comment-292867 I would have to agree with Mr. Davidowitz and Mr. Ogg. Goldman Sach has build a successful business on its ability to cater to high-end clientele. That being said, I feel the comments were not meant to be taken as a knock against people that use online banks, but rather as a commentary on the desperation that Goldman appears to be showing by branching out into a market in which it is unfamiliar with. Mr. Speers' comments corroborate this viewpoint, since Goldman is a relationship-based business, whereby all of their clients have a close relationship with their individual brokers. This is evidenced even further by the fact that Goldman does not offer any kind of self-service options; it is a full-service broker/wealth-management firm which is what high-net-worth clients desire. Personally I don't see the point in their new plans, but at the same time there must be some sort of benefit for them to go that route. I would have to agree with Mr. Davidowitz and Mr. Ogg. Goldman Sach has build a successful business on its ability to cater to high-end clientele. That being said, I feel the comments were not meant to be taken as a knock against people that use online banks, but rather as a commentary on the desperation that Goldman appears to be showing by branching out into a market in which it is unfamiliar with.

Mr. Speers’ comments corroborate this viewpoint, since Goldman is a relationship-based business, whereby all of their clients have a close relationship with their individual brokers. This is evidenced even further by the fact that Goldman does not offer any kind of self-service options; it is a full-service broker/wealth-management firm which is what high-net-worth clients desire. Personally I don’t see the point in their new plans, but at the same time there must be some sort of benefit for them to go that route.

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