More Than $10 Billion Deposited in Apple Card Savings Accounts

More Than $10 Billion Deposited in Apple Card Savings Accounts

On the morning of August 2, 2023, at 11:06 am PDT, Juli Clover shared her thoughts on the blog.

Today, Apple revealed that individuals who possess an Apple Card have contributed a staggering amount of over $10 billion into their ‌Apple Card‌ Savings accounts, managed by Goldman Sachs.

More Than $10 Billion Deposited in Apple Card Savings Accounts - Figure 1

The Savings accounts were initially introduced in April, so this significant achievement is happening after four months. Apple has reported that a whopping 97 percent of Savings customers have chosen to have their ‌Apple Card‌ Daily Cash automatically transferred to the account. This account provides an attractive 4.15 APY.

"We have always aimed to revolutionize the financial industry by prioritizing our users' financial well-being, and this goal drove us to introduce various financial products. Back when we launched Apple Card four years ago, and even now with the introduction of Savings, our main focus has always been our users' financial health," stated Jennifer Bailey, Apple's vice president of Apple Pay and Apple Wallet. "Savings offers a hassle-free way for users to save money daily, with no fees, minimum deposits, or balance requirements. We are incredibly pleased to witness the positive response from both new and existing customers."

According to a declaration by the Chief of Corporate Alliances at Goldman Sachs, the organization is extremely content with the accomplishments of the Savings account.

The usage of ‌Apple Card‌ remains restricted to individuals who own an iPhone within the United States, consequently limiting accessibility to the Apple Savings account solely within the U.S. Apple recently made this announcement amidst speculation that their collaboration with Goldman Sachs might be strained. Rumor has it, Goldman Sachs is seeking to terminate their partnership with Apple as they endeavor to withdraw from the field of consumer banking.

Apple and Goldman Sachs have been in collaboration for the ‌Apple Card‌ project since 2019. However, Goldman Sachs is now considering terminating the partnership due to insufficient profits and difficulties handling customer service complications. In particular, the Savings account aspect of the venture has strained the relationship as customers experienced frustratingly long wait times while trying to withdraw funds.

Goldman Sachs reportedly intends to find an alternative suitor, like American Express or another firm, to take over its agreement with Apple. However, the conditions are not advantageous due to the absence of fees on the ‌Apple Card‌, which makes the deal unattractive to other companies.

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On Monday, July 31, 2023 at 1:20 pm Pacific Daylight Time, written by Juli Clover.

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Tuesday, August 1, 2023 at 2:58 am Pacific Daylight Time as reported by Tim Hardwick.

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Today, on the morning of Monday, July 31, 2023 at 9:39 am Pacific Daylight Time, Juli Clover presents an article for discussion.

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