Goldman Sachs CEO David Solomon said he’s not concerned about Apple’s new savings account overshadowing his bank’s own Marcus savings accounts, though he’s watching closely for “cannibalization.”
Solomon made the remarks in a recent earnings call, during which he was asked about Apple’s newly-announced savings account, which offers an annual percentage yield (APY) of 4.15 percent and is being offered in partnership with Goldman Sachs.
Apple’s new savings account is administered via the Wallet app on iPhone devices but Goldman Sachs is the company’s financial partner.
Goldman’s Marcus savings accounts currently offer an APY of 3.90 percent. Both the Apple Card savings account and the Marcus product offer to pay interest at more than 10 times the U.S. national average savings account rate of around 0.37 percent….