Apple reveals that Apple Card users have deposited over $10 billion into their related Savings accounts, making it a huge milestone.
This feat comes just four months after the launch of the Apple Card Savings Account, thus being special. Apple partnered with Goldman Sachs to provide a Savings account with Apple Card with no fees, minimum balance requirements and others.
A Record-Breaking Savings Deposits
Apple has long been a product company but has been venturing into services lately, considering its potential. The Cupertino-based company has invested heavily in App Store and other service-based offerings to add more and constant revenue and has been quite successful.
One among these services is banking, where Apple partnered with Goldman Sachs to offer credit cards, digital payments etc. The latest in this pursuit is a Savings Account based on Apple Card. Apple launched this service in April this year, yet it accumulated over $10 billion in deposits!
Announcing this feat today, Apple said that about 97% of Savings customers have opted in to having their Apple Card Daily Cash automatically deposited into the account, which offers a 4.15 APY. Though Goldman Sachs is “very pleased” to see the Savings account succeed, they’re reportedly trying hard to get out of the deal.
This is because the partnership with Apple hasn’t been as profitable for the bank as it’s for Apple and its customers. An Apple Card Savings Account doesn’t incur opening charges, minimum balance maintenance or other charges, effectively giving nothing to the processing bank.
Also, Goldman Sachs is even trying to exit the consumer banking business, so reasonable to hand over Apple’s deal to another bank. And American Express is a likely option, but there are other banks, too, that many fit in.
