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It is interesting that there is no direct deposit requirement for this account. Most traditional (Truist, BofA) and competitor banks (Sofi) offer incentives to
by aketchum 3y ago
It is interesting that there is no direct deposit requirement for this account. Most traditional (Truist, BofA) and competitor banks (Sofi) offer incentives to encourage direct deposit for the end users. I wonder what other strategies Apple will be using to drive deposits in lieu of this.
It is also in Apple's best interest to drive deposits, as most of these agreements end up with the bank (GS) and the provider (Apple) splitting the interest earned. Even if they are currently passing most of the interest to the customer for now, they will want to build up deposits as high as possible so they can lower rates in the future and print money.
- delfinom 3y ago>I wonder what other strategies Apple will be using to drive deposits in lieu of this. Their cult following takes care of that honestly
- 8ytecoder 3y agoBut that metric discover savings must have quite a cult as well
- cj 3y agoThe one strategy mentioned in the article is cashback from Apple Card purchases will go straight into the savings account. While not huge on an individual basis, it could be a large $$ across the entire Apple Card user base (from Goldman's perspective)
- gainda 3y agopart of me wonders if its really there to just drive Apple Card adoption instead.
- kyawzazaw 3y agoOf course!
- cptcobalt 3y agoConvenience—it's just there in your phone, ready to set up. The others need to win you.