Goldman Sachs Checks Progress Towards Reality

The Goldman Sachs checking account will soon be a reality, an official at the banking giant said on Thursday (April 21).

Goldman is expanding internal testing for the no-fee, interest-bearing account to all of its 20,000 U.S. employees, Stephanie Cohen, Goldman’s global co-head of consumer and wealth management, told CNBC.

Read more: With digital verification, Goldman’s Marcus seeks to create a 153-year-old neobank

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

CNBC’s report notes that Goldman’s attempt to offer checking accounts is one of the most significant steps it has taken to compete with major retail banking players like Wells Fargo and Bank of America.

Goldman first announced the account more than two years ago, although its release has been pushed back. The bank first offered savings and personal loans under the Marcus brand in 2016 before adding the Apple Card as well as personal finance and investments through a smartphone app.

The bank is set to go public this year, chief financial officer Denis Coleman told analysts this month.

Goldman declined to say what interest rate it will offer on its checking account, but a source with knowledge of the matter said the rates are likely to be competitive with other online offers.

Last year, the bank launched Marcus Invest to facilitate automated stock purchases, with the digital platform automatically investing in stocks and bonds based on pre-determined criteria.

Read more: Goldman launches Marcus Invest to target retail investors

Cohen said at the time that Marcus Invest and Marcus Checking provided a digital app-based banking experience and allowed Goldman “to be someone’s primary banking relationship.”

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