Goldman Sachs tests current account with US employees
Goldman Sachs has started testing a new checking account, another step in its multi-year push into consumer banking.
Ahead 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 certain features and share their feedback with us,” said Stephanie Cohen, co-head of global management. consumer and wealth management at Goldman Sachs, in an emailed statement. .
The pilot is “just the beginning of what we hope will soon become the primary checking account for tens of millions of customers,” Cohen added. CNBC reported earlier on the bank’s new current account.
The digital current account also includes a physical debit card. In his statement, Cohen said the account will not charge any fees and will pay interest. The rate paid will be competitive with offers from other banks, according to a company spokesperson.
New York-based Goldman, which has historically focused on corporate transactions 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 investment advisor that spear Last year. Goldman Sachs is the issuer of the Apple Card, and this year it reached a deal with General Motors to issue the My GM Rewards card, which replaces another GM card previously operated by Capital One.
Last month, Goldman completed its acquisition point-of-sale lender GreenSky, which facilitated consumer lending for banks through a network of more than 10,000 merchants, including home improvement companies and dental providers.
Goldman Sachs Chief Financial Officer Denis Coleman told analysts last week that “many pieces of the puzzle are in place” for Goldman’s aspirations to build “the world’s first consumer digital bank.”
He said the current account “will be an important part of the product roadmap for us.”