Google is expanding its presence in the financial domain by preparing to offer checking accounts to consumers.

As TechCrunch reports, the service, called 'Cache' will be in partnership with banks and credit unions to offer the checking accounts, with the financial and compliance activities handled by the banks.

Google is also intending to offer benefits to consumers as well as banks including loyalty programs. It may start offering the service as early as next year with initial partners such as Citigroup and Stanford Federal Credit Union.