Today, Apple announced that Apple Card’s high-yield Savings account offered by Goldman Sachs has reached over $10 billion in deposits from users since launching in April. Savings enables Apple Card users to grow their Daily Cash rewards with a Savings account from Goldman Sachs, which offers a high-yield APY of 4.15 percent.
$10 billion feels like a lot of money to have deposited in less than four months (see “New Apple Card Savings Account Offers 4.15% Interest,” 17 April 2023). Apple has never revealed the number of Apple Card accounts, although one banking consultant estimates between 6 and 12 million.
But it seems likely Apple is revealing this information now due to problems with Goldman Sachs, the bank behind the Apple Card and associated Savings account. Goldman Sachs has reported significant losses, attributing most of them to the Apple Card, which doesn’t generate revenues from annual fees, late fees, or foreign transaction fees. Goldman Sachs reportedly wants to sell the Apple Card business to American Express but is locked to the Mastercard network until at least 2026. American Express’s payment network has somewhat fewer acceptance locations.
We haven’t signed up for Apple’s Savings account because the only way to integrate it into financial tracking systems is by exporting and then importing a file every month, something we put up with only grudgingly for the Apple Card. Apple’s financial services may be simple to use in the Wallet app for an individual, but until Savings integrates directly—not just through downloadable exports—with personal finance systems, high-yield savings accounts from other banks are more attractive.