The tech giant has taken another step into the financial sector and is already allowing customers in the US to put their money into a savings account with an annual interest rate guaranteed to the company “10 times higher than the national average.”
The tech giant said that Apple Card customers can now access the savings account, thus fulfilling promises announced in October last year. This new service, Apple says in a statement, will be managed by Goldman Sachs, and is currently only available in the United States.
The interest rate offered is 4.15% per annum, “ten times higher than the national rate” — which is about 0.37% — the company says. Unlike what happens in many banking institutions, it is not necessary to pay commissions, and there is no minimum deposit required to maintain or open an account, which can be managed through the Wallet app.
The maximum account balance is $250,000. Although initially limited to North American territory, the service will later be available in the United Kingdom, Canada, and Australia. If it succeeds, Europe is also in the crosshairs.
says the tech giant, which is seeking to increase revenue from services.
This announcement comes at a time when many banks, especially small and medium-sized ones, are struggling to keep deposits at home, as customers are looking for offers with the highest return.
Emily Brontë is a journalist and feature writer specialising in culture, entertainment, literature, and current affairs. She is dedicated to producing clear, accurate reporting that helps readers stay informed about developments in the UK and around the world.