Apple in Partnership with Goldman Sachs Launches Savings Account with 4.15% Annual Percentage Yields

| Updated
by Steve Muchoki · 3 min read
Apple in Partnership with Goldman Sachs Launches Savings Account with 4.15% Annual Percentage Yields
Photo: Apple Inc

Apple has stated that savings account users can withdraw the balance at any time with no additional cost on transaction fees.

Apple Inc (NASDAQ: AAPL) announced that its Apple Card users can choose to grow their daily cash rewards through a savings program in partnership with Goldman Sachs Group Inc (NYSE: GS). According to the announcement by the American tech giant, Apple Card users can enjoy up to 4.15 percent in annual percentage yields without minimum deposits, and minimum balance requirements directly accessible through the Apple Wallet.

Apple happily advertised its savings account with Goldman Sachs as user-friendly with a 10 times interest rate more than the national average. Moreover, the company has not set a limit on how much a user can earn per day. Users can deposit funds into the savings account by linking their wallet with a bank account or directly from the Apple Cash balance.

“Savings helps our users get even more value out of their favourite Apple Card benefit – Daily Cash – while providing them with an easy way to save money every day,” said Jennifer Bailey, Apple’s vice president of Apple Pay and Apple Wallet. “Our goal is to build tools that help users lead healthier financial lives, and building Savings into Apple Card in Wallet enables them to spend, send, and save Daily Cash directly and seamlessly – all from one place.”

Apple has stated that savings account users can withdraw the balance at any time with no additional cost on transaction fees. The company indicated that the new savings account with Goldman Sachs enjoys the privacy and security features offered to all iOS customers. Moreover, Apple Wallet is an app on every iPhone and Apple Watch sold out globally.

Apple Turns to Financial Services with Its Savings Account

Apple has sold billions of hardware products globally over the years and is currently valued at around $2.61 trillion. The company controls the App Store on every device sold thus providing a secure stream of income. In a bid to diversify and ease the pressure on application developers and users, the company has slowly been turning to financial services. Already, the company has rolled out Apple Pay, a  safe way to pay and make secure purchases in stores, in apps, and on the web.

Notably, centralized cryptocurrency exchanges including Binance, and Coinbase Global Inc (NASDAQ: COIN) allow their customers to purchase Bitcoin among other top digital assets with Apple Pay.

With more than 2 billion active devices worldwide the company is set to increase its revenues over time. During the first quarter results, the company set an all-time revenue record of $20.8 billion in its services business.

The American tech giant is focused on growing its financial services amid the banking crisis in the country. Furthermore, the company is reputable in providing well above average services and products.

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Steve Muchoki
Author Steve Muchoki

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