Apple has recently made a significant move in the financial sector, with the introduction of a new high-yield savings account in partnership with Goldman Sachs Group. This highly anticipated offering is designed to attract US financial clients with an attractive interest rate and the convenience of Apple’s Wallet app.
The new savings account is set to offer an annual yield of 4.15%, which is more than 10 times the national average. This high-yield account is exclusively available to Apple Card users, and there are no fees, minimum deposit, or balance requirements. Customers can easily set up the account from within the Wallet app.
Apple announced the product in October 2021, alongside other financial offerings, as part of its efforts to generate more revenue from services and provide consumers with more ways to engage with the Apple ecosystem. The goal is to continue to build its reputation as a provider of premium products and services, while at the same time retaining customers within the Apple platform.
One important thing to note is that the Apple Card program is currently only available in the US and has a maximum balance of $250,000. However, with the popularity of Apple products and services, it’s clear that the new high-yield savings account is likely to be a hit with customers, as it offers an excellent alternative to traditional banking options.
Overall, this move by Apple highlights the company’s continued focus on expanding its services and offerings beyond its traditional tech products. With the convenience of the Wallet app and a highly competitive interest rate, the new high-yield savings account is an exciting addition to the Apple ecosystem and is sure to attract many customers in the coming months.