Apple’s payment service, integrated into the iPhone wallet, has added a call money account for US customers who use the Apple Card credit card. The savings account can be set up directly on the iPhone and provides a current interest rate of 4.15 percent, making it one of the most attractive offers in the USA. In Germany, customers can also find call money accounts with interest rates of up to 3 percent at select banks. Apple’s call money account has been designed to encourage customers to use the Apple credit card while parking money in the Apple Wallet for longer periods of time. The new feature will also promote Apple Cash, which allows direct transfers between two Apple users but is currently not available outside of the USA.
Cashback amounts from the Apple Card will automatically end up in the call money account after setup, and customers can also add funds from another bank account or withdraw funds from the Apple Wallet without any fees or deposit requirements. Goldman Sachs, the banking partner, provides the savings account, and the interest rate is higher than Goldman Sachs’ own call money account sold to end customers in the USA.
Apple has not yet offered any financial services in Europe, but its credit card is currently considered a loss-making business for banking partner Goldman Sachs, which recently had to write off billions. However, with the new call money account and Apple Pay Later service launched in the USA, Apple might be able to gain a foothold in the private customer market. The Apple Pay Later service also takes on lending, where a customer’s creditworthiness is determined based on the list of Apple hardware they own.
