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                Apple Card Savings Hits $10 Billion in Deposits

   Adam Engst

   [1]Apple Newsroom:

     Today, Apple announced that Apple Card's high-yield Savings account
     offered by Goldman Sachs has reached over $10 billion in deposits
     from users since launching in April. Savings enables Apple Card
     users to grow their Daily Cash rewards with a Savings account from
     Goldman Sachs, which offers a high-yield APY of 4.15 percent.

   $10 billion feels like a lot of money to have deposited in less than
   four months (see '[2]New Apple Card Savings Account Offers 4.15%
   Interest,' 17 April 2023). Apple has never revealed the number of Apple
   Card accounts, although one banking consultant estimates between 6 and
   12 million.

   But it seems likely Apple is revealing this information now due to
   [3]problems with Goldman Sachs, the bank behind the Apple Card and
   associated Savings account. Goldman Sachs has reported significant
   losses, attributing most of them to the Apple Card, which doesn't
   generate revenues from annual fees, late fees, or foreign transaction
   fees. Goldman Sachs reportedly wants to [4]sell the Apple Card business
   to American Express but is locked to the Mastercard network until at
   least 2026.

   We haven't signed up for Apple's Savings account because the only way
   to integrate it into financial tracking systems is by exporting and
   then importing a file every month, something we put up with only
   grudgingly for the Apple Card. Apple's financial services may be simple
   to use in the Wallet app for an individual, but until Savings
   integrates directly'not just through downloadable exports'with personal
   finance systems, high-yield savings accounts from other banks are more
   attractive.

   [5]Read original article

References

   1. https://www.apple.com/newsroom/2023/08/apple-cards-savings-account-by-goldman-sachs-sees-over-10-billion-usd-in-deposits/
   2. https://tidbits.com/2023/04/17/new-apple-card-savings-account-offers-4-15-interest/
   3. https://www.americanbanker.com/payments/news/how-goldman-sachs-deal-with-apple-went-sour
   4. https://www.macrumors.com/2023/07/25/apple-goldman-sachs-apple-card-issues/
   5. https://www.apple.com/newsroom/2023/08/apple-cards-savings-account-by-goldman-sachs-sees-over-10-billion-usd-in-deposits/

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