Apple savings account offered by its partner Goldman Sachs has reached more than $10 billion in customer deposits, the tech giant said Wednesday. The deposit account, which launched in April, allows Apple Card users to earn a 4.15% annual percentage return on savings accounts.
US lenders have had to offer higher rates on customer deposits to prevent clients from shifting their funds to other high-yielding alternatives, especially after the industry crisis earlier this year shook customer confidence in banks’ financial health.
In March, Apple also launched its buy-now-pay-later (BNPL) service in the United States, expanding its footprint in the financial technology space. Apple’s high-yield savings account offered by its partner Goldman Sachs has reached more than $10 billion in customer deposits, the tech giant said Wednesday.
The deposit account, which launched in April, allows Apple Card users to earn a 4.15% annual percentage return on savings accounts. US lenders have had to offer higher rates on customer deposits to prevent clients from shifting their funds to other high-yielding alternatives, especially after the industry crisis earlier this year shook customer confidence in banks’ financial health.
In March, Apple also launched its buy-now-pay-later (BNPL) service in the United States, expanding its footprint in the financial technology space.
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