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Overview
Apple Bank is a high-yield savings option offered by Goldman Sachs for Apple Card holders, accessible and manageable directly within the iPhone Wallet app. The product lets users earn interest on Daily Cash rewards automatically deposited into the Savings account and supports additional deposits from linked bank accounts. The business model relies on the interest rate spread between what Goldman Sachs earns on its investments and what it pays to savers. The primary customers are digitally savvy Apple Card users seeking to grow savings through a convenient, Apple-native experience. The goal is to broaden consumer savings by combining Goldman Sachs’ investment capabilities with Apple’s ecosystem, delivering a straightforward, mobile-first savings solution.
About Apple Bank
Industries
Consumer Software
Fintech
Financial Services
Company Size
1,001-5,000
Company Stage
N/A
Total Funding
N/A
Headquarters
New York
Founded
1863
Your Connections
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Simplify's Take
What believers are saying
- Expansion to Hartsdale and Lakewood branches captures underserved regional markets through 2025.
- Financial literacy partnerships with Hofstra strengthen brand loyalty among Long Island communities.
- Interest rate spread model generates recurring revenue as deposits grow with ecosystem integration.
What critics are saying
- Goldman Sachs' 4.15% APY Apple Savings account directly siphons digitally native customers within six months.
- Federal Reserve rate cuts compress net interest margins faster than deposit costs decline.
- Upper West Side flagship building faces $50M+ climate litigation costs from flood zone designation.
What makes Apple Bank unique
- Integrated Apple ecosystem access via Wallet app for seamless financial management.
- Automatic Daily Cash rewards deposit into savings account incentivizes customer retention.
- Physical branch network across Long Island and Manhattan differentiates from digital-only competitors.
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Benefits
Flexible Work Hours
Professional Development Budget
Company News
For more than five years, Apple Bank has partnered with Hofstra to strengthen Money & Me and extend its reach across Long Island schools.
Apple Bank announces opening of Hartsdale branch (coming soon).
Apple Bank to open Lakewood branch in 2025; hires Crisafulli as new relationship manager.
Apple Bank has partnered with Art on the Ave NYC to showcase multi-disciplinary art by James Hsieh as part of a ten-week artist residency at 812 Lexington Avenue, in the retail space next door to their East Midtown branch.
However, Apple Savings is expected to provide strong customer support since it launched with the Savings panel in the Wallet app, allowing users to quickly track their account balance and interest earned over time.
Apple Bank is Hiring for 16 Jobs on Simplify!
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About Apple Bank
Industries
Consumer Software
Fintech
Financial Services
Company Size
1,001-5,000
Company Stage
N/A
Total Funding
N/A
Headquarters
New York
Founded
1863
Apple Bank is Hiring for 16 Jobs on Simplify!
Find jobs on Simplify and start your career today