Is Apple A Threat to Banks?

[@PBoyle]

Get Surfshark VPN at surfshark.deals/BOYLE. Enter promo code BOYLE for 83% off and 3 extra months FREE!

[@user12122]

Think what happens when apple figures to create android phone and expand to not-marginal market like iponies.

[@chaintoker903]

FYI Robinhood offers 4.4% APY on unvested cash in your brokerage account soooo better than Apple ?

[@Phyrouz80]

Got it, thanks patrick! Very cheap offer compared to Express VPN (100 quid per year after the first year).

[@mikestanmore2614]

I'm looking forward to the day when there's only three companies in the world: Amazon, Apple and Alphabet. It'll reduce the wasted space on the stock market, make calculating the performance of the S&P 3 easy, and save time making decisions. This step towards the banking industry is a great leap towards my dream of serfdom under the three CEO's.

[@nukeout]

So a corporate dictatorship like in Star Wars or Russia or Nazi Germany? 😮

[@rhuephus]

yeah .. and the stock market will then become a worthless wasteland

[@zaco-km3su]

Apple won't last that much.

[@TheModdedwarfare3]

You forgor Disney

[@rockingmystocks8975]

Then Microsoft acquires the lot 😂

[@nosac1230]

Your down-to-earth, objective and no-hype presentations are such a blessing. Thank you so much. Also, it's very entertaining.

[@neuemilch8318]

Apple is finally on its way to transforming itself from a tech company into a true conglomerate. Probably the natural path for any successful company. I'm looking forward to paying for my Icoffee with my Icard then getting into my Apple car on the way to work where Iwhip foxcone employees as a professional motivational enhancement therapist.

[@mdk866]

🤣

[@eddenoy321]

Apple water....the first water to have a user interface on the bottle. At $30 a bottle it's a steal.

[@MiGujack3]

The only thing stopping Apple from buying Foxconn is the Chinese government itself, since "owning" anything in China is just an illusion so why bother. Apple would love to control the entire manufacturing aspect of their devices.

[@ethanking4995]

They’ve stopped bottling the water so you have to buy a bottle to get the water

[@raginginferno868]

Dont forget AppleAir, %100 pure oxygen at only $50 per square foot and $2500 for a pair of lungs, truly a steal!

[@PBoyle]

Thanks to our growing list of Patreon Sponsors and Channel Members for supporting the channel. www.patreon.com/PatrickBoyleOnFinance : Paul Rohrbaugh, Marc De Mesel, Nate Stapleton,Timothy Baird, WIlam, Hernan Merino, Random Encounter, Nieuwsbrief Ikwil, Bee Positive Consulting, hyunjung Kim, John Cadena, Ian Tracey, Callum McLean, Oscar, Simon Pena, Ed, Pavle Obradovic, Erik Van Ekelenburg, David O'Connor, Pjotr Bekkering, Alex, Robert W Proudfoot, Robert Muller, Andre Michel, Ivan Iliev, Gopaljee Atulya, Mark Hooker, Artem Vasenin, P H, Sebastian, Michal Lacko, Peter Bočan, Michael Pierce, V Jordan, Gil, HalfwitHam, Mark Brophy, David Urdenata, Juan Valdez, Bruce Roberts, Chad Norman, Bruce Roberts, Shamikh Rana, Friday Guy, Marc De Mesel, Augusto Ramos, Soy Boomer Doomer, Bob Slartabartfast, Robert Feiler, Camil Dbouk, Erik Montesinos, Matthew Loos, Az Indragiri, Aman Bali, Lautaro Parada, Pratap, Deborah Joseph, Robin Sung, Kurt Johnston, Dominik Auerbach, Gurmeet Kaushal, John Hall, Dara Mo, Josef Goergen, Wilbert Cheng, Jaroslav Tupý, Trevor Lucey JB Weld, Alex, Carlos Figuera, Peter Pomelov, Null065, Rick Thor, MeBerzerk, Henry Nguyen, Sola F, The Collier, Carlos Mejia, J Wadia, Bitcoin OG, easy boekhouding, Albert, Eugene Jung, Daniel Cervini, Jonathon Yong, Iris Ji, Emil Nicolaie Perhinschi, Charles, Eli Auto, Excks, Michael Li, Par Hedman, Praveen Mishra, Gerard Scott, joel köykkä, Areeb Ahmed, David Wang, Rodolfo Cornetti, Daniel Winroth, johnny, Nick Jerrat, Chris Houston, Alastair Currie, Robert Griffin, Andrei, zizi Golo, Fab Vida, Constantin Petrenco, pawel irisik, NotAScam, James Halliday, 22 Dust, Carsten Baukrowitz, Heinrich, Arron T, Ben Brown, Stephen Mortimer (to The Moon), Ryan B. 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[@Electricdecentralisedfuture]

Genuinely curious how you would classify SOFI and what you think about them as a company. They have a banking charter and are gaining market share fairly consistently.

[@BrianShh]

this guy's sense of humor is so awesome!! i was just listening as he described the information on this subject and then at 10:27 he just drops a j joke on Jack Dorsey, it's just subtle enough that if you're not paying attention you won't notice it. top-notch content!!

[@HerrSchaft007]

"patagonia fleece" added as characteristics for "Neo Bank" hahaha @4:59 . nice photoshop skills patrick!

[@susanalfieri4487]

I'm so glad you noticed that too. I had to do a double-take.

[@samsonsoturian6013]

I think all that will happen is Apple will end up as Goldman Sach's largest shareholder and we'll drop the fascad that Apple's banking is separate from Goldman's.

[@tomlxyz]

It's not a facade, it just is separated because of regulations, otherwise they'd just do it on their own

[@crescentprincekronos2518]

​@@tomlxyzI'm not sure it's that simple. A lot of non bank institutions who dabble in banking end up just sweeping deposits to existing banks.

[@stefanwarmuth329]

the real answer is that banks have been underpaying for interest in savings accounts for decades and because the monopolies have been getting away with it. Now big players are jumping in because the dam has broke. Apple and goldman sacks and both should be borken up for anicompetitive behavior. The defiantly shouldn't be allowed to merge cause no matter how much politicians lie to you it is never for customer benefit and always corrupt monopolies buying judges and politicians.

[@milootje007]

I just bough GS stock today, i think people are going to be baffled at exactly how much money got transferred from other banks into Apple.

[@BigHenFor]

But the brand and the platform is where the value is, and that is where the business is. All the bank is the contracted payment processor and deposit holder. Apple are in the driving seat, because they can take their brand and platform to any of the big 4 banks if they so wish.

[@Greenhead24]

Apple is the last place I would put all my money,banks are bad enough but a company that I can’t go visit physically and talk to a person face to face is a non starter for me

[@answerman9933]

Apple may set up a kiosk in the nearest Apple Store. Would that make you happy? 😉

[@Ln-cq8zu]

Too late, Apple already own you! And me! And all of us! Were fkd!😮

[@Greenhead24]

@@Ln-cq8zu yes we are you are right. I just forgot for a split second

[@Deez-Master]

Thanks for the great quality content as always. I’m curious to hear your thoughts on the Robinhood gold 4.4% apy offering. Especially how it compares to the new apple offering.

[@A-Grat-A]

Robinhood has NO trustworthiness after WSB craze.

[@nunya7764]

Any faith I had in Robinhood went out the window after the GME/AMC disaster

[@shmoola]

Btw, Revolut started off as a no fee money exchange service (as opposed 2% by Visa), not as a low fee transfer service

[@grim1427]

Kind of hilarious that bank's expected to have a windfall when interest rates rise, only to find that they are instead faced with a crisis. I'll bet there were tons of intelligent people at banks who saw this coming but simply had no incentive to try and do anything about it.

[@nukeout]

The dumbdemic continues

[@zaco-km3su]

You mean banks?

[@w花b]

​@@nukeout very nice word. Sounds good to the ear. I like It.

[@TheModdedwarfare3]

@@zaco-km3su banks's

[@lonyo5377]

The issue is we've had low rates for so long and the hikes happened quickly. If you've got long fixed rate assets then you're not able to do much. The UK tends to have 2-5 year fixed mortgages which means you have a constant supply of repricing mortgages even without new deals, so when you need to up deposit rates you can still make money

[@ralfyrules]

Hahahahaha Rasputin next to the square logo was comedy - old jack beard

[@eddiegill]

Bet on Apple dropping the rate once they get enough customers signed up

[@frederickmiles8815]

While at JPM it was well known their biggest fear was that their largest tech clients evolving into banks - offering retail products (issuing bank) as well as wholesale merchant services (acquiring bank) and treasury products. JPM has no near peer - outside of their top clients.

[@normansimonsen1203]

Might we see a JPM Samsung deal ?

[@idanceforpennies281]

Banks have had their day, not right now but soon. Central Bank Digital Currency issued direct to people is just around the corner and the governments will maintain the account details.

[@ryanpincince1708]

@@normansimonsen1203 samsung is alredy partnered with SoFi for banking

[@frederickmiles8815]

@@idanceforpennies281 How do you think owns the Fed? CBDC is for repo's then retail. For context there is over 300 tril USD denominated debt globally, and over 85% of all transactions are in USD. The move from USD is due to scarcity - USD is destroying currencies and therefore like a man trapped atop a burning building (of debt) more and more countries are jumping out the window, but it wont save them or us.

[@frederickmiles8815]

@@normansimonsen1203 Not there any more couldnt tell you, I did work on ETH blockchain (onyx), payment processing, and treasuries (as well as supporting data science folk).

[@BobSmith-gl3sn]

Banks are a threat to banks.

[@ohkee]

The Square/JD image 😂. Just want yo say that the humor in these higly densed informative videos works sooo well. I lolled way too hard. Love it. ❤

[@nathanhaese4158]

Thanks!

[@PBoyle]

Thanks Nathan!

[@rayoflight62]

I dropped my drink at 06:25 when you mentioned "It might be difficult to leave" while you showed a picture of Hotel California. "You can check out anytime you want, but you can never leave" are the most controversial lyrics of any song ever... Apple, being unable to invent a new breakthrough device after the iPhone, is trying to invent the lifestyle bank. Thank you for this video Dr. Boyle...

[@Hotobu]

Since when is that lyric controversial?

[@the_obvious8336]

@@Hotobu ... umm ... cali will try to tax your income years after moving to another state ... need other examples?

[@randomtinypotatocried]

@@the_obvious8336 So basically what the US does when you move out of the country

[@Hotobu]

@the_obvious Yeah I'll take some more examples. How about starting with a relevant one, you're currently at 0. Hotel California was written in 1977, that law wasn't even a thing until the end of 2022, and only applies to people with a net worth over 30mil

[@dev_ilmoon]

@@Hotobu right, i left california last year and they haven’t tried to tax me, of course, I’m broke, but I still.

[@rhuephus]

Apple has more cash than most big banks

[@barbarosozturk]

Patrick with yet another drop of timely, market-changing knowledge.

[@Monkehrawrrr]

### Summary Apple has teamed up with Goldman Sachs to offer a savings account for US customers that pays a market-leading 4.15% interest. While Apple is not a bank, this move has raised questions about the eventual disruption of the banking industry by tech companies like Apple. The closed-loop ecosystem of hundreds of millions of iPhone users could provide a competitive moat, insulating Apple from the competition and making it an attractive financial services option for tech-savvy consumers. ### Highlights - Customers are moving their money out of traditional banks and towards money market funds that offer higher yields. Goldman Sachs, JPMorgan Chase, and Fidelity have seen a surge in cash inflows, while Charles Schwab, State Street, and M&T have suffered outflows. - Apple's brand and suite of financial products, including Apple Card, Apple Pay, Buy Now Pay Later, and now 'Savings,' could make it difficult for customers to leave the Apple ecosystem. Apple's access to iPhone user data could be used to assess credit risk and compete with credit rating agencies. - While Apple's interest in financial services appears to be about extending the reach of the iPhone, their long-term goal may be to provide more services to customers and lock them into the Apple ecosystem. Apple may be more of a threat to Fintech neobanks than to traditional banks.

[@keklemeshekles4160]

I wondered how Apple would deal with its excess cash reserves. No surer way to lose it than become a bank. Clever. Reminds me of Japan and Hitachi who used to make s**t hot stereos and decided to become instead the major provider of loans for electronics.

[@termitreter6545]

Yeah, I feel like Apple is currently a massively overrated company, but its also very safe and got a lot of trust for its size. Those factors all support each other. If Apple became more of a bank, then it would start inheriting the risk and dynamics of being a bank. Tbh I dont think Apple is on the way to becoming a bank though, purely because they are so busy locking people into their eco system. I dont think thats gonna work on the bigger market.

[@kevinsongxin2551]

Porsche/Volkswagen Bank ring a bell?

[@TitusAzzurro]

@@termitreter6545 Dude stop talking about Apple users like we’re some dumbasses. We’re not being locked into anything. Apple makes quality products and their operating system make more sense for people who want some continuity and peace of mind. Its the other brands that lose customers, Apple doesn’t need to lock anyone up.

[@termitreter6545]

@@TitusAzzurro Idk where you get that idea that I call anyone dumbass? If you are relying on banking services that require Apple Smartphones to acces, then you are 100% locked into the system and need to make sacrifices to get out of it. Thats looks like a fact to me. And its not exactly a secreet that a core reason Apple forces stuff like the Lightening adapter is to make it harder to switch to other manufacturers like Samsung. Its not because its more convenient or USB-C couldnt do the job. Those cables arent even that great considering the exposed connectors. Lastly, if you need apple products for your peace of mind... I mean, frankly, that actually sounds like a personal issue. That is how you acutally make yourself dependant on a company.

[@nickthompson1812]

@@termitreter6545 maybe he really is the dumbass he claims you called him 😅 just kidding that’s a bit harsh, but good breakdown. Liked the part about Apple phones being necessary to access Apple services

[@binh1298ify]

The hotel california joke is GOLD =)))

[@tonysu8860]

A properly run bank is like a gambling house in that the house always wins and can't lose. It all depends on the bank's objectives and the amount of money it wants to earn. A greater return means more risk or locking up funds in longer term securities.At one extreme if a bank was a true non-profit, it would hold practically all its deposts as cash in vaults and invest only enought to pay for employees and services. But, when a bank aims to be profitable, then it takes chances based on assumptions, and those guesses better be right.

[@luciancaracy3242]

I dont have money to invest and do not work in the finance industry, barely any savings. However, the value and entertainment I get from this chanel is phenomenal.

[@lowwastehighmelanin]

Always timely

[@1Esteband]

You come across as a very knowledgeable professor. Then you start selling VPN. 😂

[@A4Aqua]

He never told that he used it. He told VPN like.....

[@lonibytyqi6093]

@Mikołaj what's wrong with promoting VPNs?

[@carolesustak2091]

Had an Apple credit card and finally cancelled. Reason for cancellation was my only option after the fifth time I had to handle unauthorized charges on the card. Each time this happened I was issued a new card number. Problem with this step is it required notification of every company I had set up with autopay. In my circumstance, this is unique since I rarely experience this with my other cc. The unauthorized culprits were mostly charges that occurred through Apple app charges!

[@billionairebears]

Another epic one! how do you feel about these new Neo banks Revolut & TransferWise, Bunq any of these you would personally use as ex Hedgefund manager?

[@mikebaker2436]

Apple touts that 85% of US retailers support their pay system, but that other 15% includes every grocery store chain within a 300 mile radius of me (and they don't support any of Apple's competitors either)... so the closed loop system isn't THAT closed yet.

[@vincentfegley6068]

I don't like apple at all but this seems like a very calculated and well executed move.

[@youtbe999]

Customer: "OMG I'm going broke!" Apple Bank: "You still can afford to upgrade to iPhone 16 for $1,599 before going full broke" Apple Loan: "Your extra kidney can be traded in for $1,499, great news!" Apple Store: "iPhone 16 is waiting for you" Apple Maps: "Your nearest hospital is 12 min away, no tolls" Apple Car: "Your car is by your front door waiting for you, it won't move" Apple Tow: "Of you don't go, we will tow your car and it will cost you $1,499" Apple Pay: "For $100 more you can get an iPhone 16 instead of a tow" Apple AI: "you have two kidneys but only need one" Apple Planet: "If you change your diet to eat bugs instead, you can afford rent and iPhone 16 and you will save the planet"

[@DarkBrandon2024]

Hotel California in "The Long Run". You're straying from your Rap roots. 😂

[@rajx7120]

PayPal gives 4.15% and SoFi gives 4.20%.

[@zimbu_]

Those are good numbers. That said, Apple gives Apple marketing making the customer believe they're special and creative and smart and bold and of higher social value if they start using Apple iBanking.

[@treyshaffer]

Gotta make sure we expand the monopoly of the iMob though, first they made their app store a racketeering scheme for mobile devs and now they want to transition to the big league racketeering as a national bank

[@majmorgan6169]

PayPal has a credit card... Crypto... 4.15% Savings thru Synchrony with FDIC... Everything but the iPhone

[@dennisvazquez2140]

I use Android so I have 2 options Samsung Pay and Google Pay. Although Samsung Pay is rated superior to Google you are limited by the number of banks you can use with Samsung Pay. It's funny you mentioned both Ubank of Brazil and Revolut. Ubank's foundation is credit so you can count on it to make money whereas Revolut has very few credit products and their credit products are limited so it will be very difficult for Revolut to become profitable regardless of how popular it is. Wise is based in England too and although it is not a bank you can use it just like a bank and for the most part it has almost always been profitable and it's been profitable without credit products.

[@jacoblester8477]

Man never has there been a product more convenient and cool that I have had less interest in. Trying to go back to cash. It encourages more discipline with spending. Plus I think that too much attention is paid to phones, and I don't want more of my life to focus on it.

[@SizzIsNotAHumanBeing]

I love this comment for many reasons. But “…back to cash.” Really struck a nerve, in a good way. 🤔

[@tmsmqwx]

Well, good for you, but you must be satisfied with the fact that you are definitely in the minority.

[@johnwilkinson3880]

Nice to see the tie is back!!

[@fanjin]

6:18 You can check out anytime you like but you can never leave 😂

[@Daniel-ny7bn]

This guy breaks it down like only a hedgie can

[@brettrace]

Time to play: Dorsey, or Rasputin

[@tonysu8860]

IMO regular savings deposits have always returned the worst rates in good times and bad, high or low interest rates. Nothing has changed with Apple or any other alternative financial instrument. People deposit in regular savings accounts for their easy access and simple accounting. They usually don't come with some kind of special payment program although to a limited agree banks today might attach some kind of automated payment system for recurring payments but in genral do not support "on demand" payments. What hs changed with firms like Apple is the high public profile image for their other products, the likelihood the customer and consumer already uses at least one of thos products an that a lot of services today can be provided simply by writing software that isn't particularly new or untried. The cost of creating and providing the service is negligible, which is why today fees are largely ripoffs. But for a company like Apple to provide banking services? It all depens on the service. Numerous bankking services already exist that aren't insured and there subject to regulators. Whatever a company like Apple might decide to do with its ApplePay, there's enormous potential for profits.

[@swedishboomstick3362]

As someone from outside the US, where the typical interest-rate is 0.2%, I am stuned by how much your interest rate is,

[@germangru]

In Argentina the interest rate is 81% that's nuts

[@treyshaffer]

He said the average is 0.37% for checking / savings accounts at big banks. My partner's account is 0.05%. As he mentioned in the video, these are specifically money market accounts

[@sllgrecco]

As a Brazilian I am stuned by how low the interest rate is

[@bubba99009]

Most accounts in the US are still paying less than that 0.2%. Plenty of accounts still pay 0.01% (or nothing at all). Many people are more focused on convenience than on deposit rates when deciding where to bank.

[@carly09et]

lol in Australia Apple is a bank - but then most corporations in aus are banks (for their treasury functions) - I remember finding is licence.

[@MortalRoomba]

Thanks Pat. Your takes never disappoint

[@TooLateForIeago]

That bit about US regulators doing anything to restrain monopolistic behavior is adorable.

[@dominic4210]

Sadly accurate, but it’s possible this may trigger action in other markets (namely the EU). e.g. UK regulators just recently announced action aimed at Microsoft - Activision deal. While it might not always change things directly for the larger US market, action in a significant geo tends to have influence nonetheless (GDPR doesn’t directly impact US consumers or give them any rights at all, but desire to have organizational efficiency across main markets leads many brands to take GDPR into consideration when designing internal, company wide policies). Bonus example: California emissions regulations and car companies

[@TooLateForIeago]

@@dominic4210 Those are good examples, and I always get a little envious when other governments seem to understand why rule of law is a good thing.

[@RobinLundqvist]

They will if the name is Microsoft or Bill Gates.

[@CobaltLobster]

LOL... calling Apple's customers "tech savvy" is.... well I hope... was a dry joke.

[@bubba99009]

Well they got the Patagonia fleece - they must be tech savvy

[@100c0c]

@@bubba99009 99% of Apple's customers are outside SV.

[@leannalexie5408]

I’m tech savvy. I use Apple products because they don’t crash, have little to do with the virus master Gates and allow me to focus on my seven figure business. F microtrash. It wasted my time.

[@leannalexie5408]

@Mikołaj Well Mik, I engineered industrial equipment that does one of a kind specialty foundations thus opening opportunity to generate the aforementioned revenue so... tech is subject to different definitions I guess.

[@CobaltLobster]

@@leannalexie5408 They crash all the time. They just reboot. Just because they don't BSOD doesn't mean they don't crash. So much for "tech savvy"

[@Mocktailmetal]

This sounds like cage/prison and its called Apple! They said and Apple a day keeps doctor away. I guess now we can say an Apple a day keeps banks away!

[@thunderb00m]

Sofi gives 4.2% if you direct deposit your salary. And you can instantly tranfer from the savings to checking and vice versa.

[@treyshaffer]

Yeah SoFi's awesome, I highly recommend it

[@danmcnamara3854]

Highly recommend sofi although I do really missed before they became a real bank and they had the rate difference between checking and savings

[@thedjdominator]

Should i as a revolut user be worried about my funds?

[@prid]

No. They're highly regulated and your money is safe.

[@faolitaruna]

7:43 Ryan George!

[@jespermadsen8528]

In the EU I use Revolut for my private and business accounts and it's so much more convenient, cheap and fast than traditional banks when you operate in different currencies and countries. If you need credit and loans it's probably different. Interesting information Patrick. Great video.

[@AughtsTrance]

Apple saw how airlines become money losing enterprises to support profitable credit card companies and said, hold my beer.

[@ljragsandfeathers]

Kudos, Patrick. Kudos

[@ominollo]

Hi Patrick You raised some interesting points. I also believe that Apple does not want to become a bank, it just wants to strengthen its ecosystem and this is a very smart move.

[@VernaSelander]

Two in just a few days!!! Oh Patrick, you spoil me. 😃👌

[@ReadInWonder]

Nice King's Day tie!

[@effingsix3825]

It was a novelty to pay using your phone though other methods of payment that don’t require actually having a phone on hand, or dropping it while trying to use it is probably a limiting factor to Apple trying to become a bank, based solely on whether iPhone has dominance in the IT sector. Those temporarily elevated interest rates won’t last going into the next recession, btw. They’re an indication of what’s to come in the banking sector, and the straits that might be faced by financial institutions simply aren’t priced in, given the recent collapse of klepto-asset firms. I marvel at how people believe implicitly in some sort of ‘new norm’ as if higher rates mean to imply financial crises are in the rear view mirror, rather than being an indicator that the speculative nonsense that banks engage in are a thing of the past. The fact that ppl use their phones to make payments is more of a sign that the basis of payments are corrupted by conflicts of interest.

[@retromunkey]

Paying using your phone is nothing more than a wrapper around paying with your card, it changes nothing in terms of the underlying mechanism. How that is indicative of anything meaningful beyond stopping people having to carry a wallet I struggle to see. Calling that corruption instead of simply providing the customer with more convenience is silly.

[@neomt2]

Were already in a recession

[@effingsix3825]

@@neomt2 What usually happens entering into a recession is the widening of the TED Spread, and the steepening of the yield curve with lower rates. Still to come, even if there are other events like the collapse of some businesses, or other ‘recessionary’ indicators. A recession could truly be characterized as the lack of availability of credit.

[@neomt2]

@@effingsix3825 aren't we supposed to live within our means?

[@effingsix3825]

@@neomt2 None of us do.

[@moozillamoo2109]

At this point, my dog is a threat to bankers as she would make fewer mistakes.

[@stefanfrankel8157]

I hate Apple.

[@ssing7113]

No need to telegraph your opinion. This isn’t old people weather forecasting. Also no need to telegraph your departure from apple. This isn’t an airport.

[@chrisshorman522]

Another good one Patrick. Thanks. I personally will never own apple anything but I was wondering about this deal. You cleared that up.

[@MrEW1985]

How cheeky to use an octopus for embodying Goldman Sachs

[@thepeff]

Apple is getting into banking and Amazon is getting into health insurance. Who all bet on dystopia for their futurism bingo?

[@jeffreyatlee8785]

In South Africa our mobile networks have become massive financial services players. Seems like a lot of sharks.

[@WorldinRooView]

One would think that Apple was more than happy when the bank runs at SVB happened, I mean, they say there is no timing the market, but what a timing this was.

[@RogerCoyBooks]

Constant through adversity, the definition of grace. You exceed in this as I muse on Milton. Cheers.

[@FobosLee]

4:08 - NO! Don’t log into bank from untrusted networks. VPN wont save you from local phishing and spoofing. And btw any https connection is encrypted by definition and default

[@Ronv1976]

Apple Pay is a contactless platform. I use it all the time but it runs on my card of choice. I have an Apple Card but only use it for the free interest on apple products. In reality apple wallet will replace your actual wallet and you will carry ID and cards. But banks are partners with apple they work together. The only caveat is that apple makes money from banks on Apple Pay.

[@finance-fun-facts]

13:48 Patrick doesn’t get more savage than this

[@nwgverified]

No

[@DruK2000]

This move by Apple highlights that people need banking not banks.

[@jasplaysbass]

Was that David Sacks in the queue?

[@nunoalexandre6408]

No, its a Threat to my Budget!!!!!!!!!!!

[@ashishpatel350]

Didnt goldman lose billions on their apple deal?

[@Omar123ABC]

I love listening to you man. Wealth of knowledge. Thank you

[@kevingeorge9248]

how are they able to provide that high of a yield?

[@b.griffin317]

0:01 "The end of historically low interest rates was expected to be good for banks..." but first they have to clear out the faff.

[@youngpuma4298]

2 Patrick Boyle videos in a week ? Heaven

[@user-rk2sy8df4s]

Fidelity money market funds are amazing. You can literally have money market funds inside their checking account product.

[@Zanagash]

I just canceled my Bank of America saving’s account (Which is a rip off with all the stupid fees) and I put it all on Apple saving’s account. So from my point of view, Apple is definitely a threat to Banks.

[@XxpitbulxX009]

Single point of failure

[@XxpitbulxX009]

And you lose your 'oods your memories and now your money

[@dafriese6479]

Now I get why Warren has invested in Apple.

[@josephmaschak8652]

Blending all my tech devices with my financial accounts doesn't bode well with me. To many eggs in one basket.

[@noneyabeeswax3200]

Apple has actually been in the finance sector for a number of years already running their protection racket and collecting extortion fees in their app store 😊

[@ryanjohnsonhunt]

Love these videos so much thanks for taking time to put them together. Super informative

[@adrianopaparoni5584]

Interest rates go up. Savings are used to cover interest payments. Lendable assets available for banks go down. Borrowers sell off real assets when savings run out. Price correction for real estate. It now takes less total assets to lend out enough money to purchase the same pool of real assets. -> The problem was caused by bad negotiation by buyers. We need more access to precise pricing methodologies to avoid this problem in the future.

[@auraguard0212]

Apple figured that we still weren't paying them enough, and now seeks to get all of our money in other ways, wow.

[@e2rqey]

Simply being profitable is not enough. Apple is massive and the issue they are facing now is that it becomes more and more difficult to grow as they run out of areas to expand into that also fits their sets of expertise. This is just a reflection of that issue.

[@rhuephus]

Only fools buy apple crap anyway

[@eljanrimsa5843]

They will simply give annual new iPhones for big accounts as interest rate payments and software updates for smaller ones.

[@RabianskiT]

I watch this channel a bit too much lately 😅😅

[@Alexwhatisit]

I’ve had a Marcus account for years now and I’m caught between feeling kinda jerked out of the higher rate and accepting that Goldman has no other choice but to meet apples rate or lose depositors. A 4.1% sounds impressive if this was 4 months ago, today the trend has been going more and more in that direction so it’s hard not to see other banks rising to compete with apple.

[@keklemeshekles4160]

GS announced they are shutting down Marcus a few days ago and sold off half its loanbook already. Suprised wasnt mentioned.

[@Alexwhatisit]

@@keklemeshekles4160 nothing on google news about it or any articles popping up so, hard pressed to believe you. Edit:I see they’re ending their lending branch but not closing Marcus up for good.

[@samyzy]

@@Alexwhatisit see their 2023 1Q earnings video

[@Spencer-to9gu]

6:10 I think flywheel makes more sense in this context than network effect

[@georgeholloway3981]

Can you talk about Guizhou going de facto bankrupt?

[@phazon6179]

sweet meme of Sacks @ SVB :D

[@Phyrouz80]

As usual an amazing video Patrick!

[@Shoeless_DA]

Sacks at 1:48 😂

[@everybodygotthat]

Wow, Patrick is so SHARP. You can tell he's always FOCUSED on his subject matter. Yep, yep.

[@fredo3816]

i just hope they call it "Applesack"

[@bwatson7586]

seven minutes is life in the digital world

[@hiddenhistory5906]

Currently waiting for the premiere, going to guess: It depends! (Seems to be the route to go in finance)

[@djpuplex]

Golden rule of US banking. "NO HYMEN NO DIMON".

[@douglasx6915]

It’s always SoftBank. 🤣

[@cyclonasaurusrex1525]

My understanding is that the great interest rate is available only on “cash back” funds left on deposit. Is there an ability to transfer other funds into that deposit account?

[@dominic4210]

TLDR; yes. You need to have an Apple Card & the most recent iOS update. You can transfer in up to $250,000. There are some limits on the timing of withdrawals of $10k+, but some limitation on a savings account is not unheard of. What seemed odd to me at first is that it’s not immediately obvious how to deposit / transfer into the savings. It’s not a splashy change, with there’s no significant UI alteration to emphasize the new feature. It’s not hidden, but it’s definitely understated. Which, given the fine line Apple is walking to not alienate banking partners or regulators before the initiative has teeth, actually makes a lot of sense

[@cyclonasaurusrex1525]

@@dominic4210 Thank you. I’ll go see if I can find it!