Goldman will test the consumer checking account with its US staff

Stephanie Cohen, currently Goldman Sachs’ global co-head of consumers and wealth management, speaks at the 2018 New York Times Dealbook conference in New York City.

Michael Cohen | Getty Images

Goldman Sachs‘The long-awaited checking account is one step closer to reality.

The bank is expanding internal testing for the interest-bearing and commission-free account to all more than 20,000 U.S. employees, according to Stefania CohenGlobal Co-Head of Goldman’s Consumption and Wealth Management.

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

Goldman’s game to manage Americans’ primary transaction hub is one of the most significant steps it has taken to directly compete with retail giants such as Bank of America Other Wells Fargo. Goldman first announced the account in January 2020, but its release was delayed as the company worked out the product roadmap. Starting with Marcus-branded personal savings and loans in 2016, he 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 familiar with the matter said it would likely be competitive with other online offers.

You may also like...