Apple Card Raises Annual Percentage Yield For Second Time From 4.25% To 4.35%
Portfolio Pulse from Benzinga Neuro
Apple Inc. has increased the APY for the Apple Card's linked savings account, Apple Savings, from 4.25% to 4.35%. This is the second hike since its launch in December. Competitors like Goldman Sachs' Marcus, UFB, and PNC offer higher APYs. Goldman Sachs may end its partnership with Apple, and potential replacements could be American Express or Synchrony Financial. The APY increase reflects Apple's efforts to improve its financial product offerings.
January 05, 2024 | 9:39 am
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NEUTRAL IMPACT
Apple Inc. raised the APY for Apple Savings to 4.35%, indicating a competitive stance in financial services, despite trailing some competitors.
The APY increase for Apple Savings is a positive move, but as it still lags behind some competitors, the impact on AAPL stock is likely to be neutral in the short term. The potential change in partnership with Goldman Sachs could have future implications, but without concrete developments, the immediate effect is limited.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 80
NEUTRAL IMPACT
Goldman Sachs' Marcus brand offers a higher APY than Apple Savings, and there are reports of Goldman Sachs looking to end its partnership with Apple.
Goldman Sachs offers a competitive APY through its Marcus brand, which could attract customers seeking higher returns. However, the rumored dissolution of its partnership with Apple could have mixed implications. The short-term impact on GS stock is neutral as the market may have already anticipated such changes, and no official announcement has been made.
CONFIDENCE 75
IMPORTANCE 50
RELEVANCE 70