Goldman Sachs Leaving Apple

Goldman Sachs Looks to Shut Down Apple Branded Savings Accounts

Posted: February 26, 2024 | Updated: February 26, 2024

Goldman Sachs has been considering terminating its collaboration with Apple. The collaboration initially started four years ago with the highly anticipated debut of the Apple Card. Recent reports suggest that the bank has been engaged in discussions with American Express regarding a potential purchase of the Apple credit card and other cooperative services.

Despite past statements outlining plans to prolong their partnership with Apple through 2029, new developments indicate a potential change in the focus. At the same time, some sources reveal that Apple has been actively working on decreasing its reliance on external partners for financial services. Apple plans to do this by transitioning towards a model where it gains control over its lending activities internally. This modification in Apple’s approach will drastically change how Apple administers its financial offerings in the future. Let us understand how Goldman Sachs leaving Apple might impact the industry in the coming months.

Goldman Sachs Leaving Apple: Key Takeaways
  • End of Partnership: Apple has communicated its intention to terminate the collaboration with Goldman Sachs, covering the Apple Card and savings account services, within the next 12 to 15 months. This decision marks a significant shift as Apple explores alternative options to meet its customers’ financial needs.
  • Potential Realignment: Despite previous plans to extend the partnership until 2029, recent indications suggest a potential realignment of focus. Goldman Sachs has reportedly been in discussions with American Express regarding the purchase of the Apple credit card and other collaborative services. Apple, on the other hand, is actively exploring ways to reduce its reliance on external financial partners and may take greater control of its lending activities internally.
  • Implications for Both Companies: If Apple ends its collaboration with Goldman Sachs, the impact will be felt on the Apple Card and high-yield savings account, both currently managed by Goldman Sachs. The initial partnership was perceived as groundbreaking, combining technology and finance strengths. However, recent challenges and internal issues at Goldman Sachs may prompt Apple to seek alternatives to ensure the continued success of its financial products.
  • Commitment to Customer Experience: According to an Apple representative, both companies remain committed to offering customers an exceptional experience and supporting healthier financial lifestyles. Despite potential changes, the focus is on ongoing innovation to deliver top-notch tools and services for users. The future of Apple’s banking products and services remains uncertain, but both companies aim for a smooth transition for current card and account holders.

Goldman Sachs And Apple Jointly Thinking Of Ending The Partnership

Apple has informed Goldman Sachs of its plan to end its credit card and savings account partnership within 12 to 15 months. This signals a major change as Apple explores new options to meet customers’ financial needs. Though details remain undisclosed, both companies aim to ensure a seamless shift for current card and account holders.

If Apple severs ties with Goldman Sachs, its financial partner for the Apple Card and high-yield savings, it marks a notable shift. This initial collaboration seemed groundbreaking, with both leveraging strengths in technology and finance to offer innovative financial products. However, recent challenges strained this relationship, prompting speculation about changes. As Goldman Sachs faces scrutiny and internal consumer banking challenges, Apple may explore options to ensure continued credit card and savings under their banner. This could have significant implications for both digital banking’s future under Apple’s banner.

Goldman Sachs And Apple Jointly Thinking Of Ending The Partnership

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This would impact the Apple credit card and savings account. Currently, Goldman Sachs handles the banking for both. So, Apple would need a new financial partner. The information about who it will choose next as Apple’s next steps has yet to be revealed. But Apple values innovation and good service, and they will likely ensure a smooth change for customers. With Apple’s strategic partnership outlook and resources-filled collaboration, Apple can find a partner matching its brand. However, how things will look is still being determined; only time will tell the impact on Apple’s banking products.

According to an Apple representative, Apple, and Goldman Sachs are committed to offering customers an exceptional experience to support healthier financial lifestyles. The well-received Apple Card has garnered praise from consumers, and the companies remain dedicated to ongoing innovation, ensuring the delivery of top-notch tools and services for their users.

They initiated their collaboration in 2019 with the launch of the Apple Card. Since then, the partnership has expanded to include savings accounts and joint efforts on a segment of Apple’s BNPL service. Despite introducing a distinctive credit card interface with seamless iPhone integration and well-received features such as reduced fees, the partnership encountered many challenges. Taking things behind the curtain, there were engineering issues in developing the service, while externally, concerns emerged about gender discrimination regarding credit limits and approvals. Additionally, customers faced prolonged hold times and complications when disputing charges.

Despite its innovative features, the credit card posed a significant setback for Goldman’s balance sheet due to engineering expenses and loan losses, contributing to substantial financial losses. Even for a respected institution like Goldman, it became evident that addressing a program with such substantial financial strain was imperative.

Over the past several months, Goldman has been attempting to conclude its consumer businesses. This includes plans for a co-branded credit card with T-Mobile US Inc. and signaling its intention to divest its card with General Motors Co. Removing itself from its association with Apple constitutes a significant component of this strategy shift.

Apple pay

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However, the contract between the two companies has a minimum of five years remaining. Apple could have theoretically compelled Goldman to adhere to the agreement. However, the iPhone manufacturer has much at stake as well. Apple does not wish to associate its brand with an adverse experience or a partner no longer dedicated to the project. This could be why Apple recently offered Goldman Sachs the possibility of early termination. Should Goldman accept Apple’s overture, concluding the partnership will likely require over a year.

There will probably be some negotiations on required payments and recipients, but all signs indicate the deal is ending. It seems merely a matter of time before it becomes official. This means Apple must again seek a new partner for this venture as they traverse this transition period seamlessly and efficiently while maintaining their credibility and reputation within their industry.

Who Is The Potential New Partner For Apple?

Chase stands out as a strong contender for Apple’s potential new partner, surpassing even the widely discussed AmEx with its premium brand and credit card history. The rationale behind this choice is rooted in Chase’s existing robust relationship with Apple. Notably, Chase plays vital roles, including holding a portion of Apple’s substantial cash reserves, being an early and successful collaborator in Apple Pay, participating in the Ultimate Rewards program that extends discounts on Apple products to customers, and acting as a major credit card partner for transactions at Apple’s retail outlets and online platforms.

A significant advantage that sets Chase apart is its reliance on the MasterCard network for its credit cards, the same system that powers the popular Apple Card. This compatibility eliminates the need for any network switching, as would be the case with American Express or Visa, making Chase a logical and seamless choice for partnership with Apple.

About Goldman Sachs

About Goldman Sachs

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The Goldman Sachs Group is a leading bank holding company. They are a global leader in investment banking and securities services. Goldman Sachs focuses on providing specialized services like trading, investments, asset management, and securities services. They serve corporations, financial institutions, governments, and wealthy individuals.

Goldman Sachs uses their expertise and market knowledge to offer customized solutions. This meets each client’s unique needs. Their reputation for excellence comes from their commitment. They deliver top service and innovative financial solutions. This drives client success worldwide.


The end of Apple and Goldman Sachs’ partnership significantly shifts finance. Apple ending the collaboration in 12-15 months shows its commitment to new ways of meeting customers’ financial needs. This potential focus change and Goldman Sachs’ scrutiny and internal challenges raise questions about digital banking’s future with Apple.

The collaboration between Apple and Goldman Sachs on the Apple Card and high-yield savings faces challenges. Though innovative, recent issues imply that Apple may seek alternatives to succeed in financial products. The companies stay dedicated to exceptional customer experience, stressing innovation and ensuring a smooth transition for current product users.

As Apple navigates this transition, choosing a new financial partner is crucial. Chase is a strong contender, with robust existing ties and MasterCard compatibility. Logically, they provide a seamless collaborative choice. In the digital banking landscape, Apple’s decisions with potential partners will shape the future of financial services under their banner.

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