Also an additional fu if I deposit more money into the savings account since they have to invest that money to guarantee the interest rate. Lol
I love it. The savings account is offering 4.15% right now. Might move $10K into account just as a small fu to the GS executives.
The above article is kinda slim on why this is bad for GS but the sense that I got from clicking one link down is that the concrete thing is their 'platform' business has not recouped its investment. As in, they paid a bunch of people, paid for a bunch of integrations, etc and aren't generating sufficient offsetting revenue. Given how cards and accounts work, I suspect the incremental margin on a given CUSTOMER is positive. So yes, I think they would be happy to get the merchant fees off of your increased Credit Card spending and to enjoy the spread between your 4.15% and whatever they invest in which presumably pays more.
In practice - I forget the details - but it works in the other direction. The bank sets the rate it pays YOU based on a combination of what it can make elsewhere and how badly they want to get your money to fund that investment. Unless GS is somehow forced by their deal with Apple to pay out more than they can make (I see no evidence of that in the article) you'd expect this is how they operate.
If you don't want to deal with some random bank and their crazy password requirements, you can probably buy CDs through your ordinary brokerage account.
Finally, if you want to FU a bank, depositing your money there isn't the best way to do that. Start spreading rumors that Apple Card savings is about to be insolvent and get everyone to withdraw their money. That they hate. Ask Silicon Valley Bank.
You haven't stated, but seem to imply that the stated rumors would not be founded at the time they start being spread. I'm not a lawyer, but spreading unfounded rumors for any purpose (much less with the intent to cause financial harm) seems unwise.
Disclaimer: left Goldman a couple years ago. My GS holdings are a rounding error in my portfolio.
Depending on the deal with apple, the 4.15% through apple could be worse for GS, but it would also be worse for you. (Not to mention, treasuries are over 5% and don't incur state income tax)