Apple Savings Accounts Hit $10B, Goldman Sachs Wants Out

By Amanda Breen • Aug 3, 2023

Apple is betting big on the growth in financial services — and it appears to be paying off.

The company revealed that its users have funneled more than $10 billion into savings accounts launched in partnership with Goldman Sachs Group in April, Barron's reported. But the investment bank is prepared to pull the plug.

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Goldman Sachs wants to cut ties with Apple as it scales back on consumer business and might strike a deal with American Express to make it happen; the payment card company could take over the Apple credit card and other related projects, The Wall Street Journal reported earlier this summer.

Currently, the Apple savings account is available to holders of the co-branded Apple credit card and offers a 4.15% yield, per Barron's.

Apple is working on a "multiyear plan" to develop its own payment processing technology and move several financial services in-house, including risk assessment for lending, fraud analysis, credit checks, and more, Bloomberg reported last year.

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A series of delays have slowed the tech giant's growth in financial services, according to the outlet. But delving further into the space could prove particularly valuable ahead of what's expected to be a decline in iPhone and other electronics sales, per Barron's.

Apple Inc is up nearly 16% year over year.