Apple Inc. has achieved a significant milestone by amassing more than $10 billion in deposits for its savings account in just a few months since its launch in collaboration with Goldman Sachs Group Inc., according to an announcement made by the company on Wednesday.
A Lucrative Offer for Apple Cardholders
The savings account is specifically designed for the holders of the co-branded Apple Card credit card and is provided by Goldman Sachs. It offers an appealing 4.15% annual percentage yield. Cardholders can conveniently store their rewards in this account while earning interest.
Overwhelming User Adoption
Apple revealed that an astounding 97% of cardholders using the savings account have chosen to automatically transfer their Daily Cash cash-back rewards to their account. In addition to this, users have the option to deposit funds through linked bank accounts or Apple Cash, Apple’s peer-to-peer offering.
Goldman Sachs’ Potential Exit
Recently, there have been reports that Goldman Sachs is considering ending its partnership with Apple as part of its strategy to withdraw from consumer businesses. Apple has not commented on this development.
Liz Martin, Goldman Sachs’ head of enterprise partnerships, expressed her satisfaction with the success of the savings account, emphasizing their commitment to providing valuable and seamless products to Apple Card customers. She also highlighted their shared focus on delivering a superior customer experience and promoting healthier financial lifestyles.
Apple’s Growing Presence in Financial Services
Apple has been gradually expanding its presence in the financial services sector. In addition to the Apple Card and savings account offered in partnership with Goldman Sachs, the tech giant provides a buy-now-pay-later option that allows customers to make purchases in installments. Moreover, Apple’s widely-used Apple Pay service has gained significant traction, enabling users to easily send money to friends through Apple Cash.
Overall, Apple’s foray into financial services has been met with great success, creating a promising avenue for further growth and innovation.
