2023-05-03 09:27:49
Apple is rocking banks with a bewilderingly simple user interface. In just four days, Apple’s new savings offer attracted 240,000 people who deposited nearly $1 billion.
Apple is once again in the limelight with a spectacular product launch. This time it’s not a new laptop or smartphone, but an innovative savings account that is shaking up traditional banks.
If you haven’t been following the news, Apple is getting closer and closer to the banking sector. In the United States, the Cupertino company launched the Apple Card four years ago and an option called Apple Pay Later which allows you to make immediate purchases and pay for them later, in several installments. Recently, they launched a savings offer in partnership with Goldman Sachs. This savings account offers an annual interest rate of 4.15% for a maximum balance of $250,000, with an effective rate of 4.07%. The account is commission-free and does not require a minimum deposit or minimum balance.
Ease of use and speed of access
The savings account offered by Apple is distinguished by its ease of use and speed of access. Indeed, customers with an Apple Card, the brand’s credit card, can open a savings account directly from their iPhone in just a few seconds. Once the account is created, it is possible to transfer funds and recover them quickly when needed. In addition, users have access to various statistical options to monitor the progress of their savings and benefit from an attractive interest rate of over 4.15%.
Faced with this tempting offer, customers did not hesitate to take the plunge, as reported by Forbes. In just four days, 240,000 accounts have been created and nearly $1 billion has been deposited into these new savings accounts. A dazzling success that puts traditional banks in difficulty, whose traditional savings accounts generally offer significantly lower interest rates, with administrative work and poorly ergonomic websites.
For Apple, this is a strategic diversification aimed at consolidating its revenues in the face of potentially declining hardware demand. With a simple experience, a smartphone in hand, Apple is shaking up the codes of the traditional banking sector and confirming, once again, its ability to seduce consumers.
As for possible availability in France, it seems complicated at the moment. Although Tim Cook expressed in 2019 his desire to see the Apple Card roll out in other countries, there are no indications of an imminent arrival. The partnership with Goldman Sachs for the Apple Card and the savings account represents a significant obstacle, but agreements with local financial establishments could possibly encourage further expansion.
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