Apple's Cash Vault Swells Ahead Of Q3 Print As High-Yield Savings Nets Whopping $10B Since Launch
Portfolio Pulse from Shanthi Rexaline
Apple's high-yielding savings account, offered in collaboration with Goldman Sachs, has received over $10 billion in deposits since its launch in April. The account promises a yield of 4.15%, attracting a large number of Apple Card customers. However, Goldman Sachs is reportedly considering offloading the Apple Card and savings account portfolio as it aims to scale down its consumer lending business. Apple's financial services business is part of its Services business, which is expected to reaccelerate to a double-digit growth pace.
August 04, 2023 | 12:35 pm
News sentiment analysis
Sort by:
Ascending
NEGATIVE IMPACT
Goldman Sachs, which collaborates with Apple on the high-yield savings account, is reportedly considering offloading the portfolio.
If Goldman Sachs offloads the successful Apple Card and savings account portfolio, it could impact its consumer lending business and its partnership with Apple.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Apple's high-yield savings account has attracted significant deposits, contributing to the growth of its Services business.
The success of Apple's high-yield savings account indicates strong customer interest and trust in the company's financial services, which could drive growth in its Services business.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100