Monday, June 2, 2025
  • Login
Euro Times
No Result
View All Result
  • Home
  • Finance
  • Business
  • World
  • Politics
  • Markets
  • Stock Market
  • Cryptocurrency
  • Investing
  • Health
  • Technology
  • Home
  • Finance
  • Business
  • World
  • Politics
  • Markets
  • Stock Market
  • Cryptocurrency
  • Investing
  • Health
  • Technology
Euro Times
No Result
View All Result

Apple, Goldman Sachs introduce interest-bearing savings accounts

by Euro Times
October 13, 2022
in Markets
Reading Time: 3 mins read
A A
0
Home Markets
Share on FacebookShare on Twitter


Apple will soon allow iPhone users to put credit card rewards from Apple Card and additional funds from separate bank accounts into an interest-bearing savings account.

In a press release Thursday, Apple said the feature is expected to launch in the “coming months,” and the FDIC-insured account will be administered by Goldman Sachs, the bank and lender behind the Apple Card. Apple said it isn’t announcing an annual yield yet as interest rates are moving rapidly.

Apple is expanding its consumer financial services offerings as it seeks to broaden the use of iPhones with banking and simple payment and credit features. The company operates a payments network with Apple Pay and offers a credit card. It has plans to allow people to use iPhones as point-of-sale devices and to offer “buy now, pay later” lending later this year.

Goldman Sachs, long known as a premier Wall Street investment bank, is also bolstering its consumer business, partially through partnerships with Apple. Apple’s buy now, pay later product will use some Goldman infrastructure, but Apple said it plans to handle its own credit decisions and extend loans.

By jumping into interest-bearing accounts, Apple is capitalizing on rising rates as the Federal Reserve tries to tamp down soaring inflation. Many traditional brick-and-mortar banks haven’t raised interest rates on savings accounts even as rates broadly are going up. The national average interest rate for a savings account is only 0.16%, according to a Bankrate survey.

Apple representatives said the savings account would offer an interest rate that’s competitive, with the best rates available, and will be the same for all users.

Goldman Sachs already offers savings accounts through its Marcus brand that have a 2.15% annual percentage yield.

Apple said it won’t require accounts to have minimum balances and it won’t charge fees. Users can automatically deposit the Apple Card rewards, called Daily Cash, into the account.

Within the Wallet app, users will be able to access a dashboard showing account balance and interest accrued. Apple said the feature would first start to roll out for beta testers through a future iOS release and to all users in the coming months.

WATCH: Goldman Sachs is approving subprime credit scores for Apple Cards



Source link

Tags: accountsAppleGoldmaninterestbearingIntroduceSachsSavings
Previous Post

Macron says whether France would nuke Russia — RT World News

Next Post

Digital World, Domino’s, Revlon, Albertsons and more

Related Posts

Investors are piling into big, short Treasury bets with Warren Buffett

Investors are piling into big, short Treasury bets with Warren Buffett

by Jason Gewirtz
June 2, 2025
0

Traders at all times pay shut consideration to bonds, and what the newest motion in costs and yields is saying...

Trump’s tax bill could weaponize U.S. capital markets, hit foreign direct investment

Trump’s tax bill could weaponize U.S. capital markets, hit foreign direct investment

by Anuron Mitra
June 1, 2025
0

Jun. 01, 2025 11:25 AM ETS&P 500 Index (SP500), SH, SPY, VOO, IVV, SDS, RSP, SSO, UPRO, SPXUBy: Anuron Mitra,...

Top Wall Street analysts prefer these dividend stocks for consistent returns

Top Wall Street analysts prefer these dividend stocks for consistent returns

by TipRanks.com Staff
June 1, 2025
0

The Dwelling Depot brand is displayed exterior a retailer on March 10, 2025 in San Diego, California. Kevin Carter |...

Why JPMorgan hired NOAA’s Sarah Kapnick as chief climate scientist

Why JPMorgan hired NOAA’s Sarah Kapnick as chief climate scientist

by Diana Olick
June 1, 2025
0

Sarah Kapnick began her profession in 2004 as an funding banking analyst for Goldman Sachs. She was struck nearly instantly...

Insurance stocks Lemonade, Mercury among biggest financial gainers of the week

Insurance stocks Lemonade, Mercury among biggest financial gainers of the week

by Liz Kiesche
May 31, 2025
0

Could 31, 2025 10:25 AM ETXLF, KB, MCY, MARA, TRUP, CLSK, BTC-USD, PLMR, LMND, GLXY, ETOR, AIFUBy: Liz Kiesche, SA...

Can Costco (COST) remain resilient against tariff headwinds this year?

Can Costco (COST) remain resilient against tariff headwinds this year?

by Staff Correspondent
May 31, 2025
0

Costco Wholesale Company (NASDAQ: COST) this week reported greater gross sales and revenue for the third quarter, regardless of tariff-related...

Next Post
Digital World, Domino’s, Revlon, Albertsons and more

Digital World, Domino's, Revlon, Albertsons and more

Why the Parkland School Shooter Avoided the Death Penalty After Killing 17

Why the Parkland School Shooter Avoided the Death Penalty After Killing 17

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

First Guaranty Bancshares 8.8% Yielding Preferred (FGBIP): Hold Due To Loan Concern

First Guaranty Bancshares 8.8% Yielding Preferred (FGBIP): Hold Due To Loan Concern

June 2, 2025
XChat, new DM feature, adopts Bitcoin-style encryption: Elon Musk

XChat, new DM feature, adopts Bitcoin-style encryption: Elon Musk

June 2, 2025
Limbach Holdings Stock: Growth Is Great, But Valuation Is A Concern (NASDAQ:LMB)

Limbach Holdings Stock: Growth Is Great, But Valuation Is A Concern (NASDAQ:LMB)

June 2, 2025
Is Ethereum Price Gearing Up For A Monster Rally? ETH Up 80% The Last Time This Happened

Is Ethereum Price Gearing Up For A Monster Rally? ETH Up 80% The Last Time This Happened

June 2, 2025
Elon Musk tries to stick to spaceships

Elon Musk tries to stick to spaceships

June 2, 2025
Multiple people wounded in attack in US city of Boulder, Colorado | Crime News

Multiple people wounded in attack in US city of Boulder, Colorado | Crime News

June 2, 2025
Euro Times

Get the latest news and follow the coverage of Business & Financial News, Stock Market Updates, Analysis, and more from the trusted sources.

CATEGORIES

  • Business
  • Cryptocurrency
  • Finance
  • Health
  • Investing
  • Markets
  • Politics
  • Stock Market
  • Technology
  • Uncategorized
  • World

LATEST UPDATES

First Guaranty Bancshares 8.8% Yielding Preferred (FGBIP): Hold Due To Loan Concern

XChat, new DM feature, adopts Bitcoin-style encryption: Elon Musk

  • Disclaimer
  • Privacy Policy
  • DMCA
  • Cookie Privacy Policy
  • Terms and Conditions
  • Contact us

Copyright © 2022 - Euro Times.
Euro Times is not responsible for the content of external sites.

No Result
View All Result
  • Home
  • Finance
  • Business
  • World
  • Politics
  • Markets
  • Stock Market
  • Cryptocurrency
  • Investing
  • Health
  • Technology

Copyright © 2022 - Euro Times.
Euro Times is not responsible for the content of external sites.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In