Goldman Sachs has started testing a new checking account, another step in its multiyear push into the consumer banking sector.
In advance of a broad U.S. launch later this year, the $1.6 trillion-asset bank made the account available this week to its more than 20,000 U.S. employees.
“As beta participants, they have the opportunity to be the first to explore the new product, test select features and share feedback with us,” Stephanie Cohen, Goldman Sachs’ global co-head of consumer & wealth management, said in an emailed statement.
The pilot is “only the beginning of what we hope will soon become the primary checking account for tens of millions of customers,” Cohen added. CNBC
The digital-first checking account also includes a physical debit card. In her statement, Cohen said the account will not charge any fees and will pay interest. The rate paid will be competitive to other banks’ offerings, according to a company spokesperson.
New York-based Goldman, which historically focused on corporate deals and global markets, has been building its consumer banking unit since 2016, when it launched Marcus personal loans.
The bank’s Marcus unit now also offers high-yield savings options and an automated investing adviser that
Last month, Goldman completed its
Goldman Sachs Chief Financial Officer Denis Coleman told analysts last week that “a lot of the pieces of the puzzle are in place” for Goldman’s aspirations to build “the leading global digital consumer bank.”
He said that the checking account “will be an important piece of the product roadmap for us.”
