Apple and Goldman Sachs launched a new high-yield savings account on Monday that offers a 4.15% interest rate, more than 10 times higher than the US national average.
increase its financial services footprintThe interest payout on Apple’s savings account is about 415 times more than the 0.01% that Chase and Bank of America offer their basic savings customers and could incentivize customers to move money from the big banks and into the Apple ecosystem, said Ted Rossman, a senior industry analyst at Bankrate.
Apple’s savings account is managed through Apple products and users must have Apple’s credit card, simply called Apple Card, to qualify for one. If you’re managing your credit and your banking with Apple there’s a much smaller incentive to switch to an Android phone, he explained. That could also give Apple more insight into the financial data of its customers, another helpful advantage for the company.
Chase and Bank Of America likely aren’t quaking in their boots but this could move the needle on stubbornly low interest rate payouts.
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