The tech titan is pushing further into financial services with the new offering that will let Apple Card users earn more than 10 times the US national average.
The new offering will let Apple Card users earn a 4.15 per cent annual yield, more than 10 times the national average, the tech company said on its website on Monday. The account has no fees, minimum deposit or balance requirements and can be set up from within the Wallet app.
Apple announced the product in October, part of a series of new financial offerings. The idea is to generate more revenue from services, which have already surged in recent years, and provide yet another way to lock consumers into the Apple platform. Still, pushing into the industry has not always gone smoothly. A “buy now, pay later” service suffered a long delay before beginning to roll out last month. And the savings account itself took about six months to appear after the announcement.
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