Apple has advanced in the financial services market by collaborating with Goldman Sachs Group to launch a new high-yield savings account. The savings account will be offered to Apple Card customers in the United States with a 4.15% yearly interest rate, which is more than ten times the national average. This long-awaited product has no fees, minimum deposit, or balance limitations. The account may be quickly set up via the Wallet app.
The FDIC’s maximum guarantee for the account is $250,000 at the current balance. Bank account holders in the United States of America get just 0.37% on their savings; therefore, local and regional banks are enticing clients with incentives such as cash bonuses for new accounts and higher interest rates. Marcus, another Goldman Sachs venture, gives users a 3.9% interest rate on savings accounts.
Apple announced the introduction of its new savings account in October 2022 as part of its financial products aimed at strengthening customer loyalty and earning income from services. Last year, services contributed 20% of the company’s revenue, an 8% rise from 2012. In addition to the savings account, the internet giant launched a long-awaited “Buy Now, Pay Later” option in March. Customers may split their spending into four different installments with no extra prices, fees, or interest.
According to Jennifer Bailey, Apple’s vice president of Apple Pay and Apple Wallet, the savings account is intended to help consumers get more value out of their Daily Cash Apple Card benefit while making it simpler for them to save money every day. Bailey added, “Our goal is to develop tools that assist users in leading healthier financial lives, and integrating Savings into the Apple Card in Wallet enables them to spend, send, and save Daily Cash directly and seamlessly – all from one place.”