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Yikes! I had no idea there was any way to lose money when credit card rates were so high. The article says that they had to approve people with lower scores than they would normally do, so they are having to write off double the volume that other issuers are.
...and I just opened my savings account with Apple/Goldman a couple of months ago.
I do not think you should worry about the Savings account. Its a not a big loss for them not like credit cards.
And even if that were to transfer to Amex too, Amex has had a competitive HYSA for many years.
Hmm. I promise I read that article and I swear I don’t remember them explaining that (why they lost money) at all!
Oh well. It’s not like I’ll shed any tears for millionaires.
This is also part of them dumping every other consumer facing product they have.