Apple has furthered its partnership with Goldman Sachs to offer a high-yield savings account (HYSA) integrated into the Apple Wallet app. This comes at a time when the lines between technology and financial institutions are becoming increasingly blurred. According to Apple’s press release, anyone with an Apple Credit Card (also through Goldman Sachs) can use the HYSA. Apple also announced that the Apple Card’s reward system and the HYSA would be integrated, so when a user buys something, earning 2% back with the Apple Card, that balance would be deposited to the HYSA and would grow at the account’s interest rate. In my opinion, this is a smart move for both parties. Part of the reason why the Apple Card has been so popular is because of Apple’s branding and its ease of use. The Wallet app creates a very clear and easy-to-understand user interface, showing the user’s credit limit, potential interest, and current balance. Apple will make sure that this ease of use carries over to the savings account. This is also a good opportunity for Goldman Sach’s consumer banking arm to take on more assets under management & increase revenue from lending. Consumers have also been more likely to switch to a HYSA due to high inflation. It appears that the Apple/GS HYSA has not been released yet, but if you are interested in opening a HYSA to preserve your savings, here is a link to some accounts with high rates. Sources: 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.wsj.com/articles/apple-goldman-sachs-to-offer-high-yield-savings-accounts-11665677447
Comments