Apple Users Deposit More Than $10 Billion in Savings Accounts
Apple has announced that its users have deposited over $10 billion in savings accounts offered in partnership with Goldman Sachs Group. As the tech giant anticipates a slowdown in smartphone sales, it is emphasizing financial services as a potential area for growth.
The Success of Apple's Savings Account
Late Wednesday, Apple (ticker: AAPL) revealed that since the launch of the savings account in April, users have been flocking to deposit money. The account, which boasts an annual percentage yield of 4.15%, is exclusively available to holders of the co-branded Apple credit card. This news of strong user participation arrives shortly after The Wall Street Journal reported that Goldman Sachs was attempting to end its partnership with Apple as it scales back its consumer business.
Goldman Sachs Appreciates the Success
Liz Martin, head of Enterprise Partnerships at Goldman Sachs, expressed her satisfaction with the Savings account's triumph. In a joint statement from the two companies, she stated, "We are very pleased to see the success of the Savings account as we continue to provide seamless and valuable products to Apple Card customers."
A Suite of Financial Services
Apple has been steadily introducing a range of financial services over the years. Bill pay features, credit card issuance, and buy-now-pay-later services have contributed to their arsenal. As the upcoming earnings report is expected to reveal a decline in iPhone and other electronics sales, these financial services could potentially serve as a promising avenue for growth.
All Rights Reserved © 2024
Post a comment