Apple Savings increases APY to 4.35%, surprising Apple Card holders. The seamless integration with Apple Wallet app and no fees or minimum balance make it convenient. Goldman Sachs partners express dissatisfaction with expanding business with Apple. The Platform Solutions business, including Apple Card, resulted in a $3 billion loss.
Just days after its previous increase,
Apple Savings
has announced a further bump to its annual percentage yield (
APY
), now reaching a new high of 4.35%. This marks the second consecutive month the tech giant has upped the interest rate on its
high-yield savings account
, offering a welcome surprise for
Apple Card
holders.
The latest increase comes hot on the heels of the December 21st move from 4.15% to 4.25%. While the change might seem small on the surface, it represents a significant effort by
Apple
to stay competitive in the ever-evolving landscape of high-yield savings accounts
Apple Savings is a high-yield savings account built right into the Apple Wallet app. It lets you automatically grow your Daily Cash by depositing it into the account. Apple Savings boasts several advantages beyond just its APY. The seamless integration with the Apple Wallet app, coupled with the automatic deposit of Daily Cash earned on Apple Card purchases, make it a convenient option for Apple users. Additionally, the account carries no monthly fees and requires no minimum balance, making it accessible to a wider audience.
While it was met with a great reception by users, the people at Goldman Sachs are not very happy with the company expanding business with Apple. One partner said, "We should have never done this f—ing thing," during a town hall held just after the launch of the Apple savings account. Others also echoed the same sentiments, reports The Washington Journal.
Goldman Sachs's foray into consumer lending has not been very fruitful, as the Platform Solutions business, which takes care of Apple Card, resulted in a $3 billion loss, and a billion of it is because of Apple Card. Goldman Sachs spent an exorbitant amount of $350 per new Apple Card user, leading to a loss of $1.2 billion in 2022.
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