The Big Tech firm wants to be your bank at a time when the banking sector is under great pressure.
Apple just made its latest push into the financial services sector. The tech giant on Monday launched its Apple Card high-yield savings accounts that pay holders an annual percentage yield of 4.15%. The service comes a month after Apple unveiled its Apple Pay Later service.
The savings accounts are now available to Apple users who own an Apple Card. The company debuted its newest feature in concert with Goldman Sachs’ lossmaking consumer banking division Marcus. Oddly, Marcus offers just 3.9% APY to its customers. America’s average APY is just 0.35%.
The market-leading 4.15% interest rate is bound to reshuffle the hierarchy among big US financial giants. In the first quarter of 2023, US savers yanked out almost $60bn from Charles Schwab, State Street, and M&T. The hunt for higher returns amid banking pressures just got more intense.
