Goldman Sachs CEO David Solomon said Tuesday he isn’t worried about partner Apple’s new high-yield Savings account overshadowing Goldman’s own Marcus offerings, but that he’s watching closely for “cannibalization.”
The Wall Street firm reported first-quarter results Tuesday, a day after Apple launched its new savings accounts with an annual percentage yield over 4%. The new accounts carry Apple’s brand and are administered through the iPhone, but Goldman Sachs is the company’s financial partner.
“We’ve obviously worked very closely at the overlap between who holds credit cards and who has a Marcus deposit, and that overlap is small,” Solomon said on his company’s earnings call. “But we’ll obviously watch closely to see whether or not there’s any cannibalization.”
The Apple-Goldman relationship is unique in that it brings together two historic brands in very different markets and underscores the degree to which some tech giants are jumping into financial services, potentially as competitors. Apple builds features for the iPhone and its Wallet app, like its Apple Card credit card, while Goldman is the actual bank behind the company’s financial services.
MacDailyNews Take: Via Apple or Marcus, they’re all ultimately Goldman Sachs customers anyway.
Like Beats or AirPods, Apple wins either way.
Here’s how Apple Card users can easily set up a Savings account from Goldman Sachs:
- On your iPhone, open the Wallet app and tap Apple Card.
- Tap the More button the more button, then tap Daily Cash.
- Tap Set Up next to Savings, then follow the onscreen instructions.
More info about how to set up and use Savings in Apple Wallet here.
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I’m impressed by how low-friction it all is. Signing up took just a few seconds, Daily Cashback is automatically swept in each night, and moving money in or out is just a few taps.
Translation from Goldman Sachs: “Oops”