Apple has announced that it has reached the $10 billion mark in its high-yield savings account, which was launched in April of this year. This confirms that the company now operates one of the largest neobanks in the world.
In April, the Apple Card Savings Account launched on the Goldman Sachs platform with an annual interest rate of 4.15%, more than 10 times the market average. Analysts even then predicted the success of the product, taking into account the convenience of Apple, the quality of service and trust in the brand.
After four months of operation and amassing more than $10 billion in deposits, Apple has effectively become one of the biggest players in the world of financial services, comparing it to other challenger banks. For example, Monzo and Starling Bank, founded in 2015 and 2014 respectively, have customer deposits of $6 billion and over $10 billion. Even the biggest challenger bank in the world, Nubank, founded in 2013, has more than $16 billion in deposits.
The main difference is that Apple is just starting its journey in the financial sector. On the other hand, with control over the hardware and software part of its ecosystem, as well as a large number of iPhone users and active devices, Apple has a unique opportunity.
It is another step in realizing the long-term vision of a company that is seemingly building its financial empire step by step, which could significantly change the landscape of financial services.
JPM CEO Jamie Dimon recently identified Apple as one of its biggest competitors in a letter to shareholders. This underscores the fact that Apple can grow into a huge player in the field of finance, similar to JPMorgan 2.0.
In late December, Apple challenged the import ban on its Apple Watch based on Masimo's patent complaint filed with the administration of US President Joe Biden, which waived its veto in the case.
It also became known that Apple's head of product design, Tang Tang, is leaving the company and joining the design firm LoveFrom, where he will work on a project in the field of artificial intelligence with the support of Sam Altman of OpenAI. His task will be to create devices using advanced deep learning technology.
