Apple Becomes a Bank

Following Amazon’s entry into the insurance sector (October 2022), Apple is now entering the savings sector with an account offering 4% interest (WITH NO GUARANTEE THAT IT WILL REMAIN THE SAME OVER TIME!!!) directly from your phone. There are no limits to what multinational corporations can do. Starting today, Apple Card users can increase their daily cash rewards with a savings account from Goldman Sachs. There are no fees, minimum deposits, or minimum balance requirements, and users can easily set up and manage their savings account directly from Apple Card in Wallet. Once set up, all future interest will be automatically deposited into the savings account. Users can deposit additional funds into their savings account through a linked bank account or from their Apple Cash balance and withdraw funds at any time through the Savings panel. Users will have access to an easy-to-use savings dashboard in Wallet to monitor their account balance and interest earned over time. The new Goldman Sachs savings account builds on the financial benefits already offered by Apple Card, such as daily cash back on every purchase and tools that encourage users to pay less interest on Apple Card, ensuring privacy and security.

Let us point out some figures that should give you pause (figures reported as of mid-April 2023):

Apple has in cash: $175 billion

Apple’s market capitalization: $2,600 billion

J.P. Morgan (the world’s largest bank) market capitalization: $414 billion