Apple launches savings account with 4.15% interest rate | Hacker News Reader

Apple launches savings account with 4.15% interest rate

cnbc.com

28 pointsab_testing10 comments

It makes sense that you would start to exploit more of the advantages you have (you have a massive user base, you've got payments), but Apple launching a white-label goldman sachs savings account is just about as unsexy as you can get. I hoep this doesn't distract from the core business in the long term. By that I mean, this could make a lot of money, and if it does make a lot of money you'll end up with bankers being promoted and running Apple, which would be... bad.

This allows them to open chequing accounts in the future and become a bank so they can create more loans in the future for the credit cards they created earlier. Or so I've heard.

That is not bad (less that 6-mos cd), subject to change at any minute, though. Per Apple, you must be using iOS first time I've ever seen that prereq:

>> Annual Percentage Yield (APY) is 4.15 percent as of 4/14/2023. APY may change at any time. Maximum balance limits apply. Savings is available with iOS 16.4 and later.

Banking services wasn't what made Apple astronomically rich beyond imagination in the first place.

Goldman Sachs has done terribly underwriting the Apple card

https://www.fstech.co.uk/fst/Goldman_Sachs_Apple_Card_Unit_L...

It's like they are getting sucked dry by some kind of vampire squid.

Offering sky-high interest rates will certainly help attract deposits but it's likely to be a formula for losing money the way they have been losing on the card.

Goldman Sachs seems to be acting like this partnership is a loss leader for Apple to teach them a lot of software ideas that they can turn around into their other consumer products under the Marcus brand. In many ways it almost looks like GS is using Apple as an R&D department for redefining/redesigning what consumer finance products look like in the modern software era.

It will certainly be interesting to see how much the bet pays off on Marcus competing with more traditional banking products over the next few years.

No, but keeping families locked into their ecosystem and in-turn continually purchasing their hardware does.

I can store my kids allowance in the savings account now - 1 more thing keeping me locked in

  > I can store my kids allowance in the savings account now - 1 more thing keeping me locked in

So then, don't?

One of a corporation's tasks is to acquire and hold onto customers.

I think they’re talking about a broader effect at work here, and using themselves as an example.

Your advice may prevent one Hacker News poster from further locking themselves in, but there are about a billion others who won’t get the chance to read it.

Knowing apple, this sounds like a dark pattern.

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