San Francisco
Regarding the Apple Card, Apple is breaking off its collaboration with international investment bank Goldman Sachs. The maker of the iPhone has proposed to Goldman Sachs that they end their collaboration in the upcoming 12 to 15 months.
Currently, Apple Card is issued by Goldman Sachs, which also powers the company’s savings accounts. However, earlier reports hinted that their partnership was not going too well and Goldman Sachs reportedly explored offloading the Apple Card over to American Express.
Goldman Sachs and Apple had not yet responded. The maker of the iPhone said in August that since its April launch, more than $10 billion had been deposited into Apple Card’s high-yield savings account through Goldman Sachs.
The high-yield annual percentage yield (APY) on the Goldman Sachs savings account is 4.15 percent. 97% of users have opted to have their Daily Cash automatically deposited into their account since the launch of Savings, making it simple for users to start and maintain virtuous savings practices. Apple Card, which is integrated into the iPhone Wallet, has completely changed the credit card experience by streamlining the application process, doing away with all fees, encouraging customers to pay less interest, offering Daily Cash on every purchase, and meeting the high standards for privacy and security that Apple is known for.
