London Daily

Focus on the big picture.
Friday, Jul 17, 2026

Google is getting into banking with the search giant set to offer checking accounts next year

Google is getting into banking with the search giant set to offer checking accounts next year

Google plans to offer checking accounts next year. The project, code-named Cache, will be run in conjunction with Citigroup and the Stanford Federal Credit Union.
Google will offer checking accounts next year as it partners with financial institutions including Citigroup, representing Big Tech’s boldest move yet into consumer banking.

Most previous efforts have focused on credit cards and payment platforms.

As part of a project code-named Cache, the company will become the latest Silicon Valley leader to try its hand at the banking space, the Wall Street Journal reported. Previous attempts by Apple and Facebook faced obstacles, with consumers growing increasingly skeptical over providing large technology companies with their personal information.

“We’re exploring how we can partner with banks and credit unions in the US to offer smart checking accounts through Google Pay, helping their customers benefit from useful insights and budgeting tools, while keeping their money in an FDIC or NCUA-insured account,” a Google spokesman said in a statement. “We look forward to sharing more details in the coming months.”

Google does not intend to sell customers’ data, Caesar Sengupta, an executive at the firm, told the Journal.

“If we can help more people do more stuff in a digital way online, it’s good for the internet and good for us,” Sengupta said.

For years, banks had been concerned about competition from small, nimble fintech upstarts. But it turns out that Big Tech companies like Google and Amazon, already armed with relationships with hundreds of millions of consumers, may prove to be the larger threat.

Last year, Amazon had reportedly been in talks with J.P. Morgan Chase over a checking account. Apple launched a credit card for iPhone users earlier this year with Goldman Sachs. Uber announced its push into financial services last month, and just Tuesday Facebook announced a new system to facilitate payments across its social media and messaging systems.

Apple’s offering has run into multiple issues. Its partnership with Goldman has been tense after Apple said it created the card without help from a bank. Also, complaints have arisen recently that the algorithm used to determine customers’ credit limits is biased toward men.

Facebook’s foray into digital currency saw major financial backers drop out over regulatory concerns.

Sen. Mark Warner, D-Va., a leading voice on regulating tech companies on Capitol Hill, told CNBC’s “Squawk Box” on Wednesday, “I’m concerned when we got, whether it’s libra or the Google proposal, ... these giant tech platforms entering into new fields before there are some regulatory rules of the road.”

“Because once they get in, the ability to extract them out is going to be virtually impossible,” said Warner, who was a tech entrepreneur before he got into politics. He was the governor of Virginia from 2002 to 2006.

Google’s plans are to brand the checking accounts with the financial institutions’ names, not its own.
Newsletter

Related Articles

0:00
0:00
Close
For 36 Years, He Scammed About 300 Luxury Hotels — Until He Was Caught
Britain Nationalises British Steel to Protect Scunthorpe Production and Strategic Supply
Andy Burnham Takes Labour Leadership and Prepares to Become Britain’s Seventh Prime Minister in a Decade
Tech Companies Want to Move Computing Off Your Screen and Onto Your Body
White House Teleprompter Operator Earned More Than $100,000 From Bets Linked to the President's Speeches
French Prime Minister Survives No-Confidence Vote After Controversial Budget Cuts
European Commission Opens Excessive Deficit Procedure Against France
French Senate Blocks Key Immigration Reform Measures
French Government Pushes EU Action Against Ultra-Fast Fashion Imports
French Parliament Debates Expanded Autonomy Powers for Corsica
France Reopens Autonomy Talks With New Caledonia After Months of Unrest
Bordeaux Wine Producers Seek Three Hundred Million Euro Aid Package After Export Collapse
French Farmers Block Spain Border Crossings Over Imported Food Competition
Cannes Film Festival Bans Fully Artificial Intelligence-Generated Films From Competition
TotalEnergies Shifts More Than Three Billion Euros of Green Investment From Europe to the United States
LVMH Chief Executive Bernard Arnault Presents Succession Plan for Luxury Empire
Kering Reports Fifteen Percent Revenue Drop as Chinese Luxury Demand Weakens
Sanofi Reports Positive Results From Messenger RNA Respiratory Vaccine Trials
France Places Energy Price Caps Under Review to Protect Households Through Winter
EDF Connects Two New Nuclear Reactors to France’s Electricity Grid
Mistral Secures European Commission Contract for Sovereign Artificial Intelligence Models
Renault Opens Next-Generation Electric Battery Plant in Northern France
Air France Signs Two Billion Euro Sustainable Aviation Fuel Deal to Cut Emissions
Marseille Launches Three Billion Euro Port Expansion to Strengthen Mediterranean Trade Role
French-Owned Ubisoft Announces Global Restructuring With Nearly One Thousand Job Cuts
National Railway Operator Suspends Artificial Intelligence Ticket Pricing System After Consumer Backlash
United Kingdom to Ban Sales of High-Caffeine Energy Drinks to Under-Sixteens
Home Office Designates Iranian and Russian Paramilitary Groups as National Security Threats
National Health Service Launches Housing Plan to Retain London Healthcare Workers
British Heatwave Fuels Wildfires and Emergency Evacuations in Scotland
United Kingdom and Estonia Sign Defence Agreement to Strengthen NATO’s Eastern Flank
United Kingdom Cuts Bilateral Aid to African Nations by More Than Eighty Percent
Bank of England Overhauls Banking Rules to Encourage More Lending to Businesses
United Kingdom and India Free Trade Agreement Enters Into Force, Reshaping Bilateral Economic Ties
Andy Burnham Confirmed as New Labour Leader and Prime Minister-Designate
UK Government Faces Pressure Over Extreme Heat Workplace Rules
Lewisham Council Blocks Cooperation With Home Office Immigration Enforcement
UK Parliament Investigates Growing Pressures on Scotch Whisky Industry
Teen Hackers Sentenced Over Thirty-Nine Million Pound Transport for London Cyber Attack
Ministry of Defence Acquires Scottish Fuel Terminal to Strengthen Royal Navy Operations
Bank of England Eases Rules as Economic Growth Remains Weak
Bank of England Governor Warns Andy Burnham on Britain’s Long Economic Stagnation
UK Defence Ministry Buys Scottish Fuel Terminal to Secure Naval Energy Supplies
UK Secures Access to European Defence Contracts Through Ukraine Support Deal
Bank of England Plans Easier Capital Rules to Encourage More Lending
Met Office Says England and Wales Have Already Broken Summer Heat Records
Counter-Terrorism Police Lead Investigation Into Murder of Former Minister Ann Widdecombe
UK Government Nationalises British Steel to Protect Domestic Steel Production
French National Assembly Overrides Senate to Pass Historic Assisted-Dying Legislation
Spanish Prime Minister's Wife Ordered to Stand Trial as Corruption Probes Encircle Governing Party
×