Why Apple's Partnership with Goldman Sachs Is The Future Of Banking | Forbes

As trust in traditional banks falters, the two most iconic names in tech and finance are joining together to create what might become America’s mightiest fintech. While the average bank is paying less than a half a percent on savings accounts, Apple announced this year it would be offering 4.15% annual returns to savers – no minimums, no lockups and FDIC-insured. This comes at a time when regional banks are scrambling in the wake of the Silicon Valley Bank crisis to maintain their deposit bases, and cash-starved fintech startups are likewise struggling.

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[DailyMeditation]

LOL perfect timing, just as Goldman is looking to bail on their Apple deal since they are losing $1 billion annually 😅

[TheOneOneOneOne]

Isn’t Goldman Sachs trying to offload Apple Credit Card because they are losing money?

[ShaneBurns]

Did Forbes miss Goldman talking about what a disaster this entire segment has been for the entire company, leading to layoffs? Cool headline though!

[emman]

Capital One and American Express both offer 4.10% savings accounts with no credit card or minimum deposit or time frame requirement.

[tylerfrederick]

I’m confused as to why they think Apple is causing this change in banking. Most fintech companies have been partnering with banks offering cash accounts for years now. Wealthfront, Betterment, M1 Finance, and several others have all been offering great interest rates on cash, on top of having higher FDIC insurance due to partnering with multiple banks.

[raj.ghuman]

Isn't this a failure, and now Amex is taking over

[BravoVE]

In other words.... just get a Marcus savings account with no Apple requirement and still the same APY. It's just a marketing exercise.

[egal]

I mean I fear that finance will again become a battleground for technology, but unlike in some industries, you can't disrupt the finance industry as much as they expect. The basic economics of banking cannot be disrupted, no matter how much technology you apply. You can't change the basic "game" of risk and reward in a world of random chance.

[PhxSml]

I wonder if Apple will take steps to get its own Banking License. Could allow them to more easily be all around the world

[vapeking]

4.15% wont cut it. Wise folks earn at least 5% now at online banks 👌

[ulfw]

LOL what?! Goldman is pulling back from consumer as much as they can. How is this the future?

[Nick-pctf]

You mean future of banking in the US. There are countries that are already 5-10 years ahead in this space. But I’m happy Apple is bringing this to all Americans. Better than Facebook doing it 😅

[gostangear]

This video didn't age well. Goldman Sachs is looking to bail on its partnership with Apple.

[bsotelo]

Marcus by Goldman Sachs offers rhe same rate without the need to be tied to apple. Marcus, SoFi, Wealthfront they all offer high interest rates.

[victorpomales]

Isn't GS trying to off load their Apple card deal to American Express?

[pjmorgan]

Monzo is a standalone bank with their own license, you’ve incorrectly compared them to Apple here in their relationship with Goldman.

[Zakariah]

Interest rates should be double digits otherwise invest in real estate… 😳

[jhovudu]

Goldman: We do not share this view. 🤣

[hiranga]

Feels incredibly sinister alongside other "privacy" maneuvers Apple has taken previously

[bennyhoohoo]

I had thought Goldman was looking to get out of their retail arm considering it a disappointment no? Weren’t they trying to sell their partnership with Apple to another bank?