Apple's Bold Move Forces Major Bank to Make a Big Change
Apple’s newest product is already forcing competitors to move fast to keep customers happy.
Goldman Sachs (GS) - Get Free Report is responding to Apple’s newest product.
Apple (AAPL) - Get Free Report launched a savings account which gave customers a 4.15% yield on April 17, ten times the national average according to Apple’s website. Less than a month later, Marcus, Goldman Sachs’ online bank, has decided to match Apple’s yield.
Marcus had previously been providing customers with as much as a 3.90% yield before the uptick overnight.
DON’T MISS: Apple's New Savings Account Comes With a Pretty Good Interest Rate
It’s an interesting move as Goldman Sachs works with Apple to power Apple’s other financial services such as the Apple Card credit card. Apple customers can only have access to its savings account once they have an Apple Card.
"Our goal is to build tools that help users lead healthier financial lives, and building Savings into Apple Card in Wallet enables them to spend, send, and save Daily Cash directly and seamlessly — all from one place," Jennifer Bailey, vice president of Apple Pay and Apple Wallet, said in a statement last month.
The new move from Goldman Sachs also comes just weeks after its CEO David Solomon said he wasn’t worried about the new product from Apple. He did say that his company was monitoring “cannibalization” and this latest move feels like the company’s quickest response to the new competition.
What's Your Reaction?
