/Apple%20Logo%20on%20Store%20Front.jpg)
Apple (AAPL) is a multinational technology company that designs, develops, and sells consumer electronics, computer software, and online services. The company is known for its popular line of iPhones, iPads, and Mac computers, as well as its operating systems like iOS and macOS.
In addition to its hardware products, Apple also offers a range of software and online services, including the App Store, iTunes, iCloud, Apple Music, and Apple TV+.
Just 9 days ago, Apple announced that they will be offering its Apple Card users a savings account with a high-yield APY of 4.15%.
Apple’s 4.15% offering is 10 times higher than the U.S. national average and about 415 times more than the 0.01% Chase (JPM) and Bank of America (BAC) offer basic savings customers.
The new Apple savings account is offered through from Goldman Sachs (GS) and funds are insured by the FDIC or Federal Deposit Insurance Corporation. That means its accounts are federally insured for up to $250,000 per depositor. Today, FDIC coverage is high on savers’ wish lists in light of Silicon Valley Bank's collapse.
It comes with no fees, minimum deposits, or minimum balance requirements. And new users can easily set up and manage their accounts on their iPhones.
This seamless user experience could incentivize millions of Apple customers to move their savings from the big banks into Apple’s ecosystem. It could also give Apple more insight into the financial data of its customers, another significant advantage that keeps it three steps ahead of the competition.
On the date of publication, Andy Mukolo did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
