Alphabet-owned (GOOGL Quick QuoteGOOGL - Free Report) Google will start offering checking accounts to consumers next year. Under code name “Cache,” the company is partnering with Citigroup (C Quick QuoteC - Free Report) and Palo Alto-based Stanford Federal Credit Union to run the checking accounts; these firms will also all financial and compliance activities.

According to Google exec Caesar Sengupta, who spoke to the Wall Street Journal, the company is considering not charging a service fee, and is thinking about offering perks like a loyalty program as well.

Google’s plans are the latest move from Big Tech to enter the banking space. Apple (AAPL Quick QuoteAAPL - Free Report) just launched a branded credit card for iPhone users with Goldman Sachs (GS Quick QuoteGS - Free Report) ; Facebook is looking at rolling out a payments system across all of its platforms after plans to debut a cryptocurrency failed; and Uber (UBER Quick QuoteUBER - Free Report) announced a plan to offer financial products and services.

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