The iPhone maker’s foray into commercial banking has been a successful one.
Apple’s new high-yield savings account — which is dangling an interest rate that’s 10 times the national average — has been swamped with customers who have deposited a total of $1 billion during the first four days since its launch.The account offers depositors a 4.15% annual return, which far exceeds the less than half a percent that is typically offered by banks.
March data from the Federal Deposit Insurance Corporation showed consumers earned an average of 0.37% on savings in bank accounts. The Apple rate is higher than the 3.9% Goldman offers for an online savings account at its digital consumer bank, Marcus.
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