The US tech titan has proposed ending its credit card and savings account partnership with the bank within the next 12 to 15 months, according to sources at the Wall Street Journal and CNBC.
The pair first came together back in 2018 to develop and launch the Apple credit card, with the bank providing the banking back-end for the offer. Apple then tapped the partnership again to launch its buy now, pay later (BNPL) offering in March this year, followed by its “high yield” savings account in April, which notably attracted $1 billion in deposits within its first week.
