Apple’s high-yield savings account offered by its partner Goldman Sachs has reached over US$10-billion in customer deposits, the technology giant said on Wednesday.
The deposit account, which was launched in April, lets Apple Card users earn an annual percentage yield of 4.15% on savings accounts.
US lenders have had to offer higher rates on customer deposits to prevent clients from moving their funds to other high-yield alternatives, especially after an industry crisis earlier this year shook customers’ faith in the financial health of banks.
In March, Apple also launched its “buy now, pay later” (BNPL) service in the US, expanding its footprint in the fintech space. — Manya Saini, (c) 2023 Reuters