“On Thursday [April 13/23], Apple announced it would start allowing Apple Card users to automatically deposit Daily Cash, which is what Apple calls its cash-back rewards program, into a high-yield savings account from Goldman Sachs.”
-Apple continues to push further into the world of banking and finance.
-The company announced Apple Card users could automatically deposit cash-back rewards into a high-yield savings account.
-Like Apple’s credit card, the savings account is operated through a Goldman Sachs partnership.
-Apple continues to reimagine what it means to be a tech company as it pushes further into the world of banking and finance.https://businessinsider.mx/apple-goldman-sachs-high-yield-savings-account-bank-report-2022-10/
[Webmaster Note* I’m so disappointed with this WOKE newscast by FOX9 NEWS, regarding Apple & Goldman Sachs]
As of today [April 17/23], Apple is going to offer an APY of 4.15%. It looks like a competitive offering when you look at data from Bankrate — you can currently find savings accounts that offer an APY of 3.5% to 4.75%. The company isn’t making any promise when it comes to future interest rates. It could go up and down at any time.
Apple has partnered with Goldman Sachs once again for the banking feature. Savings accounts are technically managed by Goldman Sachs, which means that balances are covered by the Federal Deposit Insurance Corporation (FDIC).
This high-yield savings account has been created specifically for Apple Card customers. When customers pay with their Apple Card, they get cash back on all purchases. By default, all purchases grant you 1% in cash rewards and 2% for all purchases made using Apple Pay. Purchases with select merchants unlock 3% in rewards.
By default, customers receive cash rewards every day into Apple Cash, a pocket of money that appears in the Wallet app and that works more or less like a checking account. Your Apple Cash balance can be used to pay for things using Apple Pay, for your credit card balance or to send money to friends and family members. You also can transfer this balance to a regular bank account.
Starting today, Apple Card users can choose to deposit their daily rewards into their savings accounts. It’s a way to save money without having to think too much about it.
Your savings account is accessible from the Wallet app as well. You can see your current balance, the current interest rate and your most recent transactions. From this screen, users can also manually add or withdraw money. The balance can be transferred to Apple Cash or a regular bank account.
“Savings helps our users get even more value out of their favorite Apple Card benefit — Daily Cash — while providing them with an easy way to save money every day,” Jennifer Bailey, Apple’s vice president of Apple Pay and Apple Wallet, said in a statement. “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.”
There are no fees associated with Apple’s savings account. However, there is a maximum balance limit of $250,000. The APY of 4.15% applies to any sized balance and there is no minimum balance required.
Last November, woman locked our of her Goldman Sachs bank account. Understand your ‘phone banking’.
The story starts at @ 2 minutes in.
World Economic Forum – For Beginners
QUOTE: “The account has no fees, minimum deposit or balance requirements”, “… Because, it’s NO annual fee – SO IT’S NOT COSTING YOU ANYTING TO HAVE IT.”
[webmaster emphasis]. [… other than your traceable data!]
WEF describes Apple’s roll in “FRIENDSHORING”
“Friendshoring means… that we have a group of countries that have strong adherence to a set of norms and values… and we need to deepen our ties with those partners and to work together to make sure that we can supply our needs of critical materials.”
Tech giant Apple is one American company to have recently made friendshoring moves, relocating some of its iPhone production to India from China. Currently, only 5% of Apple products are made outside of China, but recent JP Morgan analysis suggests this could rise to a quarter by 2025, Reuters reports.
Visit Apple’s WEF partnership page: https://www.weforum.org/organizations/apple
How can the global financial system reinforce its contribution to sustained economic growth and social development during a period of significant industry transformation?
– Our Platform builds a more efficient, resilient, inclusive and equitable financial system that protects customers, enables saving and investment for sustainable growth, while supporting the creation of jobs, enterprises and the broader multistakeholder community.
Visit Goldman Sachs’ WEF Partnership page: https://www.weforum.org/organizations/the-goldman-sachs-group-inc
A WEF Meeting on the “Reskilling Revolution” Shared due to Goldman Sach’s partnership
- An urgent investment in human capital is needed to create a fairer world
- 1.1 billion jobs are liable to be radically transformed by technology in the next decade
- The World Economic Forum is working with over 350 organisations to provide 1 billion people with better education, skills and economic opportunities by 2030
Alperton Community School
Amazon Web Services
Bain & Company
Bitkub Capital Group Holdings
Education Outcomes Fund
Elite Education Group
Ingka Group (IKEA)
International Trade Union Confederation (ITUC)
Islamic Development Bank
Massachusetts Institute of Technology (MIT)
Natixis Investment Managers
Network for Teaching Entrepreneurship (NFTE)
Novo Nordisk Foundation
Organisation for Economic Co-operation and Development (OECD)
RBC (Royal Bank of Canada)
Stanley Black & Decker
The LEGO Brand Group
United Nations Children’s Fund (UNICEF)
Zurich Insurance Group