What: Apple continues its foray into personal finance services with a new savings account opened in partnership with Goldman Sachs.

Why it is important: Credit card programs are not new for retailers, however Apple is becoming a significant challenge as their offering arrives in complement to a whole ecosystem allowing them to track and trace every customer move before, during and after the purchase, which is something most department stores can not do. In addition, they will be increasingly forced to team up with Apple, therefore abandoning access to the data.

Apple has teamed up with Goldman Sachs to propose a no-fee, high-yield saving account for its credit card customers, as a natural follow-up of its 8-years old initiative which started with Apple Pay.

This new saving account will complement the already existing perks of the Apple credit card (1% daily cash rewards), which was launched in 2019 and for now is only available in the US.

Apple financial services are part of the general services unit, which posted a 12% growth last quarter to $19.6bn.

Apple launches a high-yield saving account