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              Apple Takes One More Step into the World of Banking

   Josh Centers

   Ever since the advent of Apple Pay, speculation has swirled about Apple
   becoming a full-blown bank. Then there was Apple Pay Cash and the Apple
   Card. Now, [1]Apple is going to offer savings accounts. Apple has not
   officially declared a name, but the image filenames in Apple's press
   release call it Apple Card Savings, and Savings is repeatedly
   capitalized in the press release, so for now, we're going to call it
   Apple Card Savings.

   In partnership with Goldman Sachs, Apple Card users will have the
   option to deposit their Daily Cash rewards from using the Apple Card
   into a 'high-yield savings account.' Once the feature is live (in the
   "coming months"), you'll be able to open an account and have your Daily
   Cash automatically deposited into it. There won't be any fees, minimum
   deposits, or minimum balance requirements, and it'll all be managed
   through the Wallet app.

   Here's a key detail coyly buried in Apple's press release: you'll be
   able to deposit funds from a linked bank account or your Apple Cash
   balance. You will also be able to withdraw from your Apple savings
   account to your linked bank or to your Apple Card (presumably applying
   the amount to your balance).

   So this will indeed be a full-blown savings account, but questions
   remain. For instance, will you be able to deposit a check into your
   Apple savings account? I doubt that'll be possible, at least at first.
   Will there be an ACH number for wire transfers? Presumably so, since
   you can link a bank account to it, but it may not be accessible by
   users.

   It's a truly strange announcement because it's uncertain when the
   accounts will be available or what the interest rate will be ([2]Marcus
   from Goldman Sachs currently offers 2.15% APY). And why announce it
   now?

   One thing is certain: Apple is one step closer to being a bank. Or at
   least a consumer front end to Goldman Sachs.

References

   Visible links
   1. https://www.apple.com/newsroom/2022/10/apple-card-will-let-users-grow-daily-cash-rewards-while-saving-for-the-future/
   2. https://www.marcus.com/us/en/savings/high-yield-savings

   Hidden links:
   3. https://tidbits.com/wp/../uploads/2022/10/Apple-Card-Savings.jpg

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