Goldman Sachs has opened its vault to the 99 percent.
Now you can park your money with Lloyd Blankfein’s investment bank as Goldman started taking online deposits as low as $1 for savings accounts on Monday — a bit lower than the $10 million minimum required for its private banking clients.
The new retail banking arm, called GS Bank, is offering some sweet interest for early movers.
For new deposits, Goldman will give 1.05 percent annual yield and 2 percent on a five-year CD.
The move into retail banking came about eight months after the lender announced it would acquire GE Capital’s online deposit arm, giving the company about $16 billion in accounts and certificates of deposit.
The Federal Reserve, the New York Department of Financial Services, and the Utah Department of Financial Institutions approved the transaction, the terms of which weren’t disclosed, the bank said in a statement.
Goldman wants to bring in money from mom-and-pop savers because it “increases the funding diversification,” Robin Vince, Goldman’s treasurer, said in a statement.
That means the bank won’t rely as heavily on deposits from 1 percenters — something that the Fed has said it wants Wall Street to do.
GS Bank, which doesn’t have any brick-and-mortar storefronts, offers interest rates that are higher than many of its rivals and more in line with higher-yielding money market funds, according to Bankrate.com data.
“Like other online banks, they don’t have the expense of a branch network to maintain,” Greg McBride, chief financial analyst at Bankrate.com, told The Post. “Servicing accounts online is a lot cheaper, and consumers are benefiting from that.”