Apple Launches Apple Card’s High Yield Savings Accounts in Partnership with Goldman
Techcrunch | Romain Dillet | Apr 18, 2023
![Apple Launches Apple Card’s High Yield Savings Accounts in Partnership with Goldman Unsplash Laurenz Heymann apple - Apple Launches Apple Card’s High Yield Savings Accounts in Partnership with Goldman](https://wordpress-1016567-4521551.cloudwaysapps.com/wp-content/uploads/2023/04/apple-launches-apple-cards-high-yield-savings-accounts-in-partnership-with-goldman.jpg)
Image: Unsplash/Laurenz Heymann
Apple Card customers in the U.S. can now open a savings account and earn interest through an Apple saving account.
- Apple has partnered with Goldman Sachs once again for the banking feature. Savings accounts are technically managed by Goldman Sachs, which means that balances are covered by the Federal Deposit Insurance Corporation (FDIC).
- This high-yield savings account has been created specifically for Apple Card customers. Apple is going to offer an APY of 4.15%. It looks like a competitive offering when you look at data from Bankrate — you can currently find savings accounts that offer an APY of 3.5% to 4.75%. The company isn’t making any promise when it comes to future interest rates. It could go up and down at any time.
See: Goldman Sachs Drops Plans for Retail Credit Card
- When customers pay with their Apple Card, they get cash back on all purchases. By default, all purchases grant you 1% in cash rewards and 2% for all purchases made using Apple Pay. Purchases with select merchants unlock 3% in rewards.
- No fees: There are no fees associated with Apple’s savings account. However, there is a maximum balance limit of $250,000. The APY of 4.15% applies to any sized balance and there is no minimum balance required.
Continue to the full article –> here
CNBC | Kif Leswing | Apr 18, 2023
Goldman Sachs is watching for ‘cannibalization’
- Goldman has announced plans to become a large digital bank, perhaps competing at times with Apple to sign up new customers.
- Solomon said Goldman would welcome the deposits from Apple’s savings account and would deploy them within its own client base.
See: Apple Finally Unveils its BNPL Offering. 4 Things to Know Before Signing Up
Goldman Sachs CEO David Solomon:
“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. Its a way for us to try to open up another deposit channel” and said “it’s always good for us to broaden our deposit base.”
Continue to the full article –> here
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada’s Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
Want to get insider access to some of the most innovative advances happening in #fintech. Register for #FFCON23 and hear from global thought leaders what’s next! Click below for Open Access tickets to all virtual programming and on-demand content from FFCON23.Support NCFA by Following us on Twitter! |
Related Posts
- SEO Powered Content & PR Distribution. Get Amplified Today.
- Platoblockchain. Web3 Metaverse Intelligence. Knowledge Amplified. Access Here.
- Minting the Future w Adryenn Ashley. Access Here.
- Source: https://ncfacanada.org/apple-launches-apple-cards-high-yield-savings-accounts-in-partnership-with-goldman/
- :has
- :is
- :not
- $UP
- 000
- 100
- 15%
- 2%
- 2018
- 28
- a
- access
- Account
- Accounts
- advances
- affiliates
- All
- alternative
- alternative finance
- always
- an
- and
- announced
- Another
- any
- Apple
- Apple Card
- Apple Pay
- April
- APY
- ARE
- article
- Assets
- associated
- At
- back
- Balance
- balances
- Bank
- Banking
- base
- become
- been
- before
- below
- between
- blockchain
- BNPL
- broaden
- by
- cache
- call
- CAN
- Canada
- capital
- card
- Cards
- Cash
- cash rewards
- Category
- ceo
- click
- client
- closely
- CNBC
- COM
- community
- company
- Company’s
- competing
- competition
- competitive
- content
- CORPORATION
- covered
- create
- created
- credit
- credit card
- Credit Cards
- Crowdfunding
- cryptocurrency
- Currently
- Customers
- data
- David
- decentralized
- Default
- Demand
- deploy
- deposit
- DEPOSIT INSURANCE
- deposits
- digital
- Digital Assets
- digital bank
- distributed
- down
- Drops
- earn
- Earnings
- earnings call
- ecosystem
- Education
- engaged
- entry
- Ether (ETH)
- events
- fdic
- Federal
- Federal Deposit Insurance Corporation
- Fees
- Finally
- finance
- financial
- financial innovation
- Find
- fintech
- following
- For
- from
- full
- funding
- funding opportunities
- future
- get
- Global
- Go
- going
- goldman
- Goldman Sachs
- good
- Government
- grant
- Happening
- hear
- helps
- High
- High Yield
- holds
- However
- HTML
- http
- HTTPS
- human
- in
- industry
- information
- Innovation
- innovative
- Insider
- insurance
- Insurtech
- Intelligence
- interest
- Interest Rates
- investment
- IT
- ITS
- Jan
- join
- jpg
- Know
- large
- launches
- leaders
- like
- live
- Live Events
- Look
- LOOKS
- made
- Making
- managed
- March
- Marcus
- Market
- max-width
- maximum
- means
- member
- Members
- Merchants
- minimum
- more
- most
- NEO
- networking
- New
- Newsletter
- now
- of
- offer
- offering
- on
- On-Demand
- open
- open banking
- opportunities
- or
- our
- own
- partnered
- partners
- Partnership
- Pay
- payments
- peer to peer
- perhaps
- perks
- plans
- plato
- Plato Data Intelligence
- PlatoData
- please
- productivity
- Programming
- projects
- promise
- provides
- purchases
- Rates
- register
- Regtech
- retail
- Rewards
- s
- Sachs
- Said
- saving
- Savings
- savings account
- Sectors
- Services
- sign
- signing
- some
- specifically
- stakeholders
- Stewardship
- TAG
- that
- The
- their
- Them
- There.
- they
- things
- thought
- thought leaders
- thousands
- Through
- tickets
- times
- Title
- to
- today
- Tokens
- true
- u.s.
- unlock
- Unsplash
- Unveils
- us
- using
- vibrant
- Virtual
- Visit
- Watch
- watching
- Way..
- welcome
- whether
- which
- WHO
- with
- within
- worked
- works
- would
- Yield
- you
- zephyrnet