Apple’s FinTech domination plans are continuing! It’s incredibly exciting to watch how they are positioning their selection of products and services, especially when it comes to what language they use.
For example, the press release makes use of the phrase ‘savings account’. That’s perhaps some of the closest ‘bank’ language we’ve seen from Apple, ever.
Oh, of course they’ve had other services that have used ‘bank language’ – but for the most part, it’s been payments-related which has enabled many in the US Banking market to feel reasonably confident that they’ve got nothing to worry about.
Then the trillion dollar behemoth announces 4.15% APR savings accounts. Here’s the first paragraph of the release:
Starting today, Apple Card users can choose to grow their Daily Cash rewards with a Savings account from Goldman Sachs, which offers a high-yield APY of 4.15 percent1 — a rate that’s more than 10 times the national average.2 With no fees, no minimum deposits, and no minimum balance requirements, users can easily set up and manage their Savings account directly from Apple Card in Wallet.3
More than 10 times the national average? You bet.
We followed the terms and conditions details to the Goldman Sachs terms and conditions which highlight that the maximum amount you can hold in the Apple Savings Account is 250,000 USD.
In our view, this will be a no-brainer additional service that many existing Apple Card customers will be bound to use, even if it’s only for storing a few thousand dollars.
We wait with interest to see when Apple will announce some metrics related to ‘Apple Card’.
We should also point out that this announcement comes on the back of the recent Apple Pay Later news last month. Keep the features flowing please Apple!