Apple is deepening its already formidable push into the world of financial services with a new plan to let Apple Card users park their Daily Cash in high-yield Goldman Sachs Savings accounts.
There are no fees, minimum deposits, or minimum balances, with the new savings account. Apple AAPL added in the release that users would be able to manage their savings accounts through Apple’s Wallet app…
Apple has made various forays into financial services, including with the Apple Card, which is issued by Goldman Sachs Group Inc. GS. The company has also been seeing growing traction with Apple Pay, a mobile wallet that allows people to make contactless payments in stores and make card payments online.
The company said earlier this year that it planned to get into the buy-now-pay-later game by letting Apple Pay users make purchases in installments.
MacDailyNews Take: Why let your Daily Cash just sit there languishing when you can gain some interest on it with a new Savings account via Apple Wallet? It’s a no-brainer!
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Pffft, the interest rates on the card are
ridiculous and the piddling amount of “Daily Cash” isn’t even worth considering.
And most people who use credit cards carry balances.
Apple isn’t helping here, they are contributing to bad habits.
Disagree completely. I am debt free. I’ve used a debit card for years, spending $10k/mo. With the AppleCard I earn cash back and enjoy the integration with iOS and that awesome Titanium card. I’m about to put a $25k on the card associated with a vehicle purchase which I’ll turn around and pay in full 30 days later. That’s nice cash back.
I’m sorry you’re poor and make bad decisions.
what do they define as high yield ? Its such a racket when the banks pay us 1 % to use our money but through credit cards lend it back to us at 17-24%
Xactly!!!!
(With thanks to the Fed Reserve…)
That’s the $million question.
I’m currently getting 2.3% on my FDIC insured savings.
Can they do better?
Apple needs to tread lightly just because the monopolistic wing in US Congress is already hovering over them. If Apple doesn’t want to go under the same microscope/knife that Microsoft did in the late 90s early 2000s then they better just stay in their carved out lane. Banks are already pissed about Apple Pay and Google Pay don’t give them extra motivation to release their banking lobby to push congress for a breakup.
Apple Pay is used with all bank credit cards, just like any other payment method such as plastic.
I’ve done the meth and I still can’t figure it out. Besides, partnering with GS has always seemed curious…a big “bank” that’s part of the “socialize the losses/privateering the gains” clan.
Easy. When you have a HYPOCRITE CEO virtual signaling all over the planet for human rights and diversity, while giving the largest OFFENDER and ABUSER [China] a blind eye FREE PASS to make tons of profits, the Goldman Sachs connection makes perfect sense completing the circle…
Don’t do “meth”—you won’t figure anything out! 😬😜
Thanks to Goldman Sachs, I’ve had the worst experience ever with a credit card.
Explain “worst” I have the Apple Card and it’s been great. No problems at all, and cash back toward my next iPhone, plus 3% off it because of the Apple purchase deal on it. I only charge what I can pay off in a month so I don’t get interest fees.