What: Apple is moving into banking services through partnerships with third parties.

Why it is important: Who controls customers’ means of payments influence their future purchases.

In the US, Apple and Goldman Sachs have partnered to offer a new savings account with a 4.15% annual interest rate, over 10 times the national average rate of 0.37%. This move aims to attract US depositors and outperforms competitors like American Express and Goldman's Marcus brand.

The account is available to Apple credit card users and requires no fees or minimum deposit, with a maximum balance of $250,000. As Apple expands its financial services, some speculate that it is becoming a bank, but its focus remains on hardware sales and non-banking services, leveraging partnerships with institutions like Goldman Sachs.

Apple teams up with Goldman Sachs to offer saving accounts in the US