Tech Report: Apple’s joint venture with Goldman Sachs has hit a significant milestone, with customer deposits in its high-yield savings accounts surpassing the $10 billion mark.
Launched in April, this unique deposit account allows Apple Card users to enjoy a competitive 4.15% APR on their savings.
US financial institutions have been forced to improve customer deposit rates to retain customers amid increased competition from other higher-yielding options.
The banking industry faced a crisis of confidence earlier this year, prompting customers to seek more financially secure alternatives.
In line with its expansion into financial technology, Apple launched its “Buy Now, Pay Later” (BNPL) service in the United States in March. This offer provides more buying flexibility to the users.
The massive success of Apple’s high-yield savings account reflects the growing appeal of attractive financial solutions, especially as digital banking grows in popularity.
With Apple’s foray into financial services, it aims to make a lasting impact on the industry through innovative services and strategic partnerships.