Goldman’s digital checking account draws closer as bank tests it with US staff

Stephanie Cohen, currently Global Co-Head of Consumer and Wealth Management at Goldman Sachs, speaking at the New York Times Dealbook 2018 conference in New York City.

Michael Cohen | Getty Images

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

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

“This week, we extended exclusive beta access to all of our US 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 some features and share their feedback with us. … This beta is just the beginning of which we hope will soon become the primary checking account for tens of millions of customers.”

Goldman’s game to run America’s primary transaction center is one of the most significant moves it has made to directly compete with retail giants like Bank of America and Wells Fargo. Goldman first announced the account in January 2020, but its release was delayed as the company worked on its product roadmap. Starting 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 make the account public later this year, Chief Financial Officer 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 offerings.

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