ONE, a financial technology startup backed by Walmart, just raised its rate on savings balances to 5% APY. That’s more than 12 times the national average savings account rate of 0.4%, according to FDIC data.
ONE isn’t the only tech company to offer exceptionally high rates on savings accounts in the wake of multiple rate hikes by the Federal Reserve. Apple, for example, launched its own high-yield savings account in partnership with Goldman Sachs earlier this year, which currently offers a 4.15% APY. And Step, a platform designed to help teens and young adults become financially independent, now also offers 5% APY on savings.
