Apple-Goldman Sachs launch savings account in the U.S offering 4.15%

Apple has introduced its own savings account with Goldman Sachs in the U.S, which will offer a 4.15% on an annual basis. This is more than 10 times the national average, said the company in a statement.

1. Users will be able to open an account directly through their Apple devices, such as iPhones, iPads, or MacBooks, using the Apple Wallet app.
2. Moreover, Apple Savings will also integrate with other Apple services, such as Apple Pay and Apple Cash, allowing users to easily manage their finances and make transactions within the Apple ecosystem.
3. In addition to the competitive interest rate and convenient user experience, Apple Savings will have no monthly fees requirement and no minimum balance requirements.
4. The maximum balance for the account is $250,000

“Our goal is to build tools that help users lead healthier financial lives,” Jennifer Bailey, vice president of Apple Pay and Apple Wallet, said in the statement.

As per a Bloomberg report, the move thrusts the tech company’s clout into a broader fight for depositors, potentially adding to the pressure on other financial firms that are trying to protect their funding. Small and midsize banks, in particular, have been facing withdrawals this year, as savers chase higher returns elsewhere or move their money to safe havens, such as JPMorgan Chase & Co., in the wake of Silicon Valley Bank’s collapse last month.