Goldman's digital checking account for the masses nears as bank tests product with U.S. employees

cnbc.com:

In this article

Goldman Sachs' long-awaited digital checking account is one step closer to reality.

The bank is widening internal testing for the no-fee, interest-bearing account to all 20,000-plus of its U.S. employees, according to Stephanie Cohen, Goldman's global co-head of consumer and wealth management.

«This week we extended exclusive beta access to all of our U.S. employees,» Cohen said in a statement provided to CNBC. «As beta participants, they have the opportunity to be the first to explore the new product, test select features and share feedback with us.… This beta is only the beginning of what we hope will soon become the primary checking account for tens of millions of customers.»

Goldman's play to manage Americans' primary transaction hub is one of the more significant steps it has taken to compete directly with retail giants such as Bank of America and Wells Fargo. Goldman first announced the account in January 2020, but its release has been delayed as the firm worked through its product roadmap. Beginning with savings and personal loans under the Marcus brand in 2016, it added the Apple Card as well as personal finance and investment tools via a smartphone app.

The bank is expected to release the account to the public later this year, CFO Denis Coleman told analysts this month.

Goldman declined to say what interest rate it will offer on the accounts, but a person with knowledge of the matter said it would likely be competitive with other online offers.