Savings accounts are provided by Goldman Sachs Bank USA, Salt Lake City Branch. Member FDIC. Savings is available to Apple Card Owners and Co-Owners, subject to eligibility requirements.
As well as being a sign of Apple’s ambitions, it’s another threat to banks.
Earnings from State Street and Charles Schwab Monday were a reminder, if one were needed, that banks are struggling to keep hold of their customers’ cash—both reported a fall in deposits in the first quarter.
Apple, a trusted brand with a huge customer base when it comes to iPhones, adds to the competition and gives consumers another option for where to put their cash. It will also put pressure on the big banks currently offering low rates.
Apple is serious about becoming a major player in financial services, and it could shake up the entire sector.
