People Poured $10 Billion Into Apple's New Savings Accounts — But Goldman Sachs Wants to Pull the Plug

Apple is placing a significant amount of confidence in the expansion of financial services — and it seems that this decision is yielding positive results.

According to Barron's, the company disclosed that its customers have transferred over $10 billion into savings accounts that were introduced in collaboration with Goldman Sachs Group back in April. However, the prominent financial institution is ready to terminate this partnership.

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Goldman Sachs is looking to sever its connection with Apple as it reduces focus on its consumer business. It may enter into an agreement with American Express to facilitate this transition. According to an earlier report from The Wall Street Journal, American Express may potentially assume control over the Apple credit card and other associated initiatives.

At present, individuals who possess the Apple credit card have access to the Apple savings account, as stated by Barron's. This account generates a yield of 4.15%.

Last year, Bloomberg reported that Apple is in the process of crafting a long-term strategy to create its own payment processing technology. As part of this plan, the company aims to take charge of various financial services internally, such as evaluating lending risks, analyzing fraudulent activities, conducting credit checks, and so forth.

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According to the publication, the tech giant has experienced a number of setbacks that have hindered its progress in the financial services sector. However, exploring this area further could be highly beneficial, especially considering the anticipated decrease in sales of iPhones and other electronic devices.

Apple Inc has experienced a significant increase of almost 16% compared to the previous year.