Google Pay Launches ‘Plex’ Bank Accounts With Citi Next Year

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Over the past year, Google has worked with banks and credit unions on co-branded checking and savings accounts. Today, Google is set to announce Plex Accounts, a “new way to do banking in Google Pay”.The new app went live for early access ahead of the official announcement this morning. Those who have already installed and configured the relaunched Google Pay are greeted by an information screen on the new “Banking meets Google” offer.

Google’s main argument for Plex accounts is that it makes it easier to manage money with “all your transactions, automatically organized and searchable in the Google Pay app”. You can search by categories (“grocery store” or “gasoline”), by location (“Portland”) and by month, while all transactions are tagged.

At the very top of the “Plex Account” home page will display your current and savings balance. There are quick actions to add money, transfer money, account details, lock card, and manage account. Next, an activity feed that shows past transactions organized by the two accounts.

Savings, along with the ability to create customizable goals, is the other big mast. The app offers a header image for your specific task with milestones to break and make the task more manageable. One option is to “round off transfers” on all purchases to help meet the goal.

Google claims that these accounts are “free” and that there are no charges for monthly service, low balance, overdraft, or using ATMs on the network.

Plex accounts will come with Google-designed debit cards that feature the new Pay brand and logo, as well as the partner icon in the lower right corner.

Google first partners with Citi and the Stanford Credit Union. Nine other partners are listed, with the first Plex accounts coming in 2021. Waitlists are available today.

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