Apple's entry into fintech with its mobile payment platform, Apple Pay, has already been a success. But the introduction of its new savings account, backed by Goldman Sachs, is taking things to the next level. According to a report from Forbes, users deposited nearly $1 billion in just four days after the launch of the savings account. This new offering is proving to be a major hit with users, with 240,000 accounts signed up for the service in less than a week.
The popularity of Apple's new savings account can be attributed to several factors. Firstly, the savings account offers a 4.15% annual interest rate, which is much higher than the national average rate of just 0.24%, according to Bankrate. Secondly, the account's daily cash rewards are automatically applied to the savings account rather than users' Apple cash prepaid cards, making it an easy and convenient way for users to save money. Finally, Apple's brand power and the wide proliferation of iPhones are also likely contributors to the success of this new offering.
It's clear that Apple has positioned itself as a major fintech player with this new savings account. While parts of Apple's laptop business haven't been performing well in 2023, the company's success with the savings account is a major win. However, the account is geared specifically toward diehard Apple users, and users must own an iPhone with iOS 12.4 or later and an Apple ID in good standing to be eligible. Additionally, user's total APR heavily depends on their credit history, varying from around 16% to 27%.
Apple's new savings account is a major success, and it will be interesting to see how the company continues to innovate in the fintech space. As Apple continues to grow and expand its offerings, it's clear that the company has learned the importance of being both a banker and a player in the game.
AAPL moved below its 50-day moving average on September 06, 2023 date and that indicates a change from an upward trend to a downward trend. In of 31 similar past instances, the stock price decreased further within the following month. The odds of a continued downward trend are .
The Momentum Indicator moved below the 0 level on September 12, 2023. You may want to consider selling the stock, shorting the stock, or exploring put options on AAPL as a result. In of 69 cases where the Momentum Indicator fell below 0, the stock fell further within the subsequent month. The odds of a continued downward trend are .
The Moving Average Convergence Divergence Histogram (MACD) for AAPL turned negative on September 11, 2023. This could be a sign that the stock is set to turn lower in the coming weeks. Traders may want to sell the stock or buy put options. Tickeron's A.I.dvisor looked at 40 similar instances when the indicator turned negative. In of the 40 cases the stock turned lower in the days that followed. This puts the odds of success at .
Following a 3-day decline, the stock is projected to fall further. Considering past instances where AAPL declined for three days, the price rose further in of 62 cases within the following month. The odds of a continued downward trend are .
AAPL broke above its upper Bollinger Band on August 29, 2023. This could be a sign that the stock is set to drop as the stock moves back below the upper band and toward the middle band. You may want to consider selling the stock or exploring put options.
The Aroon Indicator for AAPL entered a downward trend on August 29, 2023. This could indicate a strong downward move is ahead for the stock. Traders may want to consider selling the stock or buying put options.
The RSI Indicator points to a transition from a downward trend to an upward trend -- in cases where AAPL's RSI Oscillator exited the oversold zone, of 24 resulted in an increase in price. Tickeron's analysis proposes that the odds of a continued upward trend are .
The Stochastic Oscillator is in the oversold zone. Keep an eye out for a move up in the foreseeable future.
Following a 3-day Advance, the price is estimated to grow further. Considering data from situations where AAPL advanced for three days, in of 334 cases, the price rose further within the following month. The odds of a continued upward trend are .
The Tickeron Profit vs. Risk Rating rating for this company is (best 1 - 100 worst), indicating low risk on high returns. The average Profit vs. Risk Rating rating for the industry is 90, placing this stock better than average.
The Tickeron SMR rating for this company is (best 1 - 100 worst), indicating very strong sales and a profitable business model. SMR (Sales, Margin, Return on Equity) rating is based on comparative analysis of weighted Sales, Income Margin and Return on Equity values compared against S&P 500 index constituents. The weighted SMR value is a proprietary formula developed by Tickeron and represents an overall profitability measure for a stock.
The Tickeron PE Growth Rating for this company is (best 1 - 100 worst), pointing to consistent earnings growth. The PE Growth rating is based on a comparative analysis of stock PE ratio increase over the last 12 months compared against S&P 500 index constituents.
The Tickeron Price Growth Rating for this company is (best 1 - 100 worst), indicating steady price growth. AAPL’s price grows at a higher rate over the last 12 months as compared to S&P 500 index constituents.
The Tickeron Valuation Rating of (best 1 - 100 worst) indicates that the company is significantly overvalued in the industry. This rating compares market capitalization estimated by our proprietary formula with the current market capitalization. This rating is based on the following metrics, as compared to industry averages: P/B Ratio (45.045) is normal, around the industry mean (78.675). P/E Ratio (29.155) is within average values for comparable stocks, (43.276). Projected Growth (PEG Ratio) (2.215) is also within normal values, averaging (2.045). AAPL has a moderately low Dividend Yield (0.005) as compared to the industry average of (0.024). P/S Ratio (7.215) is also within normal values, averaging (79.329).
The average fundamental analysis ratings, where 1 is best and 100 is worst, are as follows
a manufacturer of mobile communication, media devices, personal computers, and portable digital music players
A.I.dvisor indicates that over the last year, AAPL has been loosely correlated with SONY. These tickers have moved in lockstep 54% of the time. This A.I.-generated data suggests there is some statistical probability that if AAPL jumps, then SONY could also see price increases.