NEW YORK–Goldman Sachs is getting closer to bringing its long-awaited checking account to the market.
The bank has now widened internal testing for the no-fee, interest-bearing account to all 20,000-plus of its U.S. employees.
"This week we extended exclusive beta access to all of our U.S. employees," said Stephanie Cohen, Goldman's global co-head of consumer and wealth management, in a statement to CNBC. "As beta participants, they have the opportunity to be the first to explore the new product, test select features and share feedback with us. ... This beta is only the beginning of what we hope will soon become the primary checking account for tens of millions of customers."
According to the report, Goldman's play to manage Americans' primary transaction hub is one of the more significant steps it has taken to compete directly with retail giants such as Bank of America and Wells Fargo. Goldman first announced the account in January 2020, but its release has been delayed as the firm worked through its product roadmap.
Significant Move
A traditional wholesale bank, Goldman Sachs made a significant move into retail banking by introducing personal loans under its then-new 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 release the account to the public later this year, CFO Denis Coleman told analysts this month, CNBC reported.
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 offers, the report added.
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