Apple is expanding its financial services when the market remains unstable.
Apple Card credit owners can now open a new high-yield savings account and it is going to be the first saving account launched by Apple. It would be available to the customers through the partnership with Goldman Sachs which is ready to offer a 4.15 percent annual percentage yield (APY) with no minimum balance and fees or deposit requirement.
Expand the Global Reach
As the demand for smartphones is declining in the market, now Apple is expanding its global reach. The company has launched Apple Pay Later in partnership with Goldman Sachs and MasterCard which transformed the image of the company from tech-giant to money lender. Every Apple phone owner will have access to the service within a few months. In addition to providing services like Apple Card MasterCard in partnership with Goldman Sachs, now Apple will be providing High-Yield Savings accounts for their customers which will diversify the economy of the company. Moreover, Apple supports other services like video streaming, fitness services, the cloud, etc which makes the organization independent of unreliable and declining cellphone sales.
Diversify Company’s Business
Apple Card users who decide to open a saving account will receive cashback (up to 3 percent) derived from buying the Apple Card. Saving account holders have the facility to manage their accounts via the savings dashboard in the wallet. The dashboard allows another non-Apple user to link banking accounts and leverage feeless transfers. Apple in partnership with Goldman Sachs now can diversify the company’s business and attract more customers to become an integral part of the organization.
However, people who don’t own Apple Cards can not take benefits of this savings account, and they can have another high-yield savings account with a similar APY. It will simplify building savings through cashback and Apple hardware users can take the advantage of the facility regarding account management with the help of Wallet.