Apple confirms its disruptive role in the banking sector. Technology has only just begun to attract liabilities from its clients in the US thanks to Marcus, the digital bank of Goldman Sachs, but its figures are beginning to be dizzying. Hours before it releases its expected quarterly results, the Cupertino-based company has announced that its paid account for iPhone users has broken the barrier of $10 billion in deposits in 3 months.
Launched in April, the Apple Savings account at 4.15% is only available to users of devices with iOS 16.4.1 or higher, it is limited to the US and Goldman Sachs acts as a depository as an industrial partner in this product that remunerates cash balances of Apple Cash, but that for all intents and purposes functions as money on deposit, although without restrictions for redemption. The product has a limit of $250,000 per user.
As Apple explains, 97% of Savings customers have chosen to have their daily cash automatically deposited into their savings account. Users have the option to transfer additional funds from a linked bank account or from their Apple Cash balance. The Goldman Sachs savings account complements the benefits already offered by Apple Card, the credit card of fee-free technology, with cash rewards for purchases and linked to iOS.
Apple’s foray into the financial sector came about a decade ago, but this latest step makes it more and more like a bank. It still does not sell mortgages but it has entered into the credit and payments of its clients. The global success of Apple Pay in 2014, followed by the launch of the Apple Card credit card in 2019 and the recent addition of Apple Pay Later (an installment payment service), has led the tech giant to expand its product offering.
Tech-seeking with Savings captures savings among the nearly 2 billion captive users who use iOS devices such as iPhones, iPads, or Macs. Its launch took place in April just a month after the outbreak of the banking crisis in the US with the bankruptcy of several banks. The high remuneration of his account at 4.15% multiplied by ten the average return offered by the sector in April, according to FDIC data, hence the success of his launch.
