Tidbit on Apple / Goldman Savings Card

What it is:

Apple Card users can move Apple rewards and more funds into a Goldman Sachs savings account and earn interest. Interest pending due to rapidly rising rates.


Apple has been expanding its consumer financial services offerings. Apple has a payments network with Apple Pay and a credit card, all mobile. Goldman Sachs has been the chosen one partnering with Apple for its infrastructure and lending.


  • With interest rapidly rising to bring down inflation, interest rates haven’t really moved for savings accounts. Goldman could offer a more competitive interest rate (national average around 0.1-0.2%). With Apple’s network they get an easy distribution pipeline

  • With this new offering Apple will own more of the consumer’s wallet and financial OS, which they’ve already done with all our computers and phones and iCloud. Apple is / will be the first big tech company to foray into financial services.

  • Goldman is winding Marcus down. Good timing for Goldman to partner with Apple and gain a whole slew of deposits.

  • Implications for data, KYC, undewriting/credit, and identity. Apple wallet could be the gatekeeper.