Apple Users Deposit $10 Billion in Savings Accounts
Apple users have deposited $10 billion into savings accounts through its partnership with Goldman Sachs, showcasing the success of its financial services strategy.
Apple has announced that its users have deposited over $10 billion into the savings accounts offered in partnership with Goldman Sachs Group. As Apple prepares to release its earnings report, which is expected to show a decline in smartphone sales, the tech giant is placing an increased emphasis on its financial services.
In a statement released on Wednesday, Apple revealed that users have been pouring funds into the savings account since it launched in April. This account, which offers a 4.15% annual percentage yield, is exclusively available to holders of the co-branded Apple credit card, created in collaboration with Goldman Sachs.
This announcement comes just months after reports surfaced that Goldman Sachs was looking to sever ties with Apple as it scaled back its consumer-focused operations. However, the success of this savings account program has likely changed their perspective.
Liz Martin, Goldman Sachs's Head of Enterprise Partnerships, expressed her satisfaction with the program's achievements, saying, "We are very pleased with the success of the Savings account as we continue to deliver seamless, valuable products to Apple Card customers," in a joint statement issued by both companies.
Apple has been actively expanding its suite of financial services in recent years. These services include convenient bill pay features, credit card issuance, and buy-now-pay-later services. As the tech giant faces a potential drop in iPhone and other electronics sales, these financial offerings could serve as a valuable source of growth in its upcoming earnings report.