Apple is reportedly planning to conclude its association with global investment bank Goldman Sachs concerning the Apple Card. A proposal from the iPhone manufacturer has been dispatched to Goldman Sachs, urging the termination of their partnership over the next 12 to 15 months, as reported by The Wall Street Journal.
This separation would encompass their entire consumer collaboration, spanning from the credit card jointly introduced in 2019 to the savings account unveiled this year, according to a late Tuesday report. Goldman Sachs is presently responsible for issuing the Apple Card and managing the company's savings accounts.
Earlier indications hinted at a strained relationship between the two, with reports suggesting that Goldman Sachs explored transferring the Apple Card to American Express. According to individuals briefed on the matter, Apple recently submitted a proposal to Goldman Sachs, outlining the intention to exit the contract in approximately 12 to 15 months, as stated in the WSJ report.
As of now, neither Apple nor Goldman Sachs has commented on the situation. In August, Apple announced that the high-yield savings account associated with the Apple Card, managed by Goldman Sachs, amassed over $10 billion in deposits since its launch in April. Goldman Sachs' savings account offers an impressive annual percentage yield (APY) of 4.15 percent.
Since the introduction of the Savings feature, 97 percent of customers have opted to have their Daily Cash automatically deposited into their accounts, facilitating the establishment and continuation of healthy savings habits for users. Integrated into the iPhone's Wallet, the Apple Card has revolutionized the credit card experience by streamlining the application process, eliminating fees, promoting reduced interest payments, ensuring the expected privacy and security associated with Apple, and providing Daily Cash rewards on every purchase.